MiniMax Group, the Chinese artificial intelligence model company, has officially kicked off plans to sell shares in mainland China. This offers onshore investors access to AI players beyond chipmakers and completes a dual-listing status in addition to Hong Kong.
The Shanghai-headquartered company signed an agreement with Citic Securities on Friday, hiring the brokerage to help prepare for a sale of yuan-denominated shares.
While other details on the listing are scant, it is widely expected that MiniMax will trade on the Star Market, a technology-heavy board dominated by China’s leading AI chipmakers under the Shanghai Stock Exchange.
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MiniMax is the latest AI firm to tap funding on China’s onshore stock markets as global investors ramp up their bets on tech companies. This follows hyperscalers’ investments in AI infrastructure gaining further momentum and the easing of Middle East tensions boosting the appeal of risk assets.
ChangXin Memory Technologies had its 29.5 billion yuan (US$4.4 billion) first-time stock sale approved by the Shanghai exchange last week, while the bourse is set to review the initial public offering (IPO) application by Unitree Robotics this coming week.
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Global investors’ interest in AI stocks is at an all-time high. The Nasdaq-100 index rose to a record on Friday and markets in South Korea and Taiwan – which are heavily weighted towards memory chipmakers and semiconductor manufacturers – also hit all-time highs last week.
The Star Market 50 index hit a record on Monday, taking its gain this year to about 30 per cent. Shares of MiniMax rose 0.4 per cent to HK$840 in the city on Friday, valuing the company at HK$264 billion (US$33.7 billion). The stock has jumped 400 per cent since its IPO in January.
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