The stock debuted at 165 Hong Kong dollars ($21.16). A total of 29.2 million shares were issued, and the IPO raised 4.8 billion Hong Kong dollars (about $620 million).
Founded in 2021 in Shanghai, MiniMax released its first AI model in 2022. The company develops multimodal AI systems that work with text, audio, images, video, and music. Its best-known products include Hailuo AI, a video generation tool, and Talkie, an app that allows users to interact with AI-powered virtual characters.
MiniMax’s shareholders include Alibaba, game developer miHoYo, and the Abu Dhabi Investment Authority sovereign wealth fund.
MiniMax became the second Chinese AI company to list on the Hong Kong Stock Exchange. On January 8, shares of Beijing-based Zhipu AI also began trading, rising 14.4% on their first day.
Outlook: MiniMax’s explosive IPO debut underscores sustained investor appetite for Chinese AI developers with scalable, consumer-facing products.
