One of China’s most promising generative AI startups MiniMax is preparing for a Hong Kong IPO, targeting more than $600 million in capital. Alibaba Group and the Abu Dhabi Investment Authority are expected to participate as cornerstone investors, alongside IDG Capital, Perseverance Asset Management, and South Korea’s Mirae Asset, according to sources familiar with the deal. The IPO could begin taking orders as early as Wednesday, with a possible January listing.
MiniMax is positioning itself as one of the survivors of China’s intense generative AI price competition, often called the Battle of One Hundred Models. The company generated $30.5 million in revenue last year, a fraction of projected U.S. peer OpenAI’s $13 billion in 2025, highlighting ongoing concerns over profitability amid heavy infrastructure investment.
The IPO follows heightened global interest in AI, including Meta’s acquisition of Singapore-based AI agent Manus for over $2 billion. MiniMax’s listing coincides with a record year-end surge in Hong Kong IPOs, with rival Zhipu AI also seeking capital through a market debut. The offering underscores continued investor appetite for exposure to China’s emerging AI ecosystem.
