Alibaba-Backed ‘AI Dragon' MiniMax Plans Hong Kong IPO [Yahoo! Finance Canada]
Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share (BABA)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg MiniMax, one of the country's so-called AI Dragons or Tigers, could aim to list as soon as this year, according to the people, who asked not to be identified because the information is confidential. The Shanghai-based company has hired financial advisers for the IPO, they said. Deliberations are ongoing and details such as valuation and timing could change, the people said. The company didn't respond to a request for comment. A MiniMax IPO would enable investors to buy into a new generation of Chinese firms advancing AI technology. Another, Zhipu, is also preparing to debut. The emergence of DeepSeek in January fired up interest in the startups, which are now vying with larger tech companies to compete with US leaders like OpenAI. Founded in 2021, MiniMax raised $600 million last year in a financing round that valued it at about $2.5 billion at the time. The deal was led by Alibaba Group Holding Ltd. and followed fundraising involving Tencent Holdings
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