MiniMax Kicks Off $540 Million Hong Kong IPO Amid AI Gold Rush

MiniMax, a Chinese artificial intelligence startup, launched its initial public offering in Hong Kong on Wednesday, aiming to raise as much as HK$4.2 billion ($540 million) in a critical test of investor appetite for the capital-hungry sector.

The Shanghai-based company plans to sell about 25.4 million new shares priced between HK$151 and HK$165 each, according to its prospectus filed on Dec. 31. At the top of that range, the deal would value MiniMax at roughly HK$50.4 billion. Trading is scheduled to start on Jan. 9.