Chinese AI startup MiniMax's stock soars 109% in Hong Kong debut

Business Jan 09, 2026

MiniMax, a young Chinese AI company, just made a huge splash on the Hong Kong stock exchange—its shares jumped 109% on day one, closing at HK$345 after starting at HK$165.
The IPO brought in HK$4.8 billion ($619 million), easily outshining rival Zhipu AI's 13% opening-day rise.

Why everyone's talking about MiniMax

Founded in early 2022, MiniMax builds large-language models and already has over 212 million users worldwide.
Backed by big names like Alibaba and Abu Dhabi's sovereign wealth fund, its blockbuster debut highlights how investors are betting big on China's homegrown tech as the country pushes to compete with US giants and boost its own innovation scene.