MiniMax, a large model company, recently received IPO guidance and is preparing to go public on the A-share market. MiniMax has been listed on the Hong Kong stock market, and once listed on the A-share market, MiniMax will form an "A+H" stock pattern.
As of the date of this report, Alpha EXP Limited holds 62593180 Class B ordinary shares of the company (accounting for 19.96% of the total share capital).
According to the company's articles of association, each Class B ordinary share of the company has 10 voting rights, and each Class A ordinary share has 1 voting right. Alpha EXP Limited holds a total of 59.98% of the company's voting rights and is the single shareholder with the highest voting rights. Alpha EXP Limited is the controlling shareholder of the company.
As of Friday's close, MiniMax's stock price was HKD 840, with a market value of HKD 263.5 billion. MiniMax will soon enter the unlocking period of the Hong Kong stock market, and it is expected that its market value will face significant fluctuations in early July 2026.
Why does MiniMax seek A-share listing after being listed on the Hong Kong stock market for less than half a year?
Analysis suggests that on one hand, the competition in the big model industry is fierce, and MiniMax is seeking further financing. On the other hand, compared to Hong Kong stocks, A-shares offer a higher premium, which may generally be 30% to 40% higher, making MiniMax safer.
Previously, a CEO of a listed company stated in an interview with Leidi.com that going public on the Hong Kong stock market is equivalent to getting into a good high school, while going public on the A-share market is equivalent to getting into a good university.
Annual revenue of $79.04 million, adjusted net loss of $250 million
It is reported that MiniMax is a general artificial intelligence (AGI) company with a revenue of $79.04 million in 2025, an increase of 158.9% from $30.52 million in the same period last year.
MiniMax's gross profit in 2025 was $20.08 million, compared to $3.74 million in the same period last year.
MiniMax's R&D investment in 2025 is $253 million, an increase of 33.8% from the same period last year, which was $189 million. This is mainly due to the continuous development and improvement of basic models and multimodal capabilities, as well as an increase in model iterations and upgrades, resulting in an increase in cloud service expenses related to training activities. During the year, the year-on-year growth rate of MiniMax's research and development expenses was lower than the revenue growth rate of 158.9%.
MiniMax's fair value loss on financial liabilities increased from $214 million in 2024 to $1.59 billion in 2025, mainly due to the continued increase in company valuation, resulting in significant remeasurement losses on preferred stock.
MiniMax will incur a loss of $1.872 billion in 2025, an increase of 302% compared to the loss of $465 million in the same period last year; The adjusted net loss was $251 million, an increase of 2.7% compared to the adjusted net loss of $244 million in the same period last year.
Just listed on the Hong Kong stock market: raising over 5 billion yuan
MiniMax will be listed on the Hong Kong Stock Exchange in early January 2026. This global offering of approximately 33.58 million shares is priced at a ceiling of HKD 165 per share, raising a total of approximately HKD 5.54 billion.
MiniMax's listing has introduced 14 cornerstone investors including Aspex, Eastspring, Mirae Asset, ADIA, Alibaba, and E Fund. The investor types include international long-term, leading technology, Chinese long-term, and industrial strategy, with a total subscription amount of 350 million US dollars (approximately 2.723 billion Hong Kong dollars).
Among them, ADIA under Abu Dhabi subscribed for $65 million, Alisoft China under Alibaba subscribed for $30 million, Aspex Master Fund and Boyu (Boyu Capital) subscribed for $35 million each, Huitianfu Hong Kong and Prudential's Eastspring subscribed for $15 million each, and E Fund Management subscribed for $10 million;
IDG Breyer Fund subscribed for $15 million, Janchor Funds subscribed for $35 million, Eric Li's Martis Fund subscribed for $15 million, Mirae Asset Securities subscribed for $20 million, MPC VII subscribed for $15 million, Perseverance Asset Management subscribed for $25 million, and Taikang Life Insurance subscribed for $20 million.
After the IPO, Yunye Yi directly holds 1.64% of the shares and has 0.48% of the voting rights; Dr. Yan Junjie directly holds 3.77% of the shares and has 11.12% of the voting rights; Alpha EXP holds 20.49% of the shares and has 60.45% of the voting rights;
MiniMax Gene holds 6.84% of the shares and has 2.02% of the voting rights; Floating Sky holds 2.29% of the shares and has 6.76% of the voting rights.
MiHoYo Co., Ltd. holds 5.24% of the shares and has 1.55% of the voting rights; Shanghai MiHoYo Argo Technology Co., Ltd. holds 0.63% of the shares and has 0.18% of the voting rights; MiHoYo holds a total of 5.87% of the shares and has 1.73% of the voting rights; Cosmic Station Limited holds 2.39% of the shares and has 0.71% of the voting rights; Seasonal Charm holds 0.18% of the shares and has 0.05% of the voting rights;
Alibaba holds 12.52% of the shares through Alisoft China Holding, with a 3.69% stake; Tencent holds 2.37% of the shares and 0.7% of the voting rights through Yixiang Architecture Investment (Hong Kong) Limited;
XAM Holdings holds 4.65% of the shares and has 1.37% of the voting rights; MNM Holdings holds 0.77% of the shares and has 0.23% of the voting rights;
Miheng Holdings holds 1.13% of the shares and has 0.33% of the voting rights; Himalia Holding holds 0.54% of the shares and has 0.16% of the voting rights; HSG Growth VII holds 2.95% of the shares and 0.87% of the voting rights, totaling 3.49% of the shares and 1.03% of the voting rights. MPC VII holds 2.54% of the shares and has 0.75% of the voting rights.
Astrend Opportunity IV Beta holds 0.74% of the shares and 0.22% of the voting rights; Astrend X Fund holds 0.47% of the shares and has 0.14% of the voting rights; Astrond X-2 holds 0.27% of the shares and 0.08% of the voting rights; Golden Horizon holds 0.13% of the shares and has 0.04% of the voting rights;
Guoshou (Shenzhen) Technology Innovation Private Equity Investment holds 0.93% of the shares and has 0.27% of the voting rights; Hefei Guoshou Carbon Peak Carbon Phase I Equity Investment Fund Partnership Enterprise (Limited Partnership) holds 0.11% of the shares and 0.03% of the voting rights; Planetree PARTNERS holds 0.16% of the shares and has 0.05% of the voting rights; Planetree Partners III holds 0.71% of the shares and has 0.21% of the voting rights; Planetree Partners III-A holds 0.08% of the shares and has 0.02% of the voting rights.
