Shanghai-based AI company MiniMax listed on the Hong Kong Stock Exchange on Jan. 9. Shares surged more than 50% during intraday trading, pushing the company’s market capitalization above HK$76.3 billion (about $9.8 billion).
The company raised about HK$5.54 billion after pricing its global offering at HK$165 per share, the top of the indicated range. The retail tranche was oversubscribed by 1,837 times. The IPO attracted 14 cornerstone investors, including Alibaba, ADIA, Aspex, Eastspring, and Mirae Asset.
Founded in 2021, MiniMax develops multimodal general-purpose AI foundation models. The company said it serves 212 million users across more than 200 countries, with over 70% of its revenue generated from overseas markets. [The Paper, in Chinese]