Overview
- MiniMax’s filing outlines a global offer of 25.39 million shares at up to HK$165 each, with about 5% for Hong Kong retail investors and a 15% overallotment option.
- Pricing is slated for January 7 and trading is set to begin January 9 on the Hong Kong Stock Exchange under stock code 0100.
- CICC and UBS are joint sponsors, with Goldman Sachs and Morgan Stanley named as global coordinators.
- Investor materials and media reports indicate a price range of HK$151–HK$165, a minimum raise near HK$3.83 billion, and cornerstone participation from Alibaba and the Abu Dhabi Investment Authority.
- The Shanghai start-up, founded in 2022 by former SenseTime executive Yan Junjie and backed by Alibaba and Tencent, plans to channel proceeds into AI model research and product development while vying with peers such as Zhipu, Baichuan and Moonshot AI.