$MINIMAX-WP(00100)$ MiniMax has just gone public, but this research note isn’t about the IPO hype. What stands out is an AI company that already runs a dual-engine model: consumer apps for scale and data, enterprise services for margins — with most users coming from overseas. The report looks past the listing event and asks a more practical question: how an AI company turns global usage into sustainable revenue after going public.
MINIMAX-WP opened higher and rose sharply on the first day of listing in Hong Kong, and the global offering was highly subscribed
MINIMAX-WP (00100) will be listed in Hong Kong on January 9, 2026. The opening price on the first day is HK $235.4, which is 42.67% higher than the issue price of HK $165. The intraday increase once exceeded 80%, and the market responded enthusiastically. The black market trading price rose by 14% to 19% compared with the offering price, and the book profit per lot of 20 shares was about HK $480 to HK $640. The global offering of 29.1976 million shares, the public offering accounted for 17.4%, the international offering accounted for 82.6%, the offering price per share was HK $165, and the net global offering raised approximately HK $4.596 billion. The Hong Kong public offering was subscribed 1837.17 times, the international offering was subscribed 36.76 times, and the market value exceeded HK $90 billion. The company focuses on the research and development of multi-modal general-purpose large-scale models, with over 212 million users and raising approximately HK $4.6 billion for research and development. The share price of MiniMax, a domestic large-scale model company, rose by more than 110% on the first day of listing on the Hong Kong stock market, and its market value exceeded 100 billion Hong Kong dollars, attracting investment from many internationally renowned institutions.