MiniMax's Market Value Surpasses HK$100 Billion After a 100% Jump in Shares on Debut
The Shanghai-based AI company MiniMax made waves in Hong Kong's stock market on Friday, with its shares soaring 109.9% to close at HK$345 ($44.26) per share. This impressive debut marked a significant milestone, as it propelled MiniMax's total market value to a staggering HK$106.7 billion during its initial public offering (IPO).
The substantial capital raised from this listing will be strategically directed towards enhancing large models and developing cutting-edge AI products over the next five years, according to sources cited by the Economic Information Daily, a newspaper affiliated with Xinhua News Agency.
Local news outlet Shanghai Observer hailed MiniMax's IPO as the largest ever for an AI large model company, underscoring the company's significant impact in the industry.
Founded in 2022, MiniMax has made remarkable strides in AI research and development, introducing a range of general large models, including a video generation model and a large-scale open-source reasoning model. As of September, MiniMax boasted an impressive user base of over 212 million individuals across more than 200 countries and regions.
The company's financial performance has been equally impressive, with revenue soaring by over 170% year-over-year in the first nine months of the previous year. Notably, overseas markets contributed significantly, accounting for over 70% of the total revenue.
During the IPO ceremony, MiniMax's founder and CEO, Yan Junjie, emphasized the company's commitment to providing advanced intelligence for people to use, stating, 'The true value of an artificial intelligence company lies in its ability to continuously offer innovative solutions.'
Yan further emphasized the company's dedication to advancing intelligence and making substantial contributions to social and economic progress, leaving a lasting impact on the industry.
