Chinese artificial intelligence startup MiniMax secured Alibaba Group and Abu Dhabi Investment Authority as key backers for its upcoming Hong Kong initial public offering. The company aims to raise more than $600 million from the listing.
According to Bloomberg, MiniMax is set to start taking investor orders as early as Wednesday for a listing planned in January. The size and timing of the deal could still change as deliberations continue.
Beyond Alibaba and the Abu Dhabi sovereign wealth fund, other cornerstone investors include IDG Capital, Perseverance Asset Management and South Korea’s Mirae Asset.
What MiniMax Does
MiniMax specializes in social AI experiences and generative AI technology. The company creates AI companions and virtual characters for user interaction. Its products span video games, cartoon personas and conversational AI.
The startup operates two main apps. Talkie serves international markets while Xing Ye targets China. Users can engage with diverse characters ranging from fantasy and anime figures to unconventional choices. Many characters feature AI-generated voices.
Founded in 2021 by former SenseTime Group employees including Yan Junjie, MiniMax has grown rapidly in the competitive Chinese AI market.
Financial Performance
MiniMax generated $30.5 million in revenue last year. In the first three quarters of 2025, revenue reached $53.4 million. This represents significant growth but remains modest compared to OpenAI’s projected $13 billion revenue for 2025.
The company reported net losses of $269 million in 2023, $465 million in 2024 and $512 million in the first three quarters of 2025. Gross margins improved from negative 24.7 percent in 2023 to 23.3 percent in 2025.
Over 70 percent of MiniMax’s revenue comes from overseas markets. Singapore accounts for 24.3 percent and the US for 20.4 percent of international revenue.
Alibaba Relationship
Alibaba holds a significant stake in MiniMax. As of December 15, 2025 Alibaba indirectly held 13.66 percent of the company through an affiliate. The e-commerce giant controls 3.64 percent of voting rights.
MiniMax spent $58.4 million on Alibaba Cloud services in the first three quarters of 2025 alone. This figure grew from just $40,000 in 2022, showing deepening ties between the companies.
The two companies agreed on new API-based projects starting next year. MiniMax expects API service revenue to grow by at least 200 percent over the next three years through the Alibaba partnership.
For investors exploring AI opportunities, check out our best AI stocks analysis.
Competitive Landscape
The IPO comes as Chinese AI startups race to reach public markets. On Tuesday, Zhipu AI sought to raise HK$4.3 billion ($552 million) from its own Hong Kong IPO.
This week Meta Platforms agreed to acquire Manus, a Singapore-based AI agent with Chinese roots, for more than $2 billion. The deal underscores sustained global appetite for AI assets.
Like US counterparts, Chinese AI startups face concerns about heavy spending on infrastructure and research without clear near-term paths to profitability. Despite these challenges, global investors continue pouring money into artificial intelligence betting on long-term strategic importance.
