Alibaba is a major investor in MiniMax, a Chinese artificial intelligence startup preparing for an initial public offering in Hong Kong.
MiniMax aims to raise more than $600 million through the listing. Investor orders are expected to commence as early as Wednesday.
The investment underscores Alibaba’s strategic focus on the booming AI industry. Alibaba uses these investments to bolster its own extensive AI developments, including the Qwen AI model, positioning the company to capitalize on growth within China's competitive AI landscape.
The Abu Dhabi Investment Authority is also a significant investor in the upcoming IPO.