MiHoYo-backed AI Firm MiniMax Surges 70% on Hong Kong Debut, Valuation Tops $11.5 Billion
MiniMax, an artificial intelligence company backed by Chinese game developer MiHoYo, experienced a significant surge in its stock price during its initial public offering debut on the Hong Kong Stock Exchange. Shares jumped more than 70%, briefly pushing the company's market capitalization above HK$90 billion ($11.5 billion). Founded by former SenseTime vice president Yan Junjie, MiniMax listed under the code 00100.HK, marking one of the fastest public offerings for a global AI firm. The IPO was priced at HK$165 per share, raising approximately $710 million in gross proceeds. Investor demand was robust, with the public offering oversubscribed 1,837 times and attracting 14 cornerstone investors, including Alibaba and the Abu Dhabi Investment Authority. Despite reporting a net loss of $512 million in the first three quarters of 2025 due to heavy investment in large language models, MiniMax reported a 170% year-on-year revenue increase. The company plans to use the raised capital to upgrade its AI models and develop new AI-native products, aiming to balance high performance with low costs.
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MiHoYo-backed AI Firm MiniMax Surges 70% on Hong Kong Debut, Valuation Tops $11.5 Billion
MiniMax, an artificial intelligence company backed by Chinese game developer MiHoYo, experienced a significant surge in its stock price during its initial public offering debut on the Hong Kong Stock Exchange. Shares jumped more than 70%, briefly pushing the company's market capitalization above HK$90 billion ($11.5 billion). Founded by former SenseTime vice president Yan Junjie, MiniMax listed under the code 00100.HK, marking one of the fastest public offerings for a global AI firm. The IPO was priced at HK$165 per share, raising approximately $710 million in gross proceeds. Investor demand was robust, with the public offering oversubscribed 1,837 times and attracting 14 cornerstone investors, including Alibaba and the Abu Dhabi Investment Authority. Despite reporting a net loss of $512 million in the first three quarters of 2025 due to heavy investment in large language models, MiniMax reported a 170% year-on-year revenue increase. The company plans to use the raised capital to upgrade its AI models and develop new AI-native products, aiming to balance high performance with low costs.
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