Analysis of Valuation Pricing and Business Prospects for MiniMax Group Inc.'s Hong Kong IPO

MiniMax Group Inc. has obtained the Hong Kong IPO filing approval from the China Securities Regulatory Commission and plans to issue no more than 33.57724 million overseas listed ordinary shares. Technologically, unlike its peers, the company has focused on full-modal (text, visual, audio) AI research and development since its establishment, and is one of the early developers of MoE (Mixture of Experts) models in China. Its M2 model ranks among the Top10 in usage on the OpenRouter platform, with daily token consumption exceeding 800 billion, enjoying high market recognition [2][3][4]. In terms of business model, it adopts a dual-track drive of C-end (consumer) AI native products + B-end (enterprise) API services. C-end products include Talkie (AI companion), Conch AI (video generation), etc. Global subscription revenue is the main source of revenue, accounting for 71.1% of revenue in Q1-Q3 2025; B-end provides API services for industries such as AI+hardware, cultural tourism, and e-commerce, with revenue increasing by 160% year-on-year and gross margin reaching 69.4% [2][3]. In terms of financial performance, revenue grew from US$346,000 to US$3.05 million from 2023 to 2024, an increase of 782%; revenue for Q1-Q3 2025 reached US$53.4 million, an increase of 175% year-on-year, and gross margin turned positive from -24.7% in 2023 to 23.3% [2][4]. In terms of valuation, the pre-IPO financing valuation was approximately US$4 billion (about RMB 28.8 billion), but the specific IPO valuation range has not been determined [4].

MiniMax’s core competitiveness lies in its full-modal AI technology layout and early MoE model research and development, which gives it a differentiated advantage in the AI industry. In the dual-track business model, C-end products have achieved global layout, with overseas revenue accounting for 73.1%, bringing stable subscription revenue; although B-end business accounts for a small proportion, its high growth rate and high gross margin show good development potential. Although the Hong Kong technology sector experienced volatility at the end of 2025, the Hang Seng Index has risen by 29% year-to-date, with the technology sector contributing 22%, so the market environment is relatively favorable for AI companies’ IPOs [5][6].

: 1. Although the company’s revenue is growing rapidly, it is still in the early stage and has the risk of net loss; 2. The Hong Kong stock market is highly volatile, and the Hang Seng Tech Index fell by about 20% from October to December 2025, which may affect IPO valuation and post-listing performance [6]; 3. It faces fierce competition from domestic large technology companies (Tencent, Alibaba) and other AI enterprises; 4. High proportion of overseas revenue, which has geopolitical risks.

: 1. The AI industry is highly popular in the Hong Kong capital market, and reform dividends and domestic capital inflows provide support for IPO [1][2]; 2. The technological advantages of full-modal AI and MoE models give it growth potential in segmented fields; 3. The dual-track business model can分散 risks, and the high gross margin of B-end business is expected to improve the overall profitability.

As a technology company focusing on full-modal AI, MiniMax’s technological advantages and dual-track business model have laid the foundation for its Hong Kong IPO. High-speed revenue growth and global layout are its highlights. However, attention should be paid to risks such as early losses, market volatility, and industry competition. IPO valuation needs to be comprehensively judged based on market environment, peer valuation, and the company’s specific financial data. Investors are advised to make decisions based on their own risk tolerance and investment objectives, combined with more publicly disclosed information.