MiniMax IPOs in Hong Kong at the highest price, with an issuance valuation exceeding HKD 46 billion!

MiniMax has priced its Hong Kong shares at the high end of the guidance range, becoming one of the first Chinese AI unicorns to enter the capital market following the ChatGPT craze. According to trading documents seen by Bloomberg News, MiniMax will issue 29.2 million shares at a price of HKD 165 per share, exercising a 15% over-allotment option. Bloomberg estimates that this IPO will raise HKD 4.82 billion (approximately USD 619 million), with the company set to list on January 9. This issuance attracted 14 cornerstone investors, including international asset management giants such as Aspex, Eastspring, and Mirae Asset, with a total subscription amount of approximately HKD 2.723 billion. Well-known institutions such as Alibaba and E Fund also participated. China International Capital Corporation and UBS served as joint sponsors for this IPO. High-End Pricing Reflects Market Demand According to the information in the prospectus, MiniMax plans to issue approximately 25.39 million shares in this IPO, with an initial pricing range set between HKD 151 and 165. The final price was set at the high end of HKD 165, and without considering the over-allotment option and greenshoe option, its issuance valuation will range between HKD 46.123 billion and HKD 50.399 billion. The lineup of cornerstone investors includes international long-term capital, leading technology companies, and strategic industrial capital. Global long-only funds typically have strict requirements for investment targets and tend to hold investments for the long term, indicating market recognition of MiniMax's business model and cash-generating ability. Previously, the company had received investment support from institutions such as miHoYo, Tencent, Sequoia, IDG, and Hillhouse. Initial Success in Global Layout On the business front, MiniMax has demonstrated rapid growth and global expansion capabilities. As of September 2025, the company has over 212 million individual users across more than 200 countries and regions. In the first nine months of 2025, the company's revenue grew by over 170% year-on-year, with overseas market revenue contributing more than 70%, indicating its penetration into international markets with high willingness to pay. MiniMax has maintained a high capital utilization efficiency. The prospectus shows that since its establishment in early 2022, the company has invested approximately USD 500 million to complete the development layout of full-modal models from text and voice to video. Based on its self-developed models, the company has launched AI-native products such as Conch AI, Xingye, and Talkie. The listing of MiniMax will kick off a busy start for the Hong Kong IPO market. About 11 companies are planning to go public in Hong Kong this month, with total fundraising potentially reaching USD 4.1 billion. Also listing in the same week as MiniMax is its main competitor, Zhipu