MiniMax Doubles in Value on Hong Kong Debut as AI Frenzy Lifts Chinese Startups
MiniMax Group, the second of China’s so-called “AI tigers” to go public, saw its shares more than double on debut in Hong Kong on Friday, signalling strong investor appetite for the country’s fast-growing artificial intelligence sector. The Shanghai-based company’s shares closed at HK$345, up 109% from the offer price of HK$165, valuing the firm at roughly $13.7 billion. At one point, the stock peaked at HK$351.8.
Strong Start for China’s New AI Players
MiniMax raised HK$4.8 billion ($620 million) in its initial public offering, outpacing the performance of fellow AI firm Zhipu AI, which gained 13% in its own Hong Kong debut on Thursday. Both companies are part of a new generation of Chinese AI startups drawing global attention as Beijing seeks to bolster its domestic tech capabilities.
Founded in early 2022 by former SenseTime executive Yan Junjie, MiniMax develops multi-modal AI models capable of processing text, images, audio, video and music. Its consumer-focused apps, including Hailuo AI, a video generation platform, and Talkie, an AI character interaction tool, have been key to its rapid growth.
“This is only the beginning,” Yan said during the company’s listing ceremony. “We look forward to the next four years, hoping the pace of technological progress in the AI industry will remain as fast.”
Cornerstone investors in MiniMax include Alibaba, the Abu Dhabi Investment Authority, Boyu Capital and Mirae Asset.
Market Analysts and Rival Performance
Analysts said MiniMax’s strong debut reflects growing investor enthusiasm for AI technologies with direct consumer applications. “MiniMax’s focus on the consumer market appealed more to investors seeking high-growth opportunities, whereas Zhipu’s enterprise- and government-oriented model was perceived as more stable but less exciting,” said Lian Jye Su, chief analyst at tech research firm Omdia.
Zhipu AI, which raised HK$4.35 billion in its own listing, surged a further 20.6% on Friday, lifting its valuation to around $9 billion. The firm has drawn attention for winning several government contracts and has been identified by OpenAI as a leading Chinese competitor in large language models.
Hong Kong IPO Momentum Returns
Hong Kong has re-emerged as a top destination for IPOs following regulatory reforms and renewed investor confidence. In 2025, the city raised about $37.2 billion from 115 listings — the highest figure since 2021 — according to LSEG data.
More AI and semiconductor firms are expected to follow. Huawei’s AI server spin-off xFusion is preparing for a mainland listing with Citic Securities, while Baidu’s AI chip division Kunlunxin and memory maker ChangXin Memory Technologies are also planning IPOs. Semiconductor producers OmniVision Integrated Circuits and GigaDevice Semiconductor will begin secondary trading in Hong Kong next week.
With global investor enthusiasm for AI still surging, MiniMax’s market debut signals continued momentum for China’s new wave of technology innovators.
with inputs from Reuters