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MiniMax Group Raises HK$4.8 Billion in IPO
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China-based AI startup MiniMax Group surged as much as 90% on its Hong Kong debut Friday, raising HK$4.8 billion ($620 million) in an IPO that outperformed rival Zhipu AI. Founded in 2021 and backed by Alibaba and Tencent, MiniMax develops LLMs and multimodal AI; it reported $53.4 million revenue for the nine months ended Sept. 30, 2025, but posted a $512 million net loss and will use proceeds for R&D.
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