CryptoCurrency
Chinese AI Startup MiniMax Surges 109% After IPO
Shares of Chinese artificial-intelligence startup MiniMax Group more than doubled in their market debut, highlighting investor enthusiasm for AI among small investors in China.
MiniMax shares gained 109% from their IPO price on Friday, in their first day of trading on the Hong Kong stock exchange. That gave the generative AI company a market capitalization of more than $13 billion.
That makes it a minnow relative to U.S. industry leaders such as OpenAI or Anthropic. But unlike them, MiniMax is now publicly traded and its offering was heavily oversubscribed, especially the portion of the deal reserved for retail investors.
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