Alibaba-Backed AI Startup MiniMax Raises $618 Million in Hong Kong IPO

Chinese artificial intelligence (AI) company MiniMax has secured $618 million in its initial public offering (IPO) in Hong Kong. The startup is backed by major technology investor Alibaba. The successful share sale highlights strong investor interest in China's AI sector. MiniMax is known for developing advanced AI models. These models can generate human-like text, audio, and visual content. The company stated it will use the new funds for research and development. A key goal is to enhance its core AI technology and expand its product offerings. This move comes as global competition in generative AI intensifies. The IPO also represents a significant test for Hong Kong's financial market. It is one of the largest new listings in the city this year. Market observers see it as a vote of confidence in Hong Kong as a fundraising hub.