MiniMax’s Hong Kong IPO Oversubscribed 1,848 Times as AI Frenzy Builds
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Despite the rapid revenue growth — from zero in 2022 to $30.5 million in 2024 — MiniMax remains deeply in the red
MiniMax’s initial public offering in Hong Kong was oversubscribed 1,848 times by retail investors, with subscriptions closing at noon Tuesday, underscoring frenzied investor demand for Chinese artificial intelligence startups — even as they continue to rack up heavy losses.
Roughly 420,000 retail investors submitted bids for MiniMax shares, according to market sources. The institutional portion of the offering closed a day early on Jan. 5, and the company is slated to debut on the Hong Kong Stock Exchange on Jan. 9.
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- MiniMax’s Hong Kong IPO was oversubscribed 1,848 times by retail investors, raising up to HK$4.19 billion with 420,000 bidders; Zhipu AI’s IPO was oversubscribed 1,164 times, aiming for HK$4.35 billion.
- MiniMax’s 2025 revenue reached $53.4 million with over 200 million users globally but accumulated $1.3 billion in losses; 73.1% of revenue came from overseas app subscriptions.
- Zhipu AI focuses on enterprise clients, growing 2024 revenue to $44.6 million but net losses reached 2.96 billion yuan.
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Who’s Who
- MiniMax
- MiniMax's IPO in Hong Kong was oversubscribed 1,848 times by retail investors, attracting 420,000 bidders. The company offered shares between HK$151 and HK$165, with an expected raise of HK$4.19 billion. MiniMax primarily generates revenue from overseas consumers through AI app subscriptions, achieving $53.4 million in revenue in the first three quarters of 2025. Despite rapid revenue growth, losses reached $465 million in 2024.
- Zhipu AI
- Zhipu AI is a Chinese AI startup that focuses on B2B commercialization. The company offers computing power, API access, and model-as-a-service (MaaS) solutions to enterprise clients across various industries. Zhipu AI was oversubscribed 1,164 times by investors and was expected to go public on January 8. Despite revenue growth, Zhipu AI has experienced significant net losses.
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What Happened When
- 2022：
- MiniMax had zero revenue; annual losses were $73.7 million. Zhipu AI revenue was 57.4 million yuan ($8 million); net loss was 144 million yuan.
- 2024：
- MiniMax’s revenue grew to $30.5 million; annual losses rose to $465 million. Zhipu AI revenue rose to 312 million yuan ($44.6 million); net loss ballooned to 2.96 billion yuan.
- First half of 2025：
- Zhipu AI recorded a net loss of 2.35 billion yuan on revenue of 151 million yuan.
- As of September 2025：
- MiniMax’s AI apps reached over 200 million users in more than 200 countries and regions.
- First three quarters of 2025：
- MiniMax generated $53.4 million revenue, with 73.1% from app subscriptions and in-app purchases.
- January 5, 2026：
- MiniMax’s institutional IPO subscription closed a day early; Zhipu AI’s retail subscription period ended.
- By noon on January 6, 2026：
- MiniMax’s IPO retail subscriptions closed, oversubscribed 1,848 times.
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