MiniMax Limited

Date of Prospectus: December 31, 2025

MiniMax Limited IPO: A Deep Dive into the Largest AI Foundation Model Listing in Hong Kong

MiniMax Limited, a global leader in artificial intelligence foundation models, is launching one of the most anticipated IPOs on the Hong Kong Stock Exchange. This comprehensive analysis reviews the offer structure, financials, key risks, investor participation, and strategic outlook for investors considering exposure to Hong Kong’s dynamic technology sector.

IPO Snapshot: Offer Structure, Pricing, and Key Dates

MiniMax Limited is seeking to list on the Main Board of the Hong Kong Stock Exchange under Chapter 18C as a Specialist Technology Company and Pre-Commercial Company. The IPO symbol is not explicitly disclosed in the prospectus.

Offer Shares are split between a Hong Kong Public Offering (1,269,480 shares; subject to reallocation) and an International Offering (24,119,740 shares; subject to reallocation, Offer Size Adjustment Option, and Over-allotment Option).

Use of Proceeds: Fueling Growth and Innovation

MiniMax plans to deploy IPO proceeds for:

• Procurement of cloud services for training and inference
• Research and development investment
• Human resources expansion
• Marketing activities
• General working capital

As of the prospectus date, the company estimates its cash balance (US\$362.6 million plus US\$644.2 million in financial assets as of September 30, 2025) is sufficient to fund operations for approximately 37 months without IPO proceeds, or 54 months with IPO proceeds (until March 2030), highlighting a robust runway for growth and innovation [[35]].

Placement Breakdown and Cornerstone Participation

The IPO features a strong cornerstone tranche, with cornerstone investors subscribing for approximately US\$350 million of Offer Shares. At the low end of the price range (HK\$151.0/share), cornerstone investors will take up 18,034,240 Offer Shares, or 5.9% of post-IPO shares if all options are unexercised. Notable cornerstone investors include:

• Alisoft China Holding Limited
• Aspex Master Fund
• Abstract Enigma Limited
• IDG SIIs (IDG Partners)
• miHoYo SIIs
• Image Frame

Allocations are structured to create a stable, high-quality institutional shareholder base [[389]].

Retail and institutional oversubscription rates are not disclosed.

Dividend Policy

MiniMax has not declared or paid any dividends during the Track Record Period and does not commit to a dividend payout in the foreseeable future. The company intends to reinvest profits to fuel growth, aligning with its status as a Pre-Commercial, high-growth technology company. [[11]]

Investor Participation and Book Quality

Cornerstone investors include leading technology and investment names, with significant allocations aimed at securing long-term, stable shareholding. There is no indication of pre-listing disposals or sales by major shareholders prior to listing. Allocations are designed to comply with Hong Kong’s requirements for independent price-setting investors and to avoid duplicate orders, ensuring a transparent and high-quality book. The presence of global institutions and leading Chinese technology investors suggests robust first-day support and a solid aftermarket base [[389]], [[506]].

Deal Parties and Structure

The IPO is led by a consortium of top-ranked investment banks and underwriters:

• Overall Coordinators
• Joint Global Coordinators
• Joint Bookrunners
• Joint Lead Managers
• Joint Sponsors

Specific names are not listed in the summary section, but all parties are highlighted as playing critical roles throughout the offering [[10]], [[136]].

Stabilization/Over-allotment: The Global Offering includes an Over-allotment Option (greenshoe), which, if fully exercised, would increase the total offer to up to 10.7% of post-IPO capital. This mechanism is designed to support price stability in the secondary market [[501]].

Given the strong syndicate and cornerstone support, listing-day performance appears well-supported by market infrastructure and investor demand.

Business Model and Company Overview

MiniMax Limited is a global artificial intelligence foundation model company. The company develops and monetizes core AI models and platforms, including text, speech, visual, and multi-modal models. Key products and milestones include:

• Text model abab1, abab5.5, and advanced proprietary MoE text model abab6
• Multi-modal entertainment platforms such as Talkie and Xingye
• Speech model MiniMax-Speech-01, multilingual Speech-02
• Visual generation platform Hailuo AI (Hailuo-01 and Hailuo-02), music model Music-01, audio generation tool MiniMax Audio
• Intelligent agent application MiniMax

Revenue streams are primarily derived from API customers, cloud-based AI solutions, and platform subscriptions. The company’s main customer segments are technology companies, enterprises, and consumers globally, with geographic emphasis on China and international markets [[11]], [[221]].

Industry/sector: MiniMax operates in the global AI foundation model industry, a rapidly evolving and competitive space characterized by high R&D investment, rapid product innovation, and increasing demand for AI-powered solutions [[25]], [[221]].

Financial Overview: Revenue, Margins, and Liquidity

MiniMax has experienced exponential revenue growth but continues to report net losses and negative operating cash flows, consistent with high-growth, pre-commercial AI companies.

As of September 30, 2025, the company had:

• Cash and cash equivalents: US\$362.6 million
• Current portion of financial assets at fair value through profit or loss: US\$644.2 million
• No distributable reserves
• Estimated average monthly cash burn: US\$28.1 million

Operating cash flow remains negative, reflecting continued investment in R&D and scaling.

Market Position, Competitive Advantages, and Management

MiniMax’s competitive advantages stem from its rapid product innovation, proprietary AI technologies, and strong investor backing. The company has consistently increased its implied valuations through successive funding rounds, with the latest pre-money valuation reaching US\$3.85 billion and a post-money valuation of US\$4.24 billion prior to IPO [[219]]. Product launches, user growth (over 10 million MAUs), and strategic alliances have reinforced MiniMax’s market position.

Management Team: The company was founded by Dr. Yan, who serves as a key executive and is the principal beneficiary of the controlling trust. Other management and board members are listed in the prospectus, bringing deep experience in AI, technology, and business development [[228]].

Industry Trends, IPO Timing, and Market Environment

The AI foundation model sector is characterized by rapid technological advances, increasing enterprise and consumer adoption, and strong demand for scalable AI platforms. MiniMax’s IPO comes at a time of robust investor appetite for technology listings and continued capital inflows into the sector.

Key IPO Dates:

• Application window: Opens December 31, 2025, 9:00 a.m.; closes January 6, 2026, 11:30 a.m.
• Listing date: Expected January 9, 2026

Recent company developments include: Launches of new AI models, surpassing 10 million MAUs, and significant revenue growth in 2025. The company’s strategic funding rounds were driven by product milestones and market expansion [[221]].

The prospectus describes a favorable economic environment for technology IPOs, with strong institutional support and regulatory tailwinds for innovative companies in Hong Kong.

Risk Factors

Investors should note:

• MiniMax is loss-making and cannot guarantee future profitability.
• Revenue growth is high but margins remain negative; operational cash flows are negative.
• The company faces intense competition and risk of technological obsolescence if it fails to innovate.
• There are significant intellectual property risks related to training data and model output.
• MiniMax is a Pre-Commercial Company and relies on external funding to sustain operations.
• The shareholding structure includes weighted voting rights (WVR); Class B shares have 10 votes per share, Class A have 1 vote, concentrating control among founders.
• Key person risk: Heavy dependence on Dr. Yan and the founding team.
• Potential regulatory and data compliance risks in China, the U.S., and other jurisdictions.

Growth Strategy and Expansion Plans

MiniMax intends to:

• Accelerate R&D into next-generation AI foundation models
• Expand cloud infrastructure and computing power
• Grow international customer base and enterprise partnerships
• Enhance product commercialization and monetization
• Recruit top talent and scale organizational capabilities

The company’s lock-up structure ensures key shareholders and investors remain committed post-IPO, aligning interests for long-term value creation [[28]], [[496]].

Ownership, Lock-ups, and ESOPs

Pre- and post-IPO shareholding structure highlights:

• Dr. Yan, Local Linearity Inc., MiniMax Awakening, MiniMax Limited, Alpha EXP, Scaling EXP Limited, and MiniMax Matrix constitute the controlling group post-listing.
• Weighted Voting Rights: Class B shares (10 votes each) held by founders; Class A shares (1 vote each) offered to public.
• Lock-ups: Key persons, close associates, and Pathfinder SIIs (sophisticated investors) have lock-up periods of at least six months post-listing; other shareholders also subject to lock-up undertakings.
• Pre-IPO Share Incentive Plan: 20,890,736 options granted to 392 grantees (mainly employees and consultants), representing approximately 6% of post-IPO capital (no further grants after listing).
• Post-IPO Share Incentive Plan: Adopted but no grants as of Listing Date [[699]].

Valuation and Peer Comparison

Implied market capitalization based on the low end of the offer price range is above HK\$40 billion. No peer group financial metrics or sector multiples are disclosed in the prospectus; thus, a comparative valuation table cannot be presented. The company’s valuation has increased significantly across funding rounds, reflecting strong investor confidence and rapid business expansion [[219]].

Listing Outlook

Based strictly on disclosed facts, the MiniMax IPO is well-supported by cornerstone investors, a high-quality syndicate, and robust sector tailwinds. The high offer price range and substantial post-money valuation suggest strong market confidence. The presence of lock-ups and a significant greenshoe/over-allotment option adds aftermarket stability. Given the company’s rapid revenue growth, expanding gross margins, and strategic product launches, there is a reasonable inference that the IPO could open at a premium or trade strongly in early sessions, subject to broader market conditions and risk appetite for pre-commercial technology names.

Investors should be mindful of ongoing losses, negative operating cash flow, and the founder-controlled voting structure, which may impact long-term governance and capital allocation.

Where to Obtain the Prospectus

The prospectus and related documents can be accessed at:

• https://www.minimaxi.com
• www.hkexnews.hk

How to Apply for MiniMax IPO Shares

Applications for Hong Kong Offer Shares can be made through the HK eIPO White Form service (www.hkeipo.hk), via brokers or custodians who are HKSCC participants, or through the HKSCC EIPO channel as per the application timetable. Applicants must read and agree to all terms and conditions, pay the offer price plus applicable fees, and ensure they do not submit duplicate applications. The application window opens at 9:00 a.m. on December 31, 2025, and closes at 11:30 a.m. on January 6, 2026 [[5]], [[525]].

For more details on application procedures and eligibility, refer to the company and exchange websites.