Clarification on Iluvatar CoreX (09903.HK)’s Hong Kong IPO Debut Performance and the Attribution of the Talkie Product

Based on the research findings,

:

(Stock Code: 09903.HK) is a that listed on the main board of the Hong Kong Stock Exchange (HKEX) on [1][2].

Indicator	Data
Offer Price	HK$144.60
Opening Price	HK$190.20 (up 31.54%)
Closing Price	HK$156.80 (debut gain of 8.39%-8.44%)
Highest Price	HK$156.88
Debut Market Capitalization	Approximately HK$39.877 billion - HK$40 billion
Funds Raised	Approximately HK$3.5 billion - HK$3.7 billion

It is worth noting that the “85% gain” mentioned in your query may be a source of confusion —

, not 85% [1][2].

---

! After verification, [3][4].

MiniMax is a technology company focused on general artificial intelligence, whose core products include Talkie (overseas version), Xingye (domestic version), Conch AI, etc. [4].

According to data from MiniMax’s prospectus [3][4][5]:

Period	Number of Paid Users of Talkie/Xingye	MAU of AI-native Products	Paid Conversion Rate
2023	120,000	3.1 million	~3.87%
2024	650,000	19.1 million	~3.40%
January-September 2025	1,390,400	27.62 million	~5.04%

(data for January-September 2025) [3][5].

Other key data:

• Talkie/Xingye contributed approximately
  70% of MiniMax’s revenue
  [4]
• The number of paid users grew from 120,000 in 2023 to 1.39 million in the first three quarters of 2025, representing a more than
  10-fold increase
  [3]
• Average spending per paid user was approximately
  US$15
  [5]

---

1. Iluvatar CoreX’s actual debut gain was approximately 8.4%
   , closing at HK$156.80, not 85%
2. Talkie is a product of MiniMax
   and has no direct connection to Iluvatar CoreX
3. Talkie’s paid conversion rate was approximately 5.04%
   (for January-September 2025)

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[1] Sina Finance - “4 Domestic GPU Companies List in 35 Days, Combined Market Value Surges to HK$680 Billion” (https://finance.sina.com.cn/roll/2026-01-08/doc-inhfsfzz0685963.shtml)

[2] Gelonghui - “Iluvatar CoreX (09903.HK): IPO Opens with 31.54% Surge” (https://finance.sina.com.cn/stock/bxjj/2026-01-08/doc-inhfqcaz1471423.shtml)

[3] 36Kr - “Burning Cash for Users, Copyright Challenges: The Two Sides of MiniMax’s IPO Push” (https://m.36kr.com/p/3617945155011589)

[4] Securities Times - “MiniMax Files for Hong Kong IPO in a Blink” (https://www.stcn.com/article/detail/3552631.html)

[5] Dongfang Fortune Securities Research Report - “Capitalization May Accelerate Commercialization of AI Applications” (https://pdf.dfcfw.com/pdf/H3_AP202512291810437081_1.pdf)