Minimax Group Inc (Ticker: 100 HK) is a Shanghai-based company specializing in information technology services, specifically focusing on Artificial Intelligence (AI) foundation model research and AI-native application development. The company develops multi-modal models capable of processing text, video, and audio, such as MiniMax-M2 and Hailuo-02, which power consumer products like Talkie and Xingye.

Minimax plans to list on the Hong Kong Exchange on January 9, 2026, planning to offer approximately 25.39 million shares at a price range of HKD 151.00 to HKD 165.00 per share. This IPO is expected to raise approximately HKD 4.19 billion (USD 538.19 million). According to the prospectus, Minimax plans to use the majority of the IPO proceeds (90%) for R&D and product capacity expansion, with the remaining 10% allocated to working capital and strategic acquisitions. The offering is managed by a syndicate including China International Capital Corporation, UBS, Goldman Sachs (Asia), Morgan Stanley, and others. The company, which utilizes a "Mixture-of-Experts" architecture for its models, reportedly serves over 200 million users globally across more than 200 countries and regions.