MiniMax Group Inc.

Date of Prospectus: December 31, 2025

MiniMax Group Inc. IPO: Record-Breaking Demand, High-Profile Investors, and a Transformative Tech Listing for 2026

MiniMax Group Inc. launches one of the most anticipated Hong Kong IPOs of 2026, drawing record-breaking investor demand and securing heavyweight cornerstone participation. With a dynamic AI-focused business model, robust financial backing, and a clear growth strategy, MiniMax’s market debut is set to be a major bellwether for the region’s technology sector.

IPO Snapshot

• IPO Symbol: 0100 (MINIMAX – WP)
• Offer Price (Final): HK\$165.00 per Offer Share
• Offer Price Range: HK\$151.00 – HK\$165.00
• Total Offer Size (Shares): 29,197,600 Offer Shares (after full exercise of the Offer Size Adjustment Option, before any Over-allotment Option)
• Number of Hong Kong Offer Shares: 5,077,860
• Number of International Offer Shares: 24,119,740
• Number of Shares Outstanding After IPO: 309,255,668
• Nominal Value Per Share: US\$0.0001
• Listing Date: January 9, 2026
• Stock Code: 0100

The IPO raised gross proceeds of HK\$4,817.6 million, with net proceeds after estimated listing expenses of HK\$4,596.1 million.

Use of Proceeds: The proceeds are to be allocated in line with the company’s “Future Plans and Use of Proceeds,” emphasizing expansion, R&D, and strategic investment—a clear growth-driven agenda [[4]].

Oversubscription and Allotment Results

• Public Offer Subscription Level: 1,837.17 times (retail tranche, claw-back triggered)
• International Offer Subscription Level: 36.76 times (before Offer Size Adjustment Option)
• Offer Size Adjustment (Upsize Option): Fully exercised, adding 3,808,380 shares (15% upsize)
• Over-allocation: 4,379,640 shares (International)

Investor demand significantly exceeded supply, leading to a substantial reallocation from the International to the Hong Kong Public Offer. The public offer ultimately accounted for 17.4% of the Global Offering. [[4]]

Dividend Policy

No explicit dividend policy, payout ratio, or timetable is disclosed.

Placement and Issuance Breakdown

• Public (Hong Kong): 5,077,860 shares
• International Placement (including cornerstone): 24,119,740 shares

Cornerstone investors and select existing shareholders/close associates received allocations through waivers and consents, subject to regulatory approval and lock-up arrangements. [[5]]

Investor Participation & Book Quality

Cornerstone Investors:

• Abu Dhabi Investment Authority (ADIA)
• Alisoft China Holding Limited
• Aspex Master Fund
• Abstract Enigma Limited
• China Universal Asset Management (HK)
• Eastspring Investments (Singapore)
• E Fund Management Co., Ltd.
• IDG Breyer Capital Fund L.P.
• Janchor Partners Pan-Asian Master Fund and Opportunities Master Fund III
• Martis Fund, L.P.
• Mirae Asset Securities Co., Ltd.
• MPC VII Pte. Ltd.
• Perseverance Asset Management International (Singapore) Pte. Ltd.
• Taikang Life Insurance Co., Ltd.

Cornerstone investors collectively took 56.53% of the International Offer Shares, underscoring exceptionally strong institutional backing [[7]]. The public offer saw 417,646 valid applications with a subscription demand of over 1,837 times, while the international tranche (376 placees) was 36.76 times subscribed before adjustment [[4]].

Book quality is robust, with high-conviction, long-term investors and minimal pre-listing disposals or sales by existing shareholders. The heavy oversubscription and quality of anchor support suggest strong potential for first-day performance.

Deal Parties & Structure

• Joint Sponsors, Overall Coordinators, Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers (alphabetical):
• China International Capital Corporation Hong Kong Securities Limited (Stabilizing Manager)
• Other bookrunners and lead managers (not named individually in summary, but several disclosed as underwriters and connected distributors)

The stabilizing manager may over-allocate or effect market stabilization for up to 30 days after the close of applications, in accordance with Hong Kong rules. This includes the possibility of purchasing shares in the open market or exercising the Over-allotment Option. While the stabilizing manager is not obligated to intervene, the structure is in place to support trading if necessary [[3]].

Given the high profile of the bookrunners and the presence of a stabilization mechanism, listing-day performance may be well supported.

Company Overview

MiniMax Group Inc. is a Cayman Islands-incorporated company with weighted voting rights, focused on technological innovation and specialist technology products. Key revenue streams, business models, customer segments, geographies, and product details are not explicitly detailed in the summary, but the company is positioned as a technology leader, as inferred from its investor base and cornerstone participation [[13]].

Industry and Market Position

MiniMax operates in the technology sector, classified as a “Pre-Commercial Company” under the Hong Kong Listing Rules, indicating a focus on high-potential, innovative products and R&D-led growth. The company’s ability to attract blue-chip institutional investors and secure regulatory waivers for cornerstone allocations signals a strong market position and brand reputation.

Management Team:

• 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 and Mr. Liu Wei: Non-executive Directors
• Mr. Huang Guobin, Dr. Wang Pengcheng, Dr. Zhu Huaxing: Proposed independent non-executive Directors [[50]]

Lock-up undertakings and shareholding structures are robust, with key founders and major shareholders under 24-month lock-up periods. Pathfinder SIIs and other strategic investors have 12-month lock-ups, while cornerstone investors are subject to a six-month lock-up from listing [[14-16, 25-26]].

Financial Health

Detailed financial metrics (revenue, profit, margins, etc.) are not disclosed in the summary sections provided. Gross proceeds from the IPO are HK\$4,817.6 million, with net proceeds of HK\$4,596.1 million after HK\$221.5 million in estimated listing expenses [[4]].

Trends, Timing, and Market Environment

Offer period closed prior to listing on January 9, 2026. The IPO lands amid heightened investor interest in technology, AI, and innovation-driven sectors, with sector demand and institutional appetite reflected in record oversubscription and cornerstone participation.

No macroeconomic or market indicators are specifically quoted; the overall environment is implied to be favorable based on investor demand and deal structure.

Risk Factors

A range of risk factors are identified, with particular focus on:

• Shareholder concentration: A small number of shareholders hold a high percentage of shares, potentially leading to substantial price volatility, especially with low trading volumes [[3]].
• Lock-ups and pre-commercial status: Key shareholders and management are subject to lock-ups. The company’s status as a “Pre-Commercial Company” imposes additional restrictions and reporting obligations.
• Regulatory and market risks: Subject to Hong Kong Listing Rules, waiver/consent conditions, and price stabilization regulations.

Other risk details, such as legal, customer, supplier, FX, or related-party exposures, are not specified in the summary.

Growth Strategy

MiniMax aims to deploy IPO proceeds towards R&D, expansion, and strategic investments, supporting a long-term, innovation-driven growth story. The company has exercised the maximum upsize option, reflecting confidence in its capital needs for expansion and development. [[4]]

Ownership & Lock-ups

Further breakdowns include a wide range of institutional, employee, and strategic shareholders with lock-ups ranging from 6 to 24 months, depending on status [[14-26]].

Valuation and Peer Comparison

No explicit P/E, P/B, EV/EBITDA, revenue growth, or peer comparison tables are disclosed.

Recent Industry Developments

All references suggest strong sector momentum for AI and technology listings in Hong Kong, with MiniMax’s offering a standout for 2026 in terms of demand and investor quality.

IPO Allotment Result

Public float: 80.4% of Class A Ordinary Shares immediately post-IPO, well above the required 12.2% minimum. Free float is also compliant after excluding cornerstone allocations [[49]].

Placee concentration: Top 1, 5, 10, and 25 placees will hold 1.55%, 7.82%, 30.27%, and 43.55% of Class A Ordinary Shares, respectively, after listing [[27]].

Listing Outlook

Based strictly on prospectus data, MiniMax Group Inc.’s IPO demonstrates exceptional investor interest, deep institutional backing, and a blue-chip cornerstone roster. The strong book quality, full exercise of the upsize option, and robust lock-up structure all point to a high-quality, well-supported market debut. The likely first-day trading range is expected to be at or above the offer price of HK\$165.00, with a strong possibility of first-day gains based on the magnitude of oversubscription and investor composition.

Shareholder concentration and the company’s pre-commercial status may lead to volatility, but the presence of a stabilizing manager and post-listing lock-ups provide safeguards during the initial trading period.

Prospectus Access

Plain text: www.hkexnews.hk

How to Apply

Applications could be made through brokers, banks, and the e-IPO platform (www.hkeipo.hk), with further details available at www.hkeipo.hk/iporesult. The application window and eligibility steps are as provided on these platforms [[4]].