Backed by Alibaba Group and ADIA, MiniMax is one of the first Chinese generative AI companies to go public after the success of ChatGPT. On Friday, MiniMax's shares surged 91% in their debut on the Hong Kong stock exchange following an initial public offering worth $619 million, supported by Abu Dhabi Investment Authority (ADIA). The stock was priced at HK$165 ($21.17) in a retail offering, where individual investors subscribed for more than 1,830 times the shares available. Its stock's performance on the first day will serve as a crucial test of investor enthusiasm in the artificial intelligence sector.
