The AI sector has reached a new peak in the capital market. On one hand, AI-related concept stocks on the A-share market have all risen sharply, with Yilin Media surging to a limit-up, Yidian Tianxia hitting a 20% limit-up on the ChiNext board, Runze Technology rising more than 15%, and multiple stocks such as Tianlong Group, Dian Guang Media, and Bo Rui Culture all seeing gains exceeding 6%. On the other hand, AI unicorn MiniMax officially listed on the Hong Kong Stock Exchange, with its stock soaring by 42% at the opening, and by 10:27 a.m., its share price had surged over 61% from the issue price, igniting global investors' strong confidence in the commercialization of general artificial intelligence.
MiniMax's listing can be described as a "lightning speed" in the AI field—only four years from establishment to IPO, setting a new industry record. The IPO saw unprecedented popularity: the public offering was oversubscribed 1837 times, and the international placement was also very hot, with an oversubscription of 37 times, reflecting the high recognition of institutional investors and retail investors towards its technical capabilities and market prospects. The company issued about 33.58 million shares globally, priced at the upper end of the pricing range of HKD 165, successfully raising about HKD 5.54 billion, providing strong support for subsequent large model development and ecosystem layout.
MiniMax's rapid rise is not accidental. As one of the few companies in China focusing on the general artificial intelligence (AGI) path, it has continuously made breakthroughs in multi-modal large models, reasoning capabilities, and product implementation, launching multiple product lines including chatbots, voice interaction systems, and enterprise-level AI solutions. The enthusiastic reaction from the capital market not only reflects investors' recognition of MiniMax's own value but also sends a clear signal: after the concept hype phase, AI companies with real technological barriers and commercial potential are becoming the core targets for the next round of investment.
The synchronized rise of the A-share and Hong Kong stock markets jointly depict a picture of the acceleration of the AI industry's realization. As large models move from laboratories to factories, offices, and daily life, the capital market is voting with real money, betting on this productivity revolution driven by algorithms. MiniMax's listing is just the beginning; more AI companies with solid technology and clear scenarios are likely to follow closely, ushering in a new cycle of deep integration between hard technology and capital.
