Leading Chinese large model company MiniMax has officially started its journey in the capital market. The company submitted a global offering announcement to the Hong Kong Stock Exchange on December 30, announcing a planned global issuance of 25,389,220 H-shares, including 1,269,480 shares for public offering in Hong Kong and 24,119,740 shares for international placement, with a maximum issue price of HKD 165.00 per share. If priced at the upper limit, the company is expected to raise about HKD 4.19 billion (approximately USD 540 million). The shares are expected to be officially listed on the Main Board of the Hong Kong Stock Exchange on January 9, 2026.

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 Focusing on AI Large Models, Commercialization Capabilities Recognized by Capital

Since its establishment, MiniMax has quickly become one of China's top AI companies by leveraging core technologies such as MoE architecture large models, edge-side inference optimization, and multimodal agents. Its open-source model MiniCPM and closed-source flagship M2 series have achieved large-scale deployment in multiple fields such as automotive, smartphones, smart hardware, and enterprise services, and have established deep cooperation with leading enterprises such as Geely, Changan, Huawei, and Xiaomi.

This IPO is seen as a dual confirmation of its technical leadership and commercialization path. Especially after the performance of the open-source model M2.1 surpassed Gemini 3 Pro and Claude 4.5 Sonnet in 2025, MiniMax's influence in the global developer community has significantly increased, laying the foundation for its international expansion.

 Funding Use: Strengthening R&D and Ecosystem Construction

According to the prospectus, the funds raised from this IPO will mainly be used for:

- Increasing R&D investment in efficient large models for edge-side, optimizing inference speed and energy efficiency;

- Expanding multimodal and agent (Agent) capabilities, promoting AI from "tool" to "partner";

- Strengthening global talent recruitment and open-source ecosystem construction to enhance international developer participation;

- Supplementing working capital and potential strategic investments.

 AIbase Observation: Chinese Large Model Companies Enter the "Listing Realization Period"

MiniMax's Hong Kong IPO marks that Chinese large model startups are moving from "technical validation" to a new stage of "value realization." Previously, companies like Zhipu AI and Yuedao Dark Face also announced listing plans, showing continued confidence from the capital market in AI infrastructure companies.

Against the backdrop of intensified global AI competition, MiniMax chose Hong Kong as its listing location, which allows it to access international capital while being close to the Asian tech ecosystem. If successful, it may become the first independently listed large model company in China, setting a key milestone for the industry.

As January 9, 2026 approaches, global investors are focusing on this AI newcomer that once amazed the industry with its "small cannon" model—can it continue its technological excellence in the secondary market and truly realize the business cycle of "Model as a Service" (MaaS)? The answer will be revealed after the New Year bell rings.