MiniMax (Stock Code: 00100.HK, structured as a "W-share" company with weighted voting rights), a leading global general artificial intelligence (AGI) technology company, officially commenced trading on the main board of the Hong Kong Stock Exchange today, delivering a stellar first-day performance. The stock opened at HK$235.4, a significant surge of 42.67% above its issue price of HK$165.0 per share. Excluding handling fees, each lot of 20 shares yielded a profit of HK$1,408.
Prior to the listing, the stock closed up 24.61% at HK$205.6 in the grey market. The Hong Kong public offering segment of MiniMax's IPO garnered an enormous oversubscription of approximately 1,837.17 times, while the international placement was also oversubscribed by 36.76 times, indicating extremely high market enthusiasm. Ultimately, the company priced its shares at the top end of the offering range (HK$138.7 to HK$165.0), raising net proceeds of about HK$4.64 billion from the global offering, making it one of the most closely watched technology IPOs in the Hong Kong market recently. Notably, according to Bloomberg, the globally renowned investment firm Baillie Gifford and Singapore's sovereign wealth fund, GIC, jointly subscribed to shares worth approximately HK$4.8 billion. Furthermore, Norges Bank Investment Management and Schroders plc were also significant subscribers. Informed sources indicated that global long-only investors, who typically invest in stocks expected to appreciate while avoiding short selling, and sovereign wealth funds subscribed to the majority of the shares allocated to institutional investors beyond the cornerstone tranche. The lineup of cornerstone investors for this IPO was equally formidable. Fourteen institutions, including the Abu Dhabi Investment Authority, an affiliate of Alibaba Group, and E Fund Management Co., among others, had pre-committed to shares worth approximately HK$2.723 billion. MiniMax is regarded as the "first AGI stock." The company has independently developed a multimodal general large model encompassing text, speech, image, video, and music. Based on these models, it has launched a series of AI-native applications for global users, including Hai Luo AI, MiniMax Audio, and Xing Ye, while also providing an open platform for enterprises. The company's user growth has been exceptionally rapid, with monthly active users skyrocketing from 3.1 million in 2023 to 19.1 million in 2024, and further increasing to 27.6 million in the first nine months of 2025, with its business now covering over 200 countries and regions worldwide. The company's revenue surged dramatically from $3.46 million in 2023 to $30.523 million in 2024. Revenue for the first nine months of 2025 climbed to $53.437 million, representing a substantial increase of 174.7% compared to the same period in 2024. Although the company is not yet profitable, its explosive revenue growth and massive user base form the primary foundation for the high valuation bestowed upon it by the market.
