Today, the AI model company MiniMax made its official debut on the Hong Kong Stock Exchange (HKEX). This marks the second major AI model firm to go public globally, following Zhipu AI, which listed on the HKEX yesterday.
Notably, it took MiniMax only four years from its founding to complete its IPO, setting a new global record for the shortest time span between the establishment and listing of an AI company.
In this global offering, MiniMax issued approximately 33.58 million shares, with an upper price limit set at HK$165 per share, raising a total of around HK$5.54 billion (approximately RMB 4.965 billion).
Since its inception, MiniMax has secured early-stage investment and support from several leading institutions, including miHoYo, Alibaba, Tencent, Xiaohongshu, Hillhouse, IDG, Sequoia Capital, and Matrix Partners. For this IPO, the company successfully attracted 14 strong cornerstone investors, with their combined subscription amount reaching $350 million.
As of September 2025, MiniMax had over 212 million individual users across more than 200 countries and regions. In the first nine months of 2025, the company's revenue surged by more than 170% year-on-year, with overseas markets contributing over 70% of its total income.