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MiniMax AI Soars 109% in Record IPO Debut

1/10/2026

22 2 Full Breakdown

Summary

Story summary

MiniMax Group Inc., a Shanghai-based AI startup founded in 2022 and serving over 200 million users, debuted on the Hong Kong Stock Exchange on January 9, 2026, raising HK$4.8 billion and valuing the company at HK$106.7 billion.
Shares surged 109% on the trading day, closing at HK$345.
Bids exceeded available shares by more than 70 times.
MiniMax will use the IPO proceeds for research and development to compete with OpenAI.

History

Historical Context

The Hong Kong Stock Exchange (HKEX), established in 1891, has evolved significantly, particularly after the 1987 market crash that prompted regulatory reforms. In 2018, HKEX introduced dual-class share structures, attracting tech firms like Xiaomi, which raised $4.7 billion in its IPO. MiniMax Group Inc.'s recent HK$4.8 billion debut underscores the exchange's role in fostering innovation and capital growth in Asia's technology sector.

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Story summary

MiniMax Group Inc., a Shanghai-based AI startup founded in 2022 and serving over 200 million users, debuted on the Hong Kong Stock Exchange on January 9, 2026, raising HK$4.8 billion and valuing the company at HK$106.7 billion.
Shares surged 109% on the trading day, closing at HK$345.
Bids exceeded available shares by more than 70 times.
MiniMax will use the IPO proceeds for research and development to compete with OpenAI.

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