Shares of Chinese AI startup Minimax more than doubled on their debut on the Hong Kong Stock Exchange. The stock closed up 109% at HK$345, according to CNBC. The performance sharply outpaced local rival Zhipu AI, whose shares rose only 13% a day earlier. Minimax raised approximately $620 million in the initial public offering.
Backed by Alibaba and Tencent, the company develops large language models for chatbots and AI-powered video generation. Despite reporting more than 200 million users and a revenue surge to $53.4 million, Minimax posted a loss of $512 million for the first nine months of 2025. The company said revenues are being reinvested into research and development.
At the same time, Minimax has faced legal pressure. Since September 2025, the company has been the target of a lawsuit filed by Disney, Universal, and Warner Bros, alleging copyright infringement.
AI Research Contributor
Daniel Mercer is an AI research contributor specializing in large language models, benchmarking, and multimodal systems. He writes about model capabilities, limitations, and real-world performance across leading AI assistants and platforms.
