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Shares of the startup skyrocketed in their debut trading session in Hong Kong, making it the fastest artificial intelligence company globally to complete an initial public offering since its founding, taking just slightly over four years. The company closed nearly 100% higher at HKD 335 (approximately USD 43), having peaked with a 108% surge earlier in the day.
The IPO was massively oversubscribed, with Hong Kong investors bidding 1,837 times the offered shares, which triggered a replenishment mechanism. International investors also showed strong demand, subscribing 37 times over. The company issued approximately 29.2 million shares at a price of HKD 165 each, with participation from 14 cornerstone investors, including major firms like Alibaba Group, Aspex Management, and Mirae Asset Financial Group. These investments totalled about HKD 2.7 billion (roughly USD 346 million).
About 70% of the proceeds are planned for research and development of large language models over the next five years. Of this amount, roughly half will fund upgrades to AI infrastructure — mainly third-party cloud computing services. Around 20% will be dedicated to expanding and training research and development talent, another 20% for developing, optimizing, and marketing AI-native products globally, including team growth and product resources. The remaining funds will serve as operational capital and support general corporate needs.
Founded in December 2021 and based in Shaignah, the company introduced its first text model in April 2022. It has since rolled out various products, such as video generation, music, and open-source text models. Its product lineup features models like MiniMax-M2, MiniMax Hailuo 02, and MiniMax Speech 02, which support both consumer applications like Hailuo AI and Talkie, as well as enterprise platforms. As of last September, it had approximately 212 million users, with more than 1.77 million paying subscribers.
The founder, CEO, and CTO, who previously served as vice president at SenseTime Research Institute, holds 26% of the voting rights related to shareholder matters. Major shareholders include Alibaba with 15%, miHoYo with 7.1%, IDG with 3.1%, and Tencent Holdings with 2.8%. These companies are also controlling shareholders, with Alibaba owning 13.7%, miHoYo holding 6.4%, and Tencent about 2.6%.
Financially, the company reported a net loss of USD 465 million for the past year, compared to a minimal USD 1.5 million loss last year, while revenue surged 782% to USD 30.5 million. Over the past four years, it has accumulated losses totaling USD 1.3 billion. In the first nine months of last year, revenue reached USD 53.4 million, with 73% coming from international markets — 34% from the Asia-Pacific region and 24% from the Americas.
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