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Shares of the Chinese AI startup MiniMax surged as much as 78 per cent during its public debut in Hong Kong on Friday, raising US$619 million and highlighting robust investor interest in China’s rapidly evolving sector.
The strong opening came a day after competitor Zhipu AI saw a 12 per cent increase on its first trading day following its US$558 million initial public offering.
These recent public offerings took place ahead of any IP disclosures from leading US companies, such as OpenAI, known for ChatGPT, and Anthropic, recognised for its Claude chatbot.
Established in 2022, MiniMax has amassed 200 million users and operates various applications, including its primary product, the video generator Hailuo AI.
CEO Yan Junjie, who formerly held a position at AI software firm SenseTime, which is currently blacklisted by the US Commerce Department, leads the company.
At the listing ceremony on Friday, Yan stated that the progress and implementation of artificial intelligence depend heavily on continuous technological advancements, as well as the inclusivity and openness of the overall process.
Co-founder and COO Yun Yeyi told Bloomberg that MiniMax invested only about US$500 million into optimisation and creative advancements.
The funds raised from the IPO will be directed toward research over the next five years to further develop foundational models and AI-centric products, according to the company.
MiniMax’s team comprises researchers who have previously worked at major tech companies, including Google, Microsoft, Alibaba (China), and DeepSeek.
However, the startup is currently embroiled in a US$75 million copyright lawsuit with Disney, Universal, and Warner Bros. Discovery regarding its video-generating technology.
