MiniMax Group Inc. logo on a smartphone in Shanghai, China.
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China-based AI startup MiniMax Group soared as much as 90% on its first day of trading in Hong Kong on Friday, becoming the second major Chinese developer to list a large-scale language model.
The company raised HK$4.8 billion ($620 million) in its IPO, outpacing local rivals. Shiura AIwas listed in Hong Kong the previous day and rose just 13% on its first day of trading.
The last trading price of MiniMax shares was HK$298 per share as of 3pm local time, compared with the public offering price of HK$165.
MiniMax and Zhipu are both part of China’s so-called “AI Tigers,” startups that build large-scale language models to rival U.S. AI giants like OpenAI, and they are currently making a winning bid to go public.
Founded in 2021, alibaba group and tencent holdingsMiniMax also specializes in AI applications such as chatbots, image generation, and video compositing.
MiniMax said it will use the IPO proceeds for research and development.
The debut comes as Chinese AI companies ramp up fundraising efforts to compete with U.S. rivals and overcome restrictions on exports of advanced chips used for AI training to China.
MiniMax said in its prospectus that sales increased approximately 174% year-over-year to $53.4 million for the nine months ended September 30, 2025, but it still posted a net loss of $512 million for the period.
The company added that it is still in the “early stages of monetization and commercialization.”
