MiniMax sold 29.2 million shares at HK$165 apiece, increasing the deal size from an earlier plan to offer about 25.4 million shares. The pricing underscores robust investor interest in Chinese artificial intelligence and semiconductor companies, which have increasingly turned to Hong Kong for fundraising amid tightening U.S. restrictions on advanced technology.
The listing places MiniMax among the first developers of large-language models in China to tap public markets. Recent debuts by Chinese AI and chip firms in Hong Kong have largely traded above their offer prices, highlighting optimism around Beijing’s push to strengthen domestic technology capabilities.
In an exchange filing, MiniMax said it has attracted backing from prominent global investors, including Abu Dhabi Investment Authority and Mirae Asset Securities. The company launched its IPO on December 31, helping kick off a wave of new listings in the city.
Hong Kong posted its strongest year for IPO fundraising since 2021, with companies raising $36.5 billion across 114 new listings in 2025, according to data compiled by LSEG.
Founded in early 2022 by former SenseTime executive Yan Junjie, MiniMax focuses on multimodal artificial intelligence models capable of generating text, audio, images, video and music. The company said in December that most of the net proceeds from the offering will be allocated to research and development over the next five years.
Shares of MiniMax are expected to begin trading on the Hong Kong Stock Exchange on Friday, the filing showed.