China’s second ‘AI tiger’ MiniMax, soars in record-breaking Hong Kong market debut

On Friday, January 9, the Shanghai-based AI unicorn MiniMax made a stunning debut on the Hong Kong Stock Exchange, rocketing 78% higher on its first day. The surge outpaced fellow tiger Zhipu AI as investors scrambled for a piece of the startup behind several popular consumer apps.

The listing by MiniMax, which reportedly raised HK$4.8 billion in its IPO to fund research and development, follows a solid 13% climb in Thursday's debut by Zhipu AI(2513.HK).

In this connection, 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 to government oriented model was perceived as more stable but less exciting in a market driven by hype.”

Chinese AI star Zhipu shares jump on Hong Kong IPO debut

Founded in early 2022 by former SenseTime executive Yan Junjie, Shanghai-based MiniMax develops artificial intelligence models that can process text, video, images, video and music.

Its top applications include Hailuo AI, a video generation tool, and Talkie, an AI character interaction app that enables users to engage with AI-powered digital avatars.

While currently in its initial development phase, the coming years will determine the company’s continued progress within the AI industry.

According to Reuters, Zhipu AI has been flagged by OpenAI as a Chinese AI startup gaining significant ground in government contracts.

The company raised HK$4.35 billion in its IPO and is currently valued at approximately $7.4 billion.

Semiconductor specialists OmniVision Integrated Circuits (603501.SS) and GigaDevice Semiconductor(603986.SS) both listed in Shanghai, are set to begin trading in Hong Kong next week following secondary offerings.

While 2025 was dominated by AI chipmakers, MiniMax's debut proves the market is now ready to reward successes, particularly in video and gaming.