AI firm MiniMax, backed by Alibaba Group Holding Ltd, is set to raise US$538 million in its Hong Kong initial public offering.
MiniMax expects to price its 25.4 million shares at HK$165 each, hitting the top of its marketed range. This development underscores intense investor interest and activity within China’s AI sector.
Founded in 2022, MiniMax develops multimodal AI models. The IPO reflects Alibaba’s strategy of backing key players in China’s competitive technology landscape.
The success of the listing could signal a robust valuation for Alibaba’s investment. The transaction would also mark Hong Kong's first IPO for a large language model developer.