{"id":259812,"date":"2025-12-31T12:43:06","date_gmt":"2025-12-31T12:43:06","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/259812\/"},"modified":"2025-12-31T12:43:06","modified_gmt":"2025-12-31T12:43:06","slug":"chinese-ai-firm-minimax-others-launch-hong-kong-ipos-in-year-end-rush","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/259812\/","title":{"rendered":"Chinese AI firm MiniMax, others launch Hong Kong IPOs in year-end rush"},"content":{"rendered":"<ul data-testid=\"Summary\" class=\"summary-module__summary__QjADA\">\n<li data-testid=\"Body\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf summary-module__point__UgXPz\">Hong Kong IPO proceeds hit highest since 2021<\/li>\n<li data-testid=\"Body\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf summary-module__point__UgXPz\">AI, chip listings lead 2026 IPO pipeline<\/li>\n<li data-testid=\"Body\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf summary-module__point__UgXPz\">Cornerstones include Alibaba, ADIA in MiniMax offering<\/li>\n<\/ul>\n<p>Dec 31 (Reuters) &#8211; Chinese AI startup MiniMax Group spearheaded six Hong Kong listings worth HK$16.7 billion ($2.15 billion) launched on Wednesday, exchange filings showed, as AI and chipmakers power the city&#8217;s <a data-testid=\"Link\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/asias-strong-equity-deals-pipeline-be-tested-by-ai-bubble-concerns-2026-2025-12-05\/\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC\" rel=\"nofollow noopener\" target=\"_blank\">equity markets<\/a> comeback and set the tone for 2026.<\/p>\n<p>Hong Kong has raised $36.5 billion from 114 new listings in 2025, for its strongest year since 2021, and more than triple the roughly $11.3 billion raised in 2024, LSEG data shows.<\/p>\n<p data-testid=\"promo-box\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf article-body-module__promo-box__hVl8h\"> Sign up  <a data-testid=\"Link\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/chinese-ai-firm-minimax-targets-up-539-million-hong-kong-ipo-2025-12-30\/undefined?location=article-paragraph&amp;redirectUrl=%2Fworld%2Fasia-pacific%2Fchinese-ai-firm-minimax-targets-up-539-million-hong-kong-ipo-2025-12-30%2F\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC\" rel=\"nofollow noopener\" target=\"_blank\">here.<\/a><\/p>\n<p>MiniMax seeks to <a data-testid=\"Link\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/chinese-ai-firm-minimax-targets-up-539-million-hong-kong-ipo-2025-12-30\/\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC\" rel=\"nofollow noopener\" target=\"_blank\">raise<\/a> up to HK$4.19 billion from 25.4 million shares priced in a range of HK$151.00 to HK$165.00 each, ahead of a January 9 debut.Semiconductor specialists <a data-testid=\"Link\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/china-based-omnivision-integrated-circuits-seeks-raise-up-617-million-hk-listing-2025-12-30\/\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC\" rel=\"nofollow noopener\" target=\"_blank\">OmniVision Integrated Circuits<\/a> <a data-testid=\"Link\" target=\"_blank\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/markets\/companies\/603501.SS\" rel=\"noopener nofollow\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC link-module__with-icon__qlg76\">(603501.SS), opens new tab<\/a> and <a data-testid=\"Link\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/china-based-gigadevice-semiconductor-looks-raise-over-600-million-hk-ipo-2025-12-30\/\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC\" rel=\"nofollow noopener\" target=\"_blank\">GigaDevice Semiconductor<\/a> <a data-testid=\"Link\" target=\"_blank\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/markets\/companies\/603986.SS\" rel=\"noopener nofollow\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC link-module__with-icon__qlg76\">(603986.SS), opens new tab<\/a> have also started bookbuilding for their IPOs, aiming to raise about $600 million each.<\/p>\n<p>&#8220;The wave of IPO approvals does suggest a shift in accelerating AI startup development through capital market access,&#8221; said Lian Jye Su, chief analyst at tech research firm Omdia.<\/p>\n<p>&#8220;While the U.S maintains a lead in frontier compute and model performance due to chip superiority, access to public funding helps China build resilient, self-sufficient AI ecosystem with minimal impact from tech restrictions.&#8221;<\/p>\n<p>MiniMax is among the first batch of Chinese large language model developers to seek a public listing in Hong Kong.<\/p>\n<p>Founded in early 2022 by former SenseTime executive Yan Junjie, it develops multimodal AI models, such as MiniMax M1, Hailuo-02, Speech-02 and Music-01, which can process text, audio, images, video and music.<\/p>\n<p>The IPO would value MiniMax at about $6.5 billion.<\/p>\n<p>Rival firm Knowledge Atlas Technology, or Zhipu AI, launched its offering a day earlier, seeking to raise HK$4.35 billion at a valuation of HK$51.2 billion.<\/p>\n<p>AI STOCKS BOOMInvestor appetite for <a data-testid=\"Link\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/world\/china\/global-investors-turn-chinese-ai-wall-street-fears-bubble-2025-12-23\/\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC\" rel=\"nofollow noopener\" target=\"_blank\">Chinese AI<\/a> has climbed since the rise of DeepSeek, a homegrown alternative to ChatGPT, and recent moves such as Meta&#8217;s <a data-testid=\"Link\" target=\"_blank\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/markets\/companies\/META.O\" rel=\"noopener nofollow\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC link-module__with-icon__qlg76\">(META.O), opens new tab<\/a> <a data-testid=\"Link\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/world\/china\/meta-acquire-chinese-startup-manus-boost-advanced-ai-features-2025-12-29\/\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC\" rel=\"nofollow noopener\" target=\"_blank\">acquisition<\/a> of Manus, fuelling expectations of robust deal flow into 2026.Chinese memory chipmaker <a data-testid=\"Link\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/chipmaker-cxmt-plans-shanghai-listing-with-42-billion-valuation-sources-say-2025-10-21\/\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC\" rel=\"nofollow noopener\" target=\"_blank\">ChangXin Memory Technologies<\/a> and Baidu&#8217;s <a data-testid=\"Link\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/world\/china\/baidus-kunlunxin-valued-close-3-billion-eyes-hong-kong-ipo-sources-say-2025-12-05\/\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC\" rel=\"nofollow noopener\" target=\"_blank\">AI chip unit Kunlunxin<\/a> are among those seeking to list on either domestic or Hong Kong stock exchanges, Reuters has reported.This month&#8217;s onshore IPOs of AI chip firms <a data-testid=\"Link\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/chinas-nvidia-like-moore-threads-set-trading-debut-after-11-billion-ipo-2025-12-05\/\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC\" rel=\"nofollow noopener\" target=\"_blank\">Moore Thread<\/a>s <a data-testid=\"Link\" target=\"_blank\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/markets\/companies\/688795.SS\" rel=\"noopener nofollow\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC link-module__with-icon__qlg76\">(688795.SS), opens new tab<\/a> and <a data-testid=\"Link\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/chinese-ai-chipmaker-metax-shares-jump-nearly-600-market-debut-2025-12-17\/\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC\" rel=\"nofollow noopener\" target=\"_blank\">MetaX<\/a> <a data-testid=\"Link\" target=\"_blank\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/markets\/companies\/688802.SS\" rel=\"noopener nofollow\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC link-module__with-icon__qlg76\">(688802.SS), opens new tab<\/a> were thousands of times oversubscribed, with their shares hovering far above IPO prices, despite recent pullbacks.<\/p>\n<p>MiniMax has won cornerstone investments from Alibaba, Abu Dhabi Investment Authority, China&#8217;s Boyu and Mirae Asset among others, its IPO prospectus showed.<\/p>\n<p>OmniVision&#8217;s IPO attracted Boyu Capital&#8217;s Wildlife Willow, UBS Asset Management Singapore and China Post&#8217;s PSBC Wealth Management as cornerstone investors, while GigaDevice got commitments from CPE and Yunfeng Capital, their prospectuses showed.<\/p>\n<p>Biotech firm Suzhou Ribo Life Science, cathode copper producer Yunnan Jinxun Resources and logistics company Hongxing Coldchain (Hunan) also launched offers on the last day of 2025.<\/p>\n<p>Proceeds from Wednesday&#8217;s offerings will fund research and development, product expansion and working capital, the companies&#8217; disclosures show.<\/p>\n<p>Semiconductor designer Shanghai Biren Technology <a data-testid=\"Link\" target=\"_blank\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/markets\/companies\/6082.HK\" rel=\"noopener nofollow\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC link-module__with-icon__qlg76\">(6082.HK), opens new tab<\/a> is set to debut on Friday, kicking off new listings in 2026, followed by Zhipu AI, Shanghai Iluvatar CoreX Semiconductor and surgical robotics maker Shenzhen Edge Medical on January 8.<\/p>\n<p>($1=7.7803 Hong Kong dollars)<\/p>\n<p>(This story has been corrected to fix the company name to Moore Threads, not Moore Thread, in paragraph 13)<\/p>\n<p data-testid=\"SignOff\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__extra_small__8Buss body-module__full_width__kCIGb body-module__extra_small_body__Bfz20 sign-off-module__text__LQAMP\">Reporting by Shivangi Lahiri in Bengaluru, Yantoultra Ngui in Singapore and Liam Mo in Beijing; Editing by Alan Barona and Kane Wu<\/p>\n<p data-testid=\"Body\" dir=\"ltr\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf article-body-module__element__5eCce article-body-module__trust-badge__5mS3f\">Our Standards: <a data-testid=\"Link\" target=\"_blank\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.thomsonreuters.com\/en\/about-us\/trust-principles.html\" rel=\"noopener nofollow\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__small__sph8i link-module__link__INqxZ link-module__underline_default__-okuC link-module__with-icon__qlg76\">The Thomson Reuters Trust Principles., opens new tab<\/a><\/p>\n<p><a href=\"https:\/\/www.reutersagency.com\/en\/licensereuterscontent\/?utm_medium=rcom-article-media&amp;utm_campaign=rcom-rcp-lead\" target=\"_blank\" dir=\"ltr\" class=\"button-module__link__A3sD0 button-module__secondary__70gBu button-module__round__QDFgq button-module__w_auto__Sem-F\" data-testid=\"LicenceContentButton\" rel=\"nofollow noopener\">Purchase Licensing Rights<\/a><a data-testid=\"AuthorBioImageLink\" class=\"author-bio-module__author-image__jcaG3\" href=\"https:\/\/www.reuters.com\/authors\/yantoultra-ngui\/\" referrerpolicy=\"no-referrer-when-downgrade\" tabindex=\"-1\" rel=\"nofollow noopener\" target=\"_blank\"><\/a><\/p>\n<p data-testid=\"Body\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__extra_small__8Buss body-module__base__o--Cl body-module__extra_small_body__Bfz20 author-bio-module__description__9ynkB\">Yantoultra Ngui is the Southeast Asia Deals Correspondent of Reuters in Singapore, covering M&amp;A and capital market activities in a region that is fast emerging as one of the world\u2019s biggest economies. He previously was a reporter at Bloomberg and The Wall Street Journal (WSJ). Notably, he was part of WSJ&#8217;s team that covered the financial scandal at Malaysian state fund 1MDB, and that won SOPA Excellence in Breaking News award for the coverage of the assassination of Kim Jong Nam, the half-brother of North Korea&#8217;s leader Kim Jong Un, in Malaysia in 2018. Yantoultra graduated with an MBA in Finance from Universiti Putra Malaysia (UPM) in 2010.<\/p>\n","protected":false},"excerpt":{"rendered":"Hong Kong IPO proceeds hit highest since 2021 AI, chip listings lead 2026 IPO pipeline Cornerstones include Alibaba,&hellip;\n","protected":false},"author":2,"featured_media":259813,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[261],"tags":[291,82519,82793,289,290,2000,2786,82703,82499,82758,36586,84105,82517,72110,8535,84433,82500,53515,82502,82543,82538,82546,82556,82549,82541,82550,84041,82529,82547,82557,82540,82710,82551,85719,82702,93732,18,55396,82578,82520,32356,97937,82503,45748,59750,19,134035,82766,88143,88144,82767,94731,11092,17,107248,134034,107249,82524,82799,93735,83810,82510,87218,82512,82773,134036,84338,84454,83390,21971,84106,84107,82800,82801,753,82,82999,30150,82534,82533,107,82518],"class_list":{"0":"post-259812","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-artificial-intelligence","8":"tag-ai","9":"tag-amers","10":"tag-arti","11":"tag-artificial-intelligence","12":"tag-artificialintelligence","13":"tag-asean","14":"tag-asia","15":"tag-asxpac","16":"tag-bact","17":"tag-bisv","18":"tag-biz","19":"tag-blr","20":"tag-ceeu","21":"tag-ch","22":"tag-chip","23":"tag-chip1","24":"tag-cmpny","25":"tag-cn","26":"tag-deal1","27":"tag-destabn","28":"tag-destabx","29":"tag-destbnx","30":"tag-destd","31":"tag-destdnp","32":"tag-deste","33":"tag-destfun","34":"tag-destm","35":"tag-destoustcm","36":"tag-destpsc","37":"tag-destrbn","38":"tag-destrnp","39":"tag-destseabs","40":"tag-destucdptest","41":"tag-destz","42":"tag-easia","43":"tag-ecomma","44":"tag-eire","45":"tag-emea","46":"tag-emrg","47":"tag-europ","48":"tag-fin","49":"tag-fine1","50":"tag-fins","51":"tag-gen","52":"tag-hk","53":"tag-ie","54":"tag-intcir","55":"tag-invbis","56":"tag-invbr","57":"tag-invbr1","58":"tag-invm","59":"tag-invm1","60":"tag-ipo","61":"tag-ireland","62":"tag-isu","63":"tag-list1","64":"tag-mevn","65":"tag-namer","66":"tag-netsv","67":"tag-netsv1","68":"tag-privt","69":"tag-publ","70":"tag-pve","71":"tag-sci","72":"tag-seasia","73":"tag-semeq","74":"tag-semi","75":"tag-semqt","76":"tag-sg","77":"tag-sisu","78":"tag-sofw","79":"tag-sofw1","80":"tag-srchen","81":"tag-swit","82":"tag-tech","83":"tag-technology","84":"tag-teeq","85":"tag-tmt","86":"tag-topcmb","87":"tag-topnws","88":"tag-us","89":"tag-weu"},"share_on_mastodon":{"url":"","error":"Validation failed: Text character limit of 500 exceeded"},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/259812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=259812"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/259812\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/259813"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=259812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=259812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=259812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}