Shares of Chinese artificial intelligence startup MiniMax more than doubled during their first day of trading in Hong Kong, marking one of the strongest tech IPO debuts in the market this year. The stock surged well above its offering price, giving the company an estimated valuation in the low-teens billions of dollars and signaling strong investor appetite for AI-focused listings.
The company raised several hundred million dollars in the offering, with both institutional and retail demand exceeding expectations. Market participants pointed to MiniMax’s focus on large language models and consumer AI applications as key drivers of interest, alongside improving sentiment toward Chinese technology firms.
The rally adds momentum to Hong Kong’s recovering IPO market, where artificial intelligence and semiconductor companies are emerging as leading beneficiaries of renewed global risk appetite and long-term growth themes.