alibaba group

China-based AI startup MiniMax raised $620 million in its Hong Kong IPO, with shares doubling on the first day. The company develops large language models and AI applications for global users.

Chinese AI startup MiniMax plans a Hong Kong IPO, aiming to raise over $600 million with backing from Alibaba and Abu Dhabi Investment Authority. The move positions MiniMax as a key player in China’s generative AI market.