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On December 30 (Beijing time), Bloomberg broke the news that AI large - model startup MiniMax (Shanghai Xiyu Jizhi Technology Co., Ltd.) is on track to carry out its initial public offering (IPO) in Hong Kong. The company has successfully enlisted Alibaba Group and the Abu Dhabi Investment Authority as its cornerstone investors.
MiniMax aims to raise more than US$600 million through this IPO. Subscriptions are anticipated to kick off as soon as December 31, and the official listing is slated for January 9, 2026.
Apart from Alibaba and the Abu Dhabi Investment Authority, other well - known investors are also joining as cornerstone investors. These include IDG Capital, Gaoyi Asset Management, and South Korea's Mirae Asset. The combined subscription amount from these cornerstone investors is roughly HK$2.723 billion.
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