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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (218987)	1/5/2026 10:00:04 PM
From: TobagoJack	Respond to of 220179

re <<MiniMax>> ... Friday should be good, to exceedingly good, and enable GetMoreGoldFaster and facilitate StackHigherSilver scmp.com MiniMax’s Hong Kong IPO set to hit US$538 million amid Chinese AI sector frenzy The Alibaba-backed firm is set to price its 25.4 million shares at HK$165 each, the top end of its marketed range, sources say Aileen Chuang Published: 4:39pm, 5 Jan 2026 MiniMax is set to raise at least HK$4.2 billion (US$537.7 million) by pricing its Hong Kong initial public offering (IPO) at the top of its marketed range, underscoring strong demand for China’s artificial intelligence sector amid an intensifying race with the US. The Shanghai-based firm, backed by Alibaba Group Holding and Tencent Holdings, planned to price its 25.4 million shares on offer at HK$165 each, according to people familiar with the matter. The company would stop taking orders from institutional investors at 5pm on Monday, a day earlier than scheduled, they added. The heavy institutional investors’ demand under the international tranche, which currently accounts for 95 per cent of the offer, could see the firm exercise an option to upsize the IPO to as much as HK$4.8 billion. MiniMax is expected to start trading on the Hong Kong stock exchange on Friday. A MiniMax representative declined to comment. PwC estimated that companies would raise up to HK$350 billion from IPOs in Hong Kong this year. Photo: Sun Yeung The deal comes amid a flurry of Chinese AI and technology firms tapping the stock market for fundraising, driven by Beijing’s support for the domestic tech industry. MiniMax’s peer Zhipu AI will list in Hong Kong on Thursday, along with general-purpose graphics processing unit maker Shanghai Iluvatar CoreX Semiconductor and surgery robot maker Edge Medical. The trio is expected to raise around HK$9.2 billion via their IPOs. MiniMax has already attracted 14 cornerstone investors who agreed to commit a total of US$350 million. They include sovereign wealth fund Abu Dhabi Investment Authority, Alibaba, South Korea’s Mirae Asset Securities, China’s Boyu Capital, IDG and Perseverance Asset Management, according to its prospectus. Alibaba owns The Post. The IPO was also popular with individual investors who borrowed HK$148.6 billion in margin financing to subscribe to the retail tranche, according to data from online trading platform Futubull. That marks an oversubscription of nearly 1,240 times before retail bookbuilding ends on Tuesday. Based on the top IPO price, MiniMax would be valued at around US$6.5 billion, up from US$4.2 billion after its previous funding round last year. Its pre-IPO backers include Hillhouse Investment, HongShan Capital and Pacific Century Group, the investment firm founded by Hong Kong billionaire Richard Li Tzar-kai. Founded in early 2022 by SenseTime veteran Yan Junjie, the firm develops multimodal AI models such as MiniMax M2, Hailuo 2.3, Speech 2.6 and Music 2.0, which can process text, audio, images, video and music. MiniMax planned to use its IPO proceeds for research and development of its foundation models and AI-native products over the next five years, according to its prospectus. The firm and its peers that planned to list under the Hong Kong stock exchange’s Chapter 18C rules for innovative companies were expected to drive the city’s IPO market this year, according to PwC on Monday. The auditing and consulting firm estimated that companies would raise up to HK$350 billion from IPOs this year, supported by listings of high-end manufacturing and tech companies, after the city reclaimed the top global ranking in 2025. “Despite uncertainties in the global geopolitical landscape, the demand for international financing by Chinese enterprises and investors’ interest in high-quality Chinese companies remain strong,” said Eddie Wong, capital markets leader at PwC Hong Kong.