Today, MiniMax (Xiyu Technology), a domestic enterprise specializing in large-scale AI models, made its debut on the Hong Kong Stock Exchange, following in the footsteps of Zhipu as the second such enterprise from China to go public. Its opening share price soared to HKD 235.4, a significant jump from its issue price. By the close of the morning trading session, the stock had stabilized at HKD 294, propelling the company's total market capitalization to HKD 89.802 billion—double its financing valuation from the previous year. The listing has garnered substantial attention from the capital market, with 14 cornerstone investors collectively subscribing to HKD 2.723 billion worth of shares. Industry experts view this development as a significant step toward the widespread commercialization of the AI sector. MiniMax has underscored its commitment to ensuring that advanced AI technologies benefit a broad spectrum of users and industries, framing the listing as merely the "starting point of a long-term mission." Remarkably, the company achieved this milestone just four years after its inception, setting a record for the fastest initial public offering (IPO) among global AI enterprises. To date, MiniMax has completed seven rounds of financing, attracting investments from prominent entities such as Yunqi Partners, Tencent, and others.