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MiniMax

MiniMax
The latest news and top stories on MiniMax. A China-based entity in the artificial intelligence sector, MiniMax specialises in developing multimodal AI models, including large language models, text-to-speech and video generation. It primarily serves users, developers and businesses and is known for its open-sourcing efforts and focus on computational efficiency.
Baidu’s first-ever dividend programme comes as the company fights an uphill battle in the fiercely contested Chinese AI sector. Photo: Shutterstock
Artificial intelligence

Baidu unveils first-ever dividend and US$5 billion buy-back amid AI race

In a move designed to steady investor nerves, Baidu signalled a shift towards more predictable payouts as AI spending continues to rise.

IPO

Morgan Stanley sees another record year for Hong Kong IPOs as pipeline hits 450

Artificial intelligence

Compact AI model from China’s StepFun outshines rivals from DeepSeek, Moonshot

Artificial intelligence

‘Value for money’: OpenClaw picks Chinese AI models for cost edge over US rivals

OpenClaw adds Moonshot AI’s Kimi and MiniMax as Chinese open-source AI models gain global appeal for cost and performance.

Chinese open-source AI models, including Moonshot AI’s Kimi, are known for their competitive pricing. Photo: Shutterstock
Artificial intelligence

China’s AI labs race to debut latest models before Lunar New Year

More firms expected to follow Alibaba and Moonshot with model releases, as the festival becomes a key period to establish visibility.

IPO

Hong Kong back in global IPO spotlight after strongest January in years

IPO pipeline swelled in January, with listing applications tripling year on year and proceeds reaching their second highest level on record.

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Artificial intelligence

How China’s AI video generator Kling challenges Google’s Veo, OpenAI’s Sora

With Kuaishou’s tool headed for US$240 million in annual revenue, the firm is one of the world’s most undervalued AI stocks, JPMorgan says.

Kling’s motion control feature, which easily lets puppies or any characters dance, fuelled viral trends. Photo: Handout
Artificial intelligence

Next level: why China’s game makers are quietly bankrolling generative AI

From scripts and storylines to customer service and user-generated worlds, developers are deploying LLM tools across the gaming pipeline.

IPO

From labs to listings: capital markets are the next battleground in the AI race

Stock exchanges have become another barometer in the US-China tech rivalry as markets assess a wave of start-ups in real time.

Artificial intelligence

Baidu launches Ernie 5.0 as firm’s AI assistant users reach 200 million a month

The Beijing-based company’s most advanced AI model can process text, images, audio and video.

A ranking published by LMArena showed Ernie-5.0-0110 came first among Chinese models and eighth globally in text performance. Photo: Shutterstock
HKEX

New energy, AI, EV and biotech to drive Hong Kong IPO growth: HKEX

11 companies raised US$4 billion in Hong Kong in the first three weeks of 2026, with hundreds more lining up to list, Bonnie Chan says.

HKEX will continue to help innovators access capital more efficiently, says Bonnie Chan. Photo: Edmond So
Artificial intelligence

China signals global AI push as MiniMax CEO joins meeting with Premier Li Qiang

Last January, DeepSeek founder Liang Wenfeng met the Chinese premier in the same setting following the start-up’s rapid rise to prominence.

DeepSeek

DeepSeek a year on: how a Chinese start-up sparked a global AI arms race

DeepSeek’s meteoric rise propelled the growth of the open-source AI ecosystem by spurring its competitors to join the movement.

videocam
IPO

Alibaba, JPMorgan said to back Chinese chip firm’s Hong Kong listing

Montage Technology could raise up to US$900 million in an IPO as soon as this month, sources say.

Bull statues sit in front of screens showing stock prices outside Exchange Square in Hong Kong on August 18, 2023. Photo: Reuters
Banking & finance

Growth in sovereign investors’ China exposure slows amid political tensions

Inflows fall 58 per cent as sovereign wealth funds grow cautious, yet outlook signals selective opportunities ahead, experts say.

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Sovereign investment activity has become increasingly politicised, forcing some Western state-owned investors to avoid major deals in China, according to a data platform. Photo: EPA
IPO

China’s stock rally on AI optimism to stretch fundraising frenzy in 2026

Tech companies on Shanghai, Shenzhen exchanges now trade nearly 40 per cent above the Nasdaq 100, boosting the appeal of going public.

Hong Kong stock market

Chipmaker GigaDevice jumps 37% in Hong Kong debut amid China self-reliance push

GigaDevice shares surge as investors chase Beijing’s self-sufficiency theme, with retail demand oversubscribed more than 540 times.

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Artificial intelligence

Alibaba’s Qwen family hits 700 million downloads to lead open-source AI adoption

Alibaba Cloud’s Qwen family is the world’s most widely used open-source AI system as of January, Hugging Face data shows.

The volume of Qwen downloads on Hugging Face reinforced its position as the world’s leading open-source ecosystem. Photo: Shutterstock
Hong Kong stock market

Hong Kong stocks rise on tech, health as mainland China turnover hits record

Alibaba Health soars over paediatric drug deal as trading volume on Shanghai and Shenzhen exchanges tops US$513 billion.

Artificial intelligence

MiniMax and Zhipu’s stellar Hong Kong IPOs supercharge China’s AI ambitions

Zhipu’s coding assistant is wooing subscribers with a monthly fee of about US$3, a fraction of what Anthropic charges for Claude.

IPO

Chinese AI start-up MiniMax shines on Hong Kong IPO debut

The shares jump as much as 113.2 per cent to HK$351.80 before ending the day 109.1 per cent higher at HK$345.

Executives of MiniMax Group, Suzhou Ribo Life Science, Yunnan Jinxun Resources and HKEX at the IPO listing ceremony on Friday. Photo: Jonathan Wong
IPO

3 Chinese AI, robotics stocks gain in Hong Kong debuts

Zhipu AI, Iluvatar CoreX and Edge Medical raised US$1.2 billion in their share offerings.

Zhipu AI is the first pure-play Chinese AI large language model developer traded on the Hong Kong stock exchange. Photo: Shutterstock
Artificial intelligence

China’s DeepSeek adds advanced ‘thinking’ feature amid buzz over next model

Hangzhou-based AI start-up installs ‘interleaved thinking’ as monthly users surge 90 per cent to nearly 131.5 million.

IPO

MiniMax’s Hong Kong IPO set to hit US$538 million amid Chinese AI sector frenzy

The Alibaba-backed firm is set to price its 25.4 million shares at HK$165 each, the top end of its marketed range, sources say.

Artificial intelligence

China takes confident strides to develop more AI innovation in 2026

‘China’s tech innovation is poised for policy-driven growth in 2026, with AI placed at the centre of the country’s economic agenda,’ NYU’s Winston Ma says.

Illustration: Henry Wong
IPO

Biren surges, China military drills, CES technology show

This week: Biren Technology jumps on Hong Kong debut, PLA holds drills off Taiwan and factory activity returns to expansion. Next week: Chinese tech firms at CES, December CPI release, HSBC-Hang Seng Bank buyout vote, and more.

Photo: handout
IPO

Hong Kong’s IPO dominance in 2025 set to carry on into new year

The city’s exchange secures global bragging rights after 114 companies raised US$37.22 billion on the main board in 2025, according to LSEG.

Artificial intelligence

China’s Moonshot AI raises US$500 million in latest funding round: report

The Kimi AI model developer is now valued at US$4.3 billion, with cash reserves worth US$1.4 billion.

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