MiniMax jumps 54% in Hong Kong debut after US$619M IPO (www.businesstimes.com.sg)

MiniMax Group, a prominent generative AI startup from China, saw a remarkable 54% surge in its stock price during its debut on the Hong Kong Stock Exchange, following an initial public offering (IPO) that raised US$619 million. The IPO is notable as it positions MiniMax among the first Chinese companies to enter the public market post-ChatGPT, indicating a growing investor appetite for AI software firms. The offering was heavily oversubscribed, with retail investors showing significant interest, subscribing more than 1,830 times the available shares. The support from major players like Alibaba and Abu Dhabi’s sovereign wealth fund highlights the strong backing for China’s local AI industry, which is increasingly seen as a sector to champion. MiniMax’s emergence signifies a shift in focus within the Chinese AI ecosystem, where there's a clear push from the government to bolster home-grown tech companies. As a competitor to established names like OpenAI and DeepSeek, MiniMax aims to enhance consumer chatbot offerings both domestically and internationally. However, it faces challenges, having reported an adjusted loss of approximately US$186 million in the first nine months of 2025. Analysts note that while local investor enthusiasm is encouraging, distinguishing future winners in the AI sector may take time as the investment cycle matures, particularly in a market previously dominated by hardware makers.