MiniMax Group Inc. Launches Landmark Hong Kong IPO: Key Details, Structure, and Investor Insights

MiniMax Group Inc., a Cayman Islands-incorporated company controlled through weighted voting rights, is set to launch its highly anticipated initial public offering (IPO) on the Hong Kong Stock Exchange (stock code: 0100). The offering, featuring a fully electronic application process, represents a significant milestone for the company and a notable event in the Hong Kong capital markets. Investors are closely watching MiniMax for its innovative structure, robust growth ambitions, and the strategic timing of its market debut.

IPO Snapshot

IPO Symbol: 0100
Offer Price Range: HK\$151.00 – HK\$165.00 per Offer Share
Maximum Offer Price: HK\$165.00 per Offer Share
Number of Offer Shares (Global Offering): 25,389,220 Offer Shares (subject to Offer Size Adjustment Option and Over-allotment Option)
Hong Kong Offer Shares: 1,269,480 (subject to reallocation)
International Offer Shares: 24,119,740 (subject to reallocation, Offer Size Adjustment and Over-allotment Option)
Nominal Value: US\$0.0001 per Offer Share
Stock Code: 0100
Trading Lot: 20 Class A Ordinary Shares
Application Window: 9:00 a.m., December 31, 2025 – 12:00 noon, January 6, 2026 (Hong Kong time)
Listing Date: January 9, 2026 (expected)

Offer Structure and Placement Breakdown

The Global Offering of 25,389,220 Offer Shares is divided into two principal tranches:

• Hong Kong Public Offering: 1,269,480 Offer Shares (5% of total; subject to reallocation)
• International Offering: 24,119,740 Offer Shares (95% of total; subject to reallocation, Offer Size Adjustment Option, and Over-allotment Option)

Reallocation is possible if the Hong Kong Public Offering is oversubscribed or the International Offering is not fully subscribed. The maximum number of Hong Kong Offer Shares can be doubled to 2,538,960 under certain conditions.

The Offer Size Adjustment Option allows up to 3,808,380 additional Offer Shares (approx. 15%) to be issued by the Overall Coordinators before the second business day prior to listing, providing flexibility for increased market demand.

The Over-allotment Option (Greenshoe) allows the issue of up to 3,808,380 additional Offer Shares (or up to 4,379,640 if the Offer Size Adjustment Option is fully exercised), representing up to 15% of the total Offer Shares, to cover overallotments in the International Offering.

Minimum Application: 20 Hong Kong Offer Shares per application, with specified increments only.

Key Parties: Sponsors, Underwriters, and Deal Structure

Joint Sponsors, Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers:

• China International Capital Corporation Hong Kong Securities Limited (as Stabilizing Manager)

Stabilization actions may be conducted for up to 30 days after the last day of application, potentially supporting listing-day performance.

Use of Proceeds and Growth Strategy

The proceeds from the IPO are intended to fuel growth-driven expansion. While the exact split of proceeds is not detailed, the presence of an Offer Size Adjustment Option and Over-allotment Option highlights a focus on capturing additional market demand and supporting post-listing liquidity. The company’s structure and expansion options point toward aggressive scaling and capital deployment for strategic initiatives.

Investor Participation & Book Quality

Allocation and participation breakdowns by anchor or institutional investors are not explicitly detailed. However, the flexibility in allocation and the ability to adjust tranches based on demand indicate a dynamic book-building approach. The presence of top-tier coordinators and robust stabilization mechanisms suggest a strong effort to ensure listing-day stability and aftermarket performance.

Dividend Policy

There is no explicit dividend policy or commitment, payout ratio, or timetable disclosed in the available information.

Company Overview and Business Model

MiniMax Group Inc. is incorporated in the Cayman Islands with limited liability and is controlled through a weighted voting rights structure. The company is positioning itself for growth and international expansion, as evidenced by its offering structure and post-IPO share incentive plans. Specific business lines, products, customer segments, industry definition, and financial performance figures are not disclosed in the available information.

Management Team

Board of Directors:

• Dr. Yan Junjie – Chairman of the Board and Executive Director
• Ms. Yun Yeyi – Executive Director
• Mr. Zhao Pengyu – Executive Director
• Mr. Zhou Yucong – Executive Director
• Mr. Chen Yingjie – Non-executive Director
• Mr. Liu Wei – Non-executive Director
• Mr. Huang Guobin – Independent Non-executive Director (proposed)
• Dr. Wang Pengcheng – Independent Non-executive Director (proposed)
• Dr. Zhu Huaxing – Independent Non-executive Director (proposed)

Trends, Timing & Market Environment

The IPO is strategically timed:

• Application Window: December 31, 2025, to January 6, 2026
• Expected Listing Date: January 9, 2026

Macro environment and sectoral trends are not explicitly described, but the flexible offering structure and stabilization options reflect an intention to adapt to prevailing market conditions.

Risk Factors

Key risks are summarized as follows:

• Potential for downward price adjustments after expiration of stabilization period (30 days after application close).
• Termination rights held by sponsors and underwriters if adverse market or company-specific events occur before listing.
• Jurisdictional restrictions on offer and sale of shares, especially to U.S. persons.
• Potential for refund of application monies if the Global Offering does not proceed or is only partially allotted.

Quantified exposures or further details are not provided.

Ownership & Lock-ups

Post-IPO ownership structure, major shareholders, and lock-up arrangements are not specified in the available material.

Valuation and Peer Comparison

No financials, valuation ratios, or peer comparison metrics are disclosed.

Recent Developments and Outlook

The company has adopted a fully electronic application process, reflecting a commitment to efficiency and investor accessibility.
The potential for up to 2.6% additional dilution (if both the Offer Size Adjustment and Over-allotment Options are fully exercised) indicates robust flexibility to meet demand.
There are no disclosures of other IPOs in the same period or comparable sector performance figures.

IPO Allotment and Listing Outlook

Final subscription outcomes and specific oversubscription metrics are not disclosed.

Based on the presence of strong underwriters, stabilization support, and a wide offering range, the IPO appears to be structured for a stable and possibly robust first-day trading performance. The listing is likely to be supported by stabilization activities for the first 30 days, with the potential for price volatility after those mechanisms expire.

Estimated first-day trading range: Given the maximum offer price of HK\$165.00 and the floor of HK\$151.00, and the explicit stabilization support, early trading is likely to cluster around the final offer price, with downside risk increasing after the stabilization window closes. This is an inference based solely on the offer structure and stabilization periods.

Prospectus Access

The full prospectus can be obtained at: www.hkexnews.hk and www.minimaxi.com (navigate to “New Listings” or the company’s website as appropriate).

How to Apply

Eligible investors can apply via two fully electronic channels:

• HK eIPO White Form service (www.hkeipo.hk):
  • For applicants wishing to receive physical share certificates.
  • Application period: 9:00 a.m., December 31, 2025 to 11:30 a.m., January 6, 2026 (latest payment by 12:00 noon, January 6, 2026).
• HKSCC EIPO channel (via broker or custodian who is a HKSCC Participant):
  • For applicants who do not wish to receive physical certificates. Shares are credited directly to CCASS stock account.
  • Application windows may vary by intermediary; confirm with your broker or custodian.

Minimum application: 20 Hong Kong Offer Shares.
Detailed application procedures are available at www.hkeipo.hk and from your broker or custodian.

Conclusion

MiniMax Group Inc.’s Hong Kong IPO presents a unique opportunity for investors seeking exposure to an innovative, growth-driven company with a flexible, stabilization-supported offering structure. With a strong syndicate of deal parties, electronic application channels, and a clearly defined timetable, the IPO is designed to attract substantial investor interest and facilitate smooth market entry. While key financial and business details remain undisclosed, the company’s approach suggests confidence in market conditions and a focus on long-term growth.