In-Depth Analysis of MiniMax's Hong Kong IPO: Investment Insights from High Valuation and Dark Pool Performance

Based on the latest market data, AI large language model enterprise MiniMax officially listed on the Hong Kong Stock Exchange (HKEX) on January 9, 2026, with stock ticker “0100”. This IPO demonstrated extremely strong market enthusiasm [1]:

Core Indicators	Data
Offer Price	HK$165 (the upper limit of the offer range of HK$151-HK$165)
Dark Pool Highest Price	HK$199.8
Dark Pool Increase	Approximately 21.09%
Issued Share Capital	25.3892 million shares (29.2 million shares after exercising the 15% offering size adjustment right)
Funds Raised	Approximately HK$4.82 billion (including over-allotment)
Offer Valuation	Over HK$46 billion
Over-Subscription	Thousands of times (specific multiple not disclosed)

: It has brought in 14 cornerstone investors including Aspex, Eastspring, Mirae Asset, ADIA, and E Fund, with a total subscription amount of HK$2.723 billion, accounting for 69.8% of the global offering size [2].

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MiniMax’s dark pool performance of over 15% increase reflects multiple expectations from the capital market for AI concept stocks:

• MiniMax is one of the “first Chinese AI unicorns to list on the capital market after the ChatGPT boom” [3]
• It listed almost simultaneously with Zhipu AI (ticker 2513), forming a “twin giants of AI large language models” landscape
• The scarcity of pure AI targets in the Hong Kong stock market has pushed up valuation premiums

According to the prospectus, MiniMax has demonstrated a relatively mature commercialization path [4]:

• Rapid Revenue Growth
  : Revenue in the first three quarters of 2025 increased by over 170% year-on-year; 2024 revenue reached US$30.52 million (a 782% year-on-year increase)
• Global Layout
  : Services cover over 200 countries and regions worldwide, with overseas markets contributing over 70% of revenue
• Improved Profitability
  : Gross margin turned positive from -24.7% in 2023 to 12.2% in 2024, and further rose to 23.3% in the first three quarters of 2025
• Ample Cash Reserves
  : Cash and cash equivalents on the books exceed US$1.1 billion

• In deep cooperation with Alibaba Cloud, reaching millions of SME customers through the AI marketplace
• Orders from the Alibaba ecosystem account for 42% of total contributions
• Has received multiple rounds of investment support from renowned institutions including Alibaba, miHoYo, Tencent, Hillhouse Capital, IDG, and Sequoia China

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MiniMax’s popularity is not an isolated case, but a microcosm of the AI investment boom in the Hong Kong stock market:

[5]:

Company	Business Sector	Over-Subscription Multiple	Margin Financing Amount
Biren Technology	GPU Chips/Computing Power	2347.53x	Approximately HK$100 billion
Zhipu AI	Large Language Model (To B)	1164x	Approximately HK$197.8 billion
MiniMax	Large Language Model (To C)	Thousands of times	Billions of Hong Kong dollars

[6]:

• The Hang Seng Index rose over 27% for the full year, outperforming major European and US indices
• Alibaba (9988) rose over 80% for the full year
• Tencent (700) rose over 45% for the full year
• SMIC (981) rose over 124% for the full year
• Hua Hong Semiconductor (1347) rose over 240% for the full year

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Based on the MiniMax case and the current market environment, we have summarized the following core insights:

AI investments in the Hong Kong stock market in 2026 will focus on three key directions:

• AI Implementation Capability Delivery
  : Enterprises with advantages in large-scale technological application and ecosystem collaboration will continue to unlock growth value
• Valuation System Shift
  : Leading tech companies will gradually move away from the valuation model of “traditional business + AI concept” and shift to “AI ecosystem empowerment” valuation
• Restructuring of Competition Landscape
  : Enterprises with four-dimensional collaboration of “data - algorithm - computing power - scenarios” will consolidate their leading positions

According to institutional views, the Hong Kong tech sector is still relatively cheap compared to US stocks [7]:

• 10 foreign major banks including Goldman Sachs, Morgan Stanley, JPMorgan Chase, UBS, Nomura, and BlackRock have all identified AI as the core allocation direction for Hong Kong stocks in 2026
• Against the backdrop of Sino-US AI competition, China has unique advantages in AI infrastructure deployment thanks to its complete power system, low-cost clean energy consumption, and DeepSeek’s low-energy-consumption model

AI-related trades in the Hong Kong stock market mainly correspond to three key directions [8]:

• Internet
  : Tech giants such as Tencent and Alibaba, as well as AI application players like SenseTime-W, Baidu Group, and Kingsoft Cloud
• Semiconductors
  : AI computing power industry chain players such as SMIC, Hua Hong Semiconductor, and ZTE Corporation
• Edge Robots
  : Xiaomi Group, XPeng Motors, UBTECH Robotics, etc.

Despite the strong market enthusiasm, investors still need to pay attention to the following risks:

• Valuation Bubble Risk
  : The over-subscription multiples of AI concept stocks have repeatedly hit new highs; investors need to be wary of post-listing correction risks
• Business Model Validation
  : Most large language model companies are still in a loss-making state, and their profitability needs continuous validation
• Intensified Competition
  : Internet giants continue to increase investment in AI startups, which may worsen the industry competition landscape
• Policy Risk
  : Sino-US tech competition may affect the development space of AI enterprises

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MiniMax’s IPO performance marks a revaluation of AI value in the Hong Kong stock market. With the emergence of low-cost large models such as DeepSeek, the inflection point for AI technology commercialization is approaching. In 2026, the Hong Kong tech sector will foster rich investment opportunities under the dual logics of “value revaluation” and “growth delivery” [9].

For investors, we recommend:

1. Focus on AI enterprises with proven real commercialization capabilities and revenue growth
2. Prioritize layout of leading players in the “computing power infrastructure - large language model - application scenarios” industrial chain
3. Stay rational and pay attention to the matching degree between valuation and growth

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[1] 36Kr - “Zhipu and MiniMax Race for Hong Kong IPOs: Why Now for the First AI Large Language Model Stock?” (https://m.36kr.com/p/3618868296200965)

[2] Eastmoney - “Thousand-Fold Subscriptions Become the Norm? Hong Kong AI IPOs Spark Capital Frenzy” (https://finance.eastmoney.com/a/202601083611903528.html)

[3] Securities Times - “The World’s First Large Language Model Stock Lists in Hong Kong; Zhipu Briefly Breaks Issue Price Intraday” (https://www.stcn.com/article/detail/3578099.html)

[4] Gelonghui - “A Song of Ice and Fire for Hong Kong Tech Stocks in 2025: Who Will Ultimately Deliver AI Value?” (http://mp.cnfol.com/8856/article/1766835304-142187879.html)

[5] HSTong - “Can Hong Kong Stocks Continue to Rise in 2026? These Three Core Allocation Directions Are Favored by Foreign Banks Including Morgan Stanley and Goldman Sachs!” (https://news.hstong.com/post/content/25122618104590084)

[6] Sing Tao Daily - “Hong Kong Stocks’ Most ‘Bullish’ 2026 Targets 34,000 Points; AI Continues to Dictate the Trend, Still Cheaper Than US Tech Stocks” (https://www.stheadline.com/zh-hans/stock-market/3531638/)

[7] Sina Finance - “HK$165 per Share: MiniMax Reportedly Plans to Price Hong Kong IPO at the Upper End of the Range” (https://finance.sina.com.cn/tech/digi/2026-01-05/doc-inhffsfs6778203.shtml)

[8] IT Home - “HK$165 per Share: MiniMax Reportedly Plans to Price Hong Kong IPO at the Upper End of the Range” (https://www.ithome.com/0/910/484.htm)

[9] Sohu - “MiniMax Prices Hong Kong IPO at Upper End, Offer Valuation Exceeds HK$46 Billion!” (https://m.sohu.com/a/973625801_130887)