Chinese AI Startup MiniMax Pops in Hong Kong Debut
00:00/00:00
Listen to this article
1x
Subscribe now
Listen to the full version
Listen to the full version
Yan Junjie, CEO of MiniMax, right, and Yun Yeyi, chief operating officer, during the company’s listing ceremony at the Hong Kong Stock Exchange on Friday. Photo: Bloomberg
MiniMax, a Chinese AI startup backed by Alibaba and Tencent, saw its shares surge more than 40% in their Hong Kong debut on Friday, valuing the firm at HK$71.9 billion ($9.2 billion) as investors piled into the second large language model developer to go public in the city this week.
The robust opening, which saw shares jump 42.67% from the HK$165 issue price, signals a strong investor interest in the Chinese AI firm with established overseas revenue base, overshadowing the earlier tepid debut of rival Zhipu AI.
You've accessed an article available only to subscribers
VIEW OPTIONS
Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.
Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.
- RELATED
Share this article
Open WeChat and scan the QR code
- DIGEST HUB
Digest Hub
Back
Explore the story in 30 seconds
- MiniMax’s shares surged 42.67% in its Hong Kong IPO, valuing it at HK$71.9 billion ($9.2B), and its retail IPO was 1,837 times oversubscribed.
- The company derives 73.1% of its $53.4M revenue (first nine months of 2025) from overseas but reported a $512M net loss for the same period.
- With over 200 million users, MiniMax ranks as the 10th-largest global model developer by 2024 revenue but faces a major US copyright lawsuit.
AI generated, for reference only
Who’s Who
- MiniMax
- MiniMax is a Chinese AI startup backed by Alibaba and Tencent. It recently had a strong debut on the Hong Kong stock exchange, with shares surging over 40%. The company generates most of its revenue from overseas markets through AI-powered apps, despite being unprofitable. MiniMax also faces a copyright lawsuit in the U.S. from major film studios.
- Alibaba
- Alibaba is a major backer of Chinese AI startup MiniMax, holding a 12.52% stake. MiniMax, a large language model developer, recently saw its shares surge over 40% in its Hong Kong debut. The company aims to use 70% of its IPO capital for R&D of its large models.
- Tencent
- Tencent is a relatively minor backer of the Chinese AI startup MiniMax, holding a 2.37% stake. This is smaller than Alibaba's 12.52% stake and gaming giant miHoYo's 4.24% stake in the company. MiniMax has recently gone public in Hong Kong, with shares surging over 40% on its debut.
- Zhipu AI
- Zhipu AI recently made its Hong Kong debut, but its performance was less robust compared to rival MiniMax. Its shares rose only 3.3% at open and later dipped below their issue price. Investors favored MiniMax due to its stronger overseas push and clearer downstream applications.
- miHoYo
- miHoYo, a gaming giant, is an investor in the Chinese AI startup MiniMax, holding a 4.24% stake in the company. MiniMax recently saw its shares surge in its Hong Kong debut, attracting significant investor interest.
- SenseTime
- SenseTime is an AI specialist. Yan Junjie, the founder of MiniMax, was a former executive at SenseTime before establishing MiniMax. This indicates Yan Junjie's background in AI technology and his experience working with a prominent AI company.
- Disney
- Disney, along with Universal Pictures and Warner Bros. Discovery, has filed a copyright lawsuit against MiniMax in a California district court. They allege that MiniMax's Hailuo AI platform facilitates the generation and download of content featuring protected intellectual property, including characters from franchises like Star Wars.
- Universal Pictures
- Universal Pictures, along with Disney and Warner Bros. Discovery, filed a copyright lawsuit in a California district court against MiniMax. They allege that MiniMax's Hailuo AI platform allowed users to generate and download content featuring protected intellectual property, specifically characters from films like *Despicable Me*.
- Warner Bros. Discovery
- Warner Bros. Discovery, along with Disney and Universal Pictures, filed a copyright lawsuit in a California district court against the Chinese AI startup MiniMax. The lawsuit alleges that MiniMax's Hailuo AI platform enabled users to generate and download content featuring protected intellectual property, including characters from their films like Wonder Woman.
AI generated, for reference only
What Happened When
- Since 2021：
- MiniMax has rolled out a suite of models, including large language models and image generators.
- Since 2022：
- MiniMax's cumulative losses totaled $1.32 billion by late 2025.
- By 2024：
- MiniMax ranked as the tenth-largest model developer globally by revenue, with a 0.3% market share.
- First nine months of 2025：
- 73.1% of MiniMax's $53.4 million revenue came from overseas markets.
- First three quarters of 2025：
- MiniMax logged a net loss of $512 million.
- As of late September 2025：
- MiniMax had attracted over 200 million users across more than 200 countries and regions.
- Two days before January 9, 2026：
- Zhipu AI debuted in Hong Kong.
- January 9, 2026：
- MiniMax's shares surged more than 40% in their Hong Kong debut, valuing the firm at HK$71.9 billion ($9.2 billion).
- January 9, 2026：
- MiniMax raised HK$4.6 billion in the IPO, with 70% of funds allocated to R&D for large models over the next five years.
AI generated, for reference only
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新