← NewsAll
MiniMax shares jump 109 percent in Hong Kong debut
Summary
Shanghai-based AI startup MiniMax raised US$619 million in its Hong Kong IPO and its shares rose 109 percent on debut; the company says it will use proceeds for research on foundation models and AI-native products, and it faces a US$75 million copyright lawsuit.
Content
MiniMax, a Shanghai-based AI startup founded in 2022, went public in Hong Kong and raised US$619 million, the article reports. Its shares rose 109 percent on their debut. The company runs several applications including its flagship video generator Hailuo AI and says it has about 200 million users. MiniMax announced it will use IPO proceeds for research on foundation models and AI-native products over the next five years.
Key details:
- The article reports MiniMax raised US$619 million in its Hong Kong listing and its shares increased 109 percent on the first trading day.
- Rival firm Zhipu AI is said to have risen 20.6 percent on its second trading day after its own US$558 million IPO.
- MiniMax was founded in 2022, says it has about 200 million users, and runs the Hailuo AI video generator.
- The company recorded net losses of US$512 million as of September 2025 and said it may continue to report losses while expanding.
- MiniMax faces a US$75 million copyright lawsuit from Disney, Universal, and Warner Bros. Discovery over its video-generating tool; the company has stated it believes there is insufficient evidence to support the claims.
- The article notes overseas revenue grew from US$100,000 in the nine months to September 2024 to US$7.8 million in the same period in 2025, and that the firm’s team includes researchers who previously worked at Google, Microsoft, Alibaba and DeepSeek.
Summary:
The strong market debut reflects investor interest in Chinese AI companies even as the sector remains capital intensive and early in its development, the article reports. Analysts cited in the article say profitability is not the primary focus now and competition for market share is a key dynamic. Undetermined at this time.