Overview
- MiniMax raised HK$4.8 billion after pricing at HK$165, opened about 43% higher and jumped as much as 90%, with an initial valuation near HK$72.8 billion.
- Zhipu raised HK$4.35 billion at HK$116.20 in its Jan. 8 debut and closed up roughly 13%, becoming the first pure‑play Chinese large‑language‑model developer to list.
- The twin listings serve as a litmus test for investor demand for China’s AI software champions, with recent chipmaker debuts like Biren and Iluvatar posting larger first‑day gains.
- MiniMax secured heavy institutional backing, including cornerstone commitments from Abu Dhabi Investment Authority and Alibaba, with strong oversubscription across tranches.
- Both companies plan to channel proceeds into R&D, as U.S. export controls on advanced Nvidia accelerators and Zhipu’s Entity List status continue to constrain compute access.