Investor enthusiasm for Chinese artificial intelligence firms surged after MiniMax delivered a dramatic debut on the Hong Kong Stock Exchange, highlighting growing appetite for consumer-focused AI plays in the region.
On Friday January 09, the Shanghai based AI unicorn MiniMax jumped 78% in its first trading session, marking one of the strongest Hong Kong debuts in recent years. The rally clearly outpaced fellow Chinese AI firm Zhipu AI which gained 13% in its own market debut a day earlier. MiniMax reportedly raised HK$4.8 billion through its initial public offering to strengthen research and development as investors rushed to back the company behind several fast-growing consumer applications.
Market analysts said the contrast between the two listings reflected different investor expectations. Lian Jye Su, Chief Analyst at tech research firm Omdia said: “MiniMax’s focus on the consumer market appealed more to investors seeking high growth opportunities whereas Zhipu’s enterprise and government-oriented model was perceived as more stable but less exciting in a market driven by hype.” Zhipu AI raised HK$4.35 billion in its IPO and is currently valued at about $7.4 billion. It has also been flagged by OpenAI as a Chinese AI startup making strong gains in government contracts according to a news agency.
Founded in early 2022 by former SenseTime executive Yan Junjie, MiniMax develops AI models capable of processing text images video and music. Its key products include Hailuo AI, a video generation tool and Talkie, an AI character interaction app that allows users to engage with AI powered digital avatars. While still in an early development stage, the next few years will be critical for its long-term position in the competitive AI industry.
The strong debut signals a shift in market focus after 2025 was largely driven by AI chipmakers. Semiconductor firms, OmniVision Integrated Circuits and GigaDevice Semiconductor which are already listed in Shanghai are set to begin trading in Hong Kong next week following secondary offerings. MiniMax’s performance suggests investors are now ready to reward AI successes especially in video creation and gaming related applications.
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