Chinese AI startup MiniMax eyes $6.5B valuation in Hong Kong IPO amid AI frenzy

Chinese AI startup MiniMax is preparing to price its Hong Kong initial public offering at the top of its marketed range, a move that would value the Shanghai-based company at about $6.5 billion and raise roughly $538 million, Bloomberg reported, citing people familiar with the deal.

Bookbuilding began on December 31, with shares marketed between HK$151 and HK$165 apiece. The company has told investors it plans to sell stock at the high end of that range, HK$165, as demand has led to multiple rounds of oversubscription. The people, who asked not to be named, said MiniMax plans to stop taking institutional orders by 5 p.m. local time on Monday, a day earlier than initially expected.

The IPO points to sustained appetite for Chinese artificial intelligence stocks. The momentum places MiniMax among the most closely watched listings in Hong Kong this month, as global investors seek exposure to Chinese AI companies increasingly viewed as challengers to U.S. leaders such as OpenAI. Shares are expected to be priced on January 6, with trading scheduled to begin on January 9.

MiniMax was founded in early 2022 by Yan Junjie, a former executive at SenseTime. Its co-founders include Yang Bin, Zhou Yucong, and Yeyi Yun. The company has built a portfolio of multimodal models that process text, images, audio, video, and music, including MiniMax M1, Hailuo-02, Speech-02, and Music-01, with products aimed at both consumer and enterprise customers.

Bloomberg first reported that MiniMax was planning to price the IPO at the top of its range.

“The Shanghai-based company advised investors it would sell shares at HK$165 apiece, the people said, asking not to be named because they weren’t authorized to speak publicly. Given strong demand, it intends to stop taking orders from institutional investors at 5 p.m. local time in each region on Monday, the people added, a day earlier than expected,” Bloomberg reported.

MiniMax’s debut arrives during a busy week for Hong Kong’s equity market. Six Chinese companies are scheduled to list, including Zhipu AI, chipmaker Iluvatar CoreX, and surgical robotics firm Shenzhen Edge Medical. Zhipu AI, one of MiniMax’s direct competitors, fixed its offer price at HK$116.20 per share late last month to raise HK$4.3 billion.

The recent wave of listings shows a clear pattern. Chinese AI and semiconductor companies that went public over the past month have seen sharp first-day gains and have held onto much of that upside, pointing to sustained interest tied to China’s push to strengthen domestic technology capacity amid U.S. export restrictions.

AI chip designer Shanghai Biren Technology surged 76% in its Hong Kong debut on January 2 and was still trading more than 70% above its IPO price as of Monday.

That backdrop is fueling optimism about the market’s near-term trajectory. “The Hong Kong IPO market will remain vibrant, with IPO funds raised anticipated to reach HK$350 billion in 2026, supported by listings of high-end manufacturing and tech companies,” said Eddie Wong, PwC Hong Kong Capital Markets Leader, during a briefing on Monday. “Despite uncertainties in the global geopolitical landscape, the demand for international financing by Chinese enterprises, and investors’ interest in high-quality Chinese companies remain strong.”

Exchange filings show that 17 companies have submitted listing applications so far this year.

The pipeline keeps growing. Baidu said on Friday that its AI chip unit, Kunlunxin, has filed for a Hong Kong IPO, confirming an earlier Reuters report. The move adds to a market already leaning heavily into AI, semiconductors, and advanced manufacturing.

For MiniMax, pricing at the top of the range would cap a short but fast rise from startup to public company. For investors, it is another clear signal that the appetite for Chinese AI exposure remains very much alive.

MiniMax CEO Yan Junjie