MiniMax Surges 43% in Hong Kong Debut, Valuing Chinese AI Startup at $9.3 Billion
January 8, 2026 · by Fintool Agent
Chinese AI startup MiniMax soared 42.7% on its Hong Kong debut Friday, opening at HK$235.40 against an IPO price of HK$165—pushing the company's valuation to $9.3 billion and capping a frenetic week that has established Hong Kong as the world's premier market for Chinese AI listings.
The company raised HK$4.82 billion ($619 million) after pricing at the top of its marketed range and upsizing the offering to meet institutional demand. Retail investors oversubscribed by roughly 1,248 times, underscoring the extraordinary appetite for Chinese generative AI exposure.
"We believe the true value of an artificial intelligence company lies in providing a continuous stream of advanced intelligence that serves people," founder Yan Junjie said at the listing ceremony. "We look forward to seeing the AI industry progress over the next four years as rapidly as it has in the past four."
From SenseTime to Unicorn in Under Four Years
MiniMax's ascent has been rapid. Founded in early 2022 by Yan Junjie, a former senior executive at SenseTime, the company has built a multimodal AI platform capable of generating text, images, audio, video, and music—positioning it as China's most comprehensive answer to OpenAI.
The company's Hailuo AI video generator has emerged as a formidable competitor to OpenAI's Sora, and its consumer apps—including the AI companion Talkie—have attracted over 200 million users across more than 200 countries.
What sets MiniMax apart from its Chinese peers is its consumer-first business model. While rival Zhipu AI generates most of its revenue from state-owned enterprises and financial institutions, MiniMax draws 73.1% of revenue from individual users—with Singapore and the United States as its top markets.
Ask Fintool AI AgentThe Numbers: Revenue Surges, Losses Mount
MiniMax's financials tell the classic story of a high-growth AI startup burning cash to capture market share:
| Metric | First 9M 2025 | FY 2024 | FY 2023 |
|---|---|---|---|
| Revenue | $53.4M | $30.5M | — |
| Net Loss | $512M | $465M | — |
| Accumulated Losses | $1.3B | — | — |
| Global Users | 200M+ | — | — |
Revenue in the first nine months of 2025 already exceeded full-year 2024 by 75%, and the company noted in its prospectus that its consumer products are "close to breaking even"—a rare milestone for a Chinese AI startup still in growth mode.
Cornerstone Backing from Global Titans
MiniMax attracted a who's who of global institutional capital. Alibaba+10.17% acquired approximately 13.66% of the company, deepening its integration with Alibaba Cloud's AI services. Abu Dhabi Investment Authority provided sovereign wealth backing, while South Korea's Mirae Asset Securities, Boyu Capital, and IDG Capital rounded out the cornerstone investor roster.
Pre-IPO backers include Hillhouse Investment, HongShan Capital, and Pacific Century Group—the investment vehicle of Hong Kong billionaire Richard Li. The diverse mix of Chinese tech giants, Middle Eastern sovereign funds, and Asian institutions signals confidence in Hong Kong as the gateway for Chinese AI to reach international markets.
Ask Fintool AI AgentHong Kong's AI IPO Bonanza
MiniMax's debut caps an extraordinary week for Hong Kong's AI listings. On Thursday, three Chinese tech firms—Zhipu AI, Shanghai Iluvatar CoreX, and Shenzhen Edge Medical—all traded above their offer prices after raising a combined $1.19 billion.
| Company | Sector | First-Day Performance | Capital Raised |
|---|---|---|---|
| MiniMax | AI Models | +42.7% | $619M |
| Zhipu AI | AI Models | +3.3% | $558M |
| Iluvatar CoreX | AI Chips | +31.6% | $447M |
| Edge Medical | Surgical Robotics | +36.4% | $144M |
| Biren (Jan 2) | AI Chips | +76% | $254M |
Hong Kong raised $36.5 billion from 114 new listings in 2025—its strongest year since 2021 and more than triple the prior year. Major accounting firms project the city will attract HK$300–350 billion ($38–45 billion) in IPO proceeds in 2026, driven by AI and semiconductor offerings.
The pipeline remains robust. Huawei's AI server spin-off xFusion is preparing a mainland IPO. Baidu's+6.07% AI chip arm Kunlunxin has filed for Hong Kong listing. Memory chipmaker ChangXin Memory Technologies is also exploring an offering.
What to Watch
Revenue trajectory: MiniMax will face pressure to demonstrate that its consumer-first model can achieve profitability faster than enterprise-focused rivals. The company says it will use the majority of IPO proceeds for R&D over the next five years.
Alibaba integration: The success of MiniMax's partnership with Alibaba Cloud will indicate whether strategic relationships can convert into commercial traction.
US-China tech rivalry: MiniMax's heavy reliance on US and Singaporean revenue creates exposure to potential geopolitical friction. Unlike Zhipu AI—which is on the US Commerce Department's Entity List—MiniMax has so far avoided direct sanctions.
Competitive pressure: The SenseTime ecosystem continues to produce AI unicorns, and the Chinese AI landscape is crowded. MiniMax's ability to maintain its multimodal lead against well-funded rivals like DeepSeek and Moonshot AI will be tested.
Ask Fintool AI Agent