MiniMax Group’s plan to price its Hong Kong initial public offering at the top end of its marketing range is fast becoming a defining moment for China’s artificial intelligence sector. It is believed to pinpoint how aggressively investors are chasing exposure to domestic AI champions as geopolitical tensions reshape global technology markets.
The Beijing-based startup is expected to raise about $538 million by pricing shares at up to HK$165 apiece, valuing the company at roughly $6.5 billion, according to people familiar with the deal quoted by Reuters. Bookbuilding, which began on December 31, has attracted demand multiple times the shares on offer, the sources said, pointing to a strong institutional appetite despite lingering concerns over global market volatility and China’s slowing economy.
If completed as planned, MiniMax’s listing will be one of the largest AI-focused IPOs in Hong Kong in recent months and part of a tightly packed calendar that will see at least six Chinese companies debut in the city this week alone. Trading in MiniMax shares is scheduled to begin on January 9, following pricing on January 6, with one source saying the institutional tranche could close as early as Monday afternoon.
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Founded in early 2022 by Yan Junjie, a former senior executive at SenseTime, MiniMax has positioned itself as a developer of so-called multimodal AI models, capable of processing and generating content across text, images, audio, video, and music. Its products, including MiniMax M1, Hailuo-02, Speech-02, and Music-01, place it in direct competition with a growing cohort of Chinese startups racing to build broad-based AI systems that can be deployed across consumer apps, enterprise services, and creative industries.
The enthusiasm around the deal reflects more than just confidence in MiniMax’s technology. It also highlights how capital markets are responding to Beijing’s push to accelerate domestic innovation in response to U.S. restrictions on advanced chip exports and other sensitive technologies. For many investors, Chinese AI firms are increasingly viewed not just as growth stories, but as strategic assets likely to receive long-term policy support.
Recent listings have reinforced that view. AI chip designer Shanghai Biren Technology surged 76% on its Hong Kong debut earlier this month and remains more than 70% above its IPO price. Similar gains have been recorded by other technology names, helping to revive sentiment in a market that struggled for much of the past two years with weak deal flow and cautious investors.
MiniMax’s closest rival, Zhipu AI, which is also listing in Hong Kong this week, fixed its offer price at HK$116.20 per share to raise HK$4.3 billion, according to its prospectus. The clustering of AI listings has created a rare moment of momentum for the exchange, with bankers and advisers betting that strong aftermarket performance could encourage more Chinese technology firms to follow.
Professional services firms share that optimism. PwC Hong Kong Capital Markets Leader Eddie Wong said the city’s IPO market is expected to remain vibrant, with funds raised potentially reaching HK$350 billion in 2026. He noted that listings of high-end manufacturing and technology companies are likely to drive that growth, as Chinese firms continue to seek offshore capital and global visibility.
Exchange filings point to a steady pipeline. Seventeen companies have already submitted listing applications this year, while Chinese internet giant Baidu confirmed that its AI chip unit Kunlunxin has filed for a Hong Kong IPO, adding to expectations that semiconductors and AI will dominate the market narrative.
However, public-market scrutiny is expected to bring new pressures to MiniMax alongside fresh capital. As competition intensifies among China’s AI developers, investors are expected to focus closely on how quickly the company can turn advanced models into sustainable revenue, manage computing costs, and differentiate itself in a crowded field that includes well-funded rivals and tech giants.
Still, the willingness of investors to back MiniMax at a premium valuation suggests that, for now, confidence in China’s AI trajectory outweighs those concerns. The IPO is shaping up as both a test of market depth and a signal that Hong Kong is regaining its role as the preferred listing venue for Chinese technology firms navigating an increasingly fragmented global tech landscape.