The logo for MiniMax Group Inc.\u00a0on a smartphone in Shanghai, China.<\/p>\n
Bloomberg | Bloomberg | Getty Images<\/p>\n
Shares of China-based AI startup MiniMax Group doubled on its first day of trading in Hong Kong on Friday, becoming the second major Chinese developer of large language models to go public.\u00a0<\/p>\n
The company raised 4.8 billion Hong Kong dollars ($620 million) in its IPO, outperforming its local rival Zhipu AI<\/a>, which had listed in Hong Kong just one day earlier and rose a modest 13% on its debut.<\/p>\n MiniMax shares closed at HK$345, up 109% from its offer price of HK$165. <\/p>\n Both MiniMax and Zhipu are part of China’s so-called “AI tigers”\u2014 startups building large language models to rival American AI giants like OpenAI, which they’ve now beaten to going public.\u00a0\u00a0<\/p>\n Founded in 2022 and backed by investors such as Alibaba Group<\/a> and Tencent Holdings<\/a>, MiniMax specializes in AI applications, including chatbots, image generation and video synthesis.\u00a0<\/p>\n Its founders, Yan Junjie, the company’s chief executive officer, and Yun Yeyi, its chief operating officer, previously worked at SenseTime, a long-time player in China’s AI space. <\/p>\n MiniMax’s market debut comes as Chinese AI-related firms ramp up fundraising efforts to compete with U.S. rivals and navigate Washington’s export curbs on advanced chips used for AI training to China.\u00a0<\/p>\n According to the company’s prospectus, it served over 200 million cumulative users across more than 200 countries and regions as of September last year.<\/p>\n It also reported revenue of $53.4 million in the nine months ended Sept. 30, 2025, up about 174% from a year earlier, though the company still posted a net loss of $512 million over the same period.<\/p>\n MiniMax said most of its revenue comes from subscriptions and in-app purchases for its AI products. It added that it remains in a “nascent stage in terms of monetization and commercialization,” after years focused on developing its foundational models. <\/p>\n Minimax said it plans to use IPO proceeds for continued research and development.<\/p>\n","protected":false},"excerpt":{"rendered":"The logo for MiniMax Group Inc.\u00a0on a smartphone in Shanghai, China. Bloomberg | Bloomberg | Getty Images Shares…\n","protected":false},"author":2,"featured_media":228946,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[345,15464,343,344,354,114,357,85,23831,46,124026,23135,125,50747],"class_list":["post-228945","post","type-post","status-publish","format-standard","has-post-thumbnail","category-artificial-intelligence","tag-ai","tag-alibaba-group-holding-ltd","tag-artificial-intelligence","tag-artificialintelligence","tag-breaking-news-technology","tag-business","tag-business-news","tag-il","tag-ipo","tag-israel","tag-knowledge-atlas-technology-jsc-ltd","tag-mergers-and-acquisitions","tag-technology","tag-tencent-holdings-ltd"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/228945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=228945"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/228945\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/228946"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=228945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=228945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=228945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}