MiniMax is poised to raise at least HK$4.2 billion (approximately US$537.7 million) by pricing its initial public offering (IPO) in Hong Kong at the top of its marketed range. This move highlights the robust demand for companies in China’s rapidly evolving artificial intelligence sector, particularly as competition with the United States intensifies. The Shanghai-based firm, supported by major investors Alibaba Group Holding and Tencent Holdings, intends to price its 25.4 million shares at HK$165 each, according to sources familiar with the details. Orders from institutional investors will close at 5 PM on Monday, a day earlier than initially planned.
The heightened interest from institutional investors in the international tranche, which constitutes 95 percent of the total offering, may prompt MiniMax to consider expanding its IPO to as high as HK$4.8 billion. The company is expected to commence trading on the Hong Kong Stock Exchange on Friday, signaling a significant development in the local tech landscape.
A representative from MiniMax declined to provide further comment on the IPO. The anticipated fundraising comes at a time when numerous Chinese AI and technology firms are looking to capitalize on favorable market conditions, bolstered by support from the Chinese government for its domestic tech industry.
MiniMax’s upcoming listing coincides with the IPOs of its peers, including Zhipu AI, which is set to list on Thursday, alongside Shanghai Iluvatar CoreX Semiconductor, a maker of general-purpose graphics processing units, and Edge Medical, known for its surgical robots. Collectively, these companies are expected to raise around HK$9.2 billion through their IPOs.
Investors are keenly observing these developments, as the performance of these listings could reflect broader trends in the tech sector and investor sentiment towards AI companies in the wake of Beijing’s ongoing support. Recent estimates from PwC indicate that firms could raise as much as HK$350 billion from IPOs in Hong Kong this year alone, underscoring the vibrant market conditions.
As the race in the AI sector heats up, particularly between China and the U.S., companies like MiniMax are strategically positioning themselves to attract investment and capitalize on advancements in technology. The outcome of this IPO could serve as a barometer for investor confidence in the Chinese tech industry as it continues to grow and evolve in a competitive global environment.
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