New stock news | Top long-term funds and the youngest AI team in the world will jointly create the long-term future MiniMax (00100), which is expected to be listed on the Hong Kong stock market on January 9th.

On December 31, MiniMax (00100) officially launched its IPO. This "AI company of the post-95 generation" has quickly risen to the top tier of global AI companies, from its establishment to its listing in just four years, becoming a key indicator of the transformation of the global AI industry from a "technological competition" to "commercialization and globalization." According to the prospectus, MiniMax plans to issue 25,389,220 shares in this IPO, with a price range of HK$151 to HK$165 per share. Without considering the exercise of the overallotment option and the excess share allocation, the valuation will be between HK$46.123 billion and HK$50.399 billion. It is expected to officially debut on the Hong Kong stock market on January 9. It is worth noting that MiniMax has introduced 14 cornerstone investors, including Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund, subscribing for a total of approximately HK$2.723 billion. The investors come from various dimensions such as international long-term, leading technology, Chinese long-term, and industrial strategies. In the recent Hong Kong stock market, such a diverse group of top-notch capital investors rarely come together, forming a strong endorsement of value. One of the highlights of this cornerstone investment is the rare consensus of long-term capital. Long-term funds usually have high investment thresholds and tend to favor companies that have already proven their business models or technological barriers. The willingness of long-term funds to hold MiniMax for an extended period represents their recognition of MiniMax's ability to generate self-sustaining business. The inclusion of international asset management giants with long-term layouts such as Aspex, Eastspring, and Mirae Asset in the list of cornerstone investors is a clear signal: not only do they recognize the scarcity of investment in MiniMax as a top-tier global AI company but also indicate their determination to accompany its growth in the coming years. The lineup of global cornerstone investors also confirms the correctness of MiniMax's "born global" strategy. As a "global entry into the top tier with only four complete modes" large-scale model company, as of September 2025, MiniMax has accumulated over 212 million individual users in more than 200 countries and regions. Revenue in the first nine months of 2025 increased by over 170% year-on-year, with overseas market revenue contributing over 70%, demonstrating outstanding global market expansion capabilities and a healthy and diversified revenue structure. It is worth mentioning that MiniMax has previously received investments and support from many top institutions such as MiHoYo, Alibaba, Tencent, Xiaohongshu, Hillhouse Capital, IDG, Sequoia, Wei, Mingchi, and China Life Insurance, making it the fastest-growing and highest-valued AI technology company at present. MiniMax was founded in early 2022 and is a "born global" AI company, one of the few large model companies that has been focused on the development of full-model models since its inception. MiniMax's technology iterates intensively, with high-frequency breakthroughs in key technologies, making breakthroughs in models such as voice, video, and text. Starting in 2023, MiniMax launched the first domestic voice large model Speech 01 based on the Transformer architecture, and in the first half of this year, it released an upgraded version, Speech 02, ranking first in comprehensive performance. As of now, MiniMax's voice models have helped users generate a cumulative total of over 220 million hours of speech. In August 2024, the company released the Video 01 video generation model and the Hailuo AI video generation product, which were the best video models available at that time. In June 2025, an upgraded version, Hailuo 02, ranked second in the AA video arena. By now, MiniMax's video models have helped creators generate over 590 million videos. In October 2025, the company released and open-sourced the new generation text large model MiniMax M2, which ranked in the top five globally on Artificial Analysis and was the first in terms of open-source models in China. During its release, M2 quickly rose to the top in terms of token usage in global models on the OpenRouter platform and ranked third in terms of token usage in programming scenarios globally. Recently, in the LMARENA.AI WebDev rankings, MiniMax M2.1 Preview ranked fourth globally (with the top three being Anthropic, OpenAI, and Google) and first in China. Not only that, the legendary programmer and creator of the Ruby on Rails web development framework, DHH, highly praised MiniMax M2.1 on X, stating that it displayed impressive efficiency when dealing with complex code bases. Based on its self-developed full-model model, MiniMax has launched a series of native AI products globally, including Hailuo AI, Xingye, Talkie, as well as an open platform for enterprises and developers. From its establishment until September 2025, MiniMax has spent $500 million, achieving global leadership in full-model models at only about 1% of the cost of OpenAI. The funds raised in this IPO will mainly be used for the upgrade of large models and the development of AI native products in the next five years, providing the world with increasingly advanced and universal intelligence to help enhance productivity, improve the quality of development, and long-term creativity, fulfilling the vision of "Intelligence with Everyone." According to a report by UNCTAD, the global AI market is expected to soar from $189 billion in 2023 to $48 trillion in 2033, growing 25 times in just ten years. MiniMax's listing at this time is expected to seize the period of rapid market growth and, relying on its healthy and sustainable business model, fill the gap in the AGI race track in the Hong Kong stock market, further strengthening its valuation logic.