On January 9, 2026, MiniMax (Xiyu Technology, stock code: 0100.HK), an AI large model enterprise established just four years ago, officially listed on the main board of the Hong Kong Stock Exchange. The stock opened higher in the morning session and rose by over 50% at one point, with its market capitalization exceeding HKD 76.3 billion, setting a new record for the IPO scale in the global large model industry. This team, with an average age of 29, has set a new pace for industry development with its "fastest IPO in the world", marking another milestone in the development of China's artificial intelligence industry.
Market enthusiasm: Record-breaking oversubscription, with a luxurious lineup of cornerstone investors
Based on the allotment results previously announced by MiniMax, assuming the full exercise of the greenshoe (over-allotment option), approximately 33.58 million shares will be issued globally, with a final pricing cap of HK$165 per share, raising a total of approximately HK$5.54 billion. The market response to the subscription has been extremely enthusiastic, with the public offering receiving an 1,837-fold oversubscription and the international offering receiving a 37-fold subscription, fully demonstrating the strong confidence of the capital market in the AI large model sector.
What is even more eye-catching is its luxurious lineup of cornerstone investors. MiniMax has introduced 14 well-known institutional investors, both domestic and international, including Aspex, Eastspring, Mirae Asset, ADIA, Alibaba, and E Fund. The types of investors cover multiple dimensions, such as international long-term funds, leading technology enterprises, Chinese long-term institutions, and industrial strategic investors, forming a strong endorsement of value. This diversified shareholder structure not only provides sufficient financial support for the company but also lays a solid foundation for its global strategic layout.
Technical strength: full-modal large model ranks among the top tier globally
MiniMax, located in "Moospeed Space" in Xuhui, Shanghai, is a globally leading Artificial General Intelligence (AGI) company. It has independently developed a series of full-modal general large models, including MiniMax-M2.1, Hailuo2.3, Speech2.6, and Music2.0, and is hailed by the industry as one of the "only four full-modal large model companies entering the first tier globally". This technological position holds significant strategic importance in the global AI competition landscape.
The so-called full-modal large model refers to an artificial intelligence system capable of simultaneously processing data in multiple forms, such as text, images, audio, and video. Compared to single-modal models, full-modal large models possess stronger cross-domain comprehension and generation capabilities, enabling them to provide users with a more natural and enriched interactive experience. MiniMax's deep exploration in the multimodal technology route has given it a unique competitive edge in the fierce international competition.
As of September 2025, MiniMax has served over 212 million individual users in more than 200 countries and regions. The rapid growth in user scale underscores the market appeal and technological maturity of its products. Notably, the company's revenue for the first nine months of 2025 increased by over 170% year-on-year, with overseas market revenue accounting for over 70% of the total, demonstrating its exceptional ability to expand into global markets and a healthy and diversified revenue structure.
Shanghai Model: A Successful Example of Patient Capital and Ecological Empowerment
The rapid rise of MiniMax is inseparable from the comprehensive support of Shanghai's AI industry ecosystem. As one of the "Big Dipper" companies in Shanghai's AI industry, MiniMax has benefited from the "Shaping Shanghai" initiative and the "12-Article" policy system for AI launched by Shanghai, receiving policy support for core resources such as computing power, models, and corpus in its early stages of entrepreneurship.
The relevant person in charge of the Artificial Intelligence Development Division of the Shanghai Municipal Commission of Economy and Informatization stated that Shanghai focuses on the "embryonic stage from 0 to 1" and the "leapfrog stage from 1 to 10" of enterprises, and has carried out a series of innovative explorations in service models and key element supply. The municipal and district levels have jointly launched a combination policy of computing power vouchers, model vouchers, and corpus vouchers. Eligible start-up teams can enjoy up to 3 million yuan of comprehensive support, and can enjoy it without applying, greatly reducing the threshold for entrepreneurship.
At the same time, Shanghai has established a financial channel from creativity to capital markets. By 2025, the national 60 billion yuan artificial intelligence fund will be established in Shanghai, linking with the city's 22.5 billion yuan municipal AI pilot fund. Eight institutions will also be introduced to set up sub funds in Shanghai, creating a complete investment linkage system. The relevant departments in Shanghai actively cooperate with institutions such as the Shanghai Stock Exchange to hold special symposiums and provide guidance for AI companies, plan their listing path in advance, and form a unique model of "patient capital+ecological empowerment".
The development of the AI industry has entered an accelerated capitalization phase
The successful launch of MiniMax has multiple symbolic significance for the entire AI industry. Firstly, it validates the commercialization capability of Chinese large model enterprises. Against the backdrop of widespread profit pressure faced by AI big models, MiniMax has achieved rapid revenue growth and successfully landed in the capital market, providing an important reference for the industry to explore sustainable business models.
Secondly, from its establishment in December 2021 to its IPO in January 2026, MiniMax completed the entire process from entrepreneurship to IPO in just four years, setting a record for the fastest AI IPO. This speed not only reflects the execution ability and strategic vision of the founding team, but also demonstrates the maturity of China's AI industry ecosystem and the support of the capital market for technological innovation.
At the listing ceremony, MiniMax founder and CEO Yan Junjie stated, "The true value of an artificial intelligence company is to provide a continuous stream of advanced intelligence that can be used by people. MiniMax will continue to strive for the advancement of intelligence and make greater contributions to the development of society and the economy. This statement is not only a commitment to investors, but also sets an industry benchmark for Chinese AI companies to drive long-term value through technological innovation.
In the just passed year of 2025, the artificial intelligence industry in Shanghai has delivered a beautiful answer sheet. In the first three quarters, the revenue of 394 large-scale enterprises in the city was 435.492 billion yuan, a year-on-year increase of 39.6%, and the total profit was 40.781 billion yuan, a year-on-year increase of 11.4%. It is expected that the scale of the large-scale artificial intelligence industry will exceed 550 billion yuan for the whole year, with a growth rate of over 30%. The successful launch of MiniMax is one of the most eye-catching footnotes to the prosperity of this industry.
