Chinese AI company MiniMax is expected to price its Hong Kong IPO at the top of its range and raise about $538M, Reuters reported, citing three people familiar with the matter.
MiniMax, which is backed by Tencent (TCTZF) (TCEHY) and Alibaba (BABA), launched bookbuilding of the IPO on Dec. 31, 2025, at a price range of HK$151 to HK$165 ($19.39 to $21.19) per share, the report added.
At the higher end, the IPO would value MiniMax at around $6.5B. Its books have been oversubscribed multiple times, the report noted.
MiniMax has developed multimodal AI models, like MiniMax M2, Hailuo 2.3, Speech 2.6 and Music 2.0, which can process text, audio, images, video and music. Last month the Chinese startup unveiled its new AI model, M2.1, stating that it is “significantly enhanced” over previous offerings.
MiniMax is slated to price the offering on Jan. 6, but one of the sources said it looks to close bookbuilding for the institutional tranche by 5 p.m. Hong Kong time on Monday. The stock will start trading on Jan. 9, according to the report.
Six Chinese companies are slated to debut in Hong Kong this week. Zhipu AI — which is also backed by Alibaba and Tencent — chipmaker Iluvatar CoreX and surgical robotics maker Shenzhen Edge Medical will begin trading on Jan. 8, while MiniMax and two others will start trading on Jan. 9, according to the report.
Zhipu AI fixed its offer price at HK$116.20 per share to raise HK$4.3B, the report added, citing a Dec. 30, 2025, prospectus.
On Jan. 2, Chinese internet search giant Baidu (BIDU) announced plans to spin off and separately list the H shares of its chip unit Kunlunxin (Beijing) Technology on the Hong Kong Stock Exchange.