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Alibaba Backs OpenAI's Chinese Rival MiniMax In New IPO

Benzinga·12/31/2025 13:42:29
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Global investor interest in Chinese artificial intelligence companies continues to grow, and MiniMax is preparing to capitalize on that demand.

MiniMax Targets Hong Kong IPO In 2026

The Chinese AI startup plans to go public in Hong Kong, positioning itself as a rival to OpenAI.

MiniMax aims to raise at least 3.83 billion Hong Kong dollars ($492 million) by selling roughly 25.4 million shares priced between 151 Hong Kong dollars and 165 Hong Kong dollars each, Bloomberg reported Tuesday.

Also Read: Alibaba Amplifies AI Investment, Valuing MiniMax Over $2.5B in Latest Financing Round

If demand proves strong, the offering could expand to about $712 million through upsize and greenshoe options.

The IPO would value MiniMax at approximately $6.5 billion, according to filings.

Alibaba, Abu Dhabi Fund Anchor The Deal

Cornerstone investors include Alibaba Group Holding Limited (NYSE:BABA) and the Abu Dhabi Investment Authority. The cornerstone tranche amounts to approximately $350 million.

China International Capital Corp., UBS, Goldman Sachs, and Morgan Stanley are serving as underwriters.

MiniMax began taking investor orders on Wednesday and expects to start trading on January 9.

AI Rivals And Market Momentum

MiniMax will debut the same week as rival Zhipu AI, with both companies viewed as top domestic AI contenders.

The company plans to use most of the IPO proceeds to fund AI model research and product development over the next five years.

MiniMax generated $30.5 million in revenue in 2024.

The listing comes as Hong Kong’s IPO market regains momentum.

The city raised $36.5 billion from 114 IPOs in 2025, according to LSEG data. The fundraising was boosted by rising enthusiasm for Chinese artificial intelligence firms following the success of DeepSeek and high-profile global deals such as Meta Platforms Inc.’s (NASDAQ:META) acquisition of Manus, Reuters reported.

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Photo by T. Schneider via Shutterstock