MiniMax Hong Kong Stock Exchange IPO Receives Investment from Alibaba and Abu Dhabi

BlockBeats News, December 30: According to Bloomberg, Chinese artificial intelligence startup MiniMax has reportedly secured Alibaba Group Holding Limited and the Abu Dhabi Investment Authority as key backers for its upcoming Hong Kong IPO. Sources familiar with the matter revealed that MiniMax plans to raise over $600 million through this IPO, with investor subscription set to begin as early as Wednesday and listing in January.

MiniMax, the leading general artificial intelligence startup in China (full name Shanghai Xiyu Technology Co., Ltd.), was established in December 2021 and is headquartered in Shanghai. The company's mission is "Intelligence with Everyone," dedicated to developing multimodal general large models, advancing Artificial General Intelligence (AGI), and standing alongside top players in China's domestic generative AI field such as Zhipu AI, Dark Matter Technologies, and Baichuan Intelligence.