On December 30–31, 2025, Shanghai-based startup MiniMax officially launched its Initial Public Offering (IPO) procedure on the Hong Kong Stock Exchange. According to Reuters, the company aims to raise up to $539 million (approx. HK$4.19 billion), making this listing the final financial event of the year in the Asian tech sector. MiniMax, known for its multimodal models, is leading a wave of listings by Chinese AI and chip developers seeking to capitalize on explosive investor interest in OpenAI alternatives.
Analysts term this IPO an indicator of the "thaw" in capital markets for Chinese tech. Successful fundraising will allow MiniMax to scale infrastructure and continue competing with Western giants despite the technological blockade. This event symbolizes the formation of an autonomous financial and technological AI pole in Asia, closing the year on a high note for regional investors.
Source: ReutersMiniMaxIPOHong KongChina AIInvestment
