MiniMax, the ‘world-class’ AI start-up lauded by Nvidia’s Huang, plans IPO

MiniMax, the artificial intelligence (AI) start-up backed by two of China’s largest technology conglomerates, has confidentially applied for a Hong Kong initial public offering (IPO), according to people familiar with the matter.

China International Capital Corporation and UBS are the sponsors for the listing, according to the sources, who declined to be identified for discussing a confidential matter.

MiniMax aimed to raise between HK$4 billion and HK$5 billion (US$510 million to US$637 million), but its deal size and valuation could change depending on market conditions, Reuters reported.

MiniMax is valued at US$1.2 billion after five funding rounds, according to Crunchbase’s data. It received a US$300 million venture investment during its latest funding round in July from investors led by Shanghai State-owned Capital Investment.

Founded in 2021, the Shanghai-based company is one of China’s so-called AI Tigers. Its rival Zhipu AI was also reportedly considering an IPO in Hong Kong, aiming to raise about US$300 million, Bloomberg reported on July 11.