IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Minimax-W |
|---|---|
| Stock Code | 00100 |
| Company Full Name | MiniMax Group Inc |
| Industry | AI & Machine Learning |
| Principal Activities | MiniMax is a global AI large-model company committed to advancing artificial intelligence technology innovation and achieving the ability to perform various human intellectual tasks, including learning, reasoning, planning, and generalizing knowledge across multiple domains. |
| Listing Date | 2026-01-09 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18C + Chapter 8A WVR |
| Weighted Voting Rights (WVR) | Yes |
| Registered Address (Mainland China) | Xinyan Mansion No. 65 Guiqing Road Xuhui District, Shanghai PRC |
| Business Address (Hong Kong) | Room 1917, 19/F Lee Garden One 33 Hysan Avenue, Causeway Bay Hong Kong |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.minimax.io |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | Maples Fund Services (Cayman) Limited |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | 18C |
|---|---|
| Offer Price | HK$ 165.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 20 shares |
| Entry Threshold | HK$ 3,300 |
| Par Value | RMB 0.0001 / shares |
| Offer Period | 2025-12-31 to 2026-01-06 |
| Global Offering Shares | 29,197,600 shares |
| HK Public Offer Shares (Initial) | 1,269,480 shares (5.0%) |
| Public Offer Lots (Initial) | 63,474lots (Pool A31,737lots，Pool B31,737lots) |
| International Placing Shares (Initial) | 24,119,740 shares (95.0%) |
| Offer Ratio | ~4.3% |
| Total Shares Post-IPO | 305,447,288 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | 67.9% |
| Clawback Tiers | 18C clawback: <10x → up to 10% at discretion; 10x to <50x → 10%; ≥50x → 20% |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 4,817,604,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 3 lots | 60 | HK$ 9,900 |
| 4 lots | 80 | HK$ 13,200 |
| 5 lots | 100 | HK$ 16,500 |
| 6 lots | 120 | HK$ 19,800 |
| 7 lots | 140 | HK$ 23,100 |
| 8 lots | 160 | HK$ 26,400 |
| 9 lots | 180 | HK$ 29,700 |
| 10 lots | 200 | HK$ 33,000 |
| 15 lots | 300 | HK$ 49,500 |
| 20 lots | 400 | HK$ 66,000 |
| 25 lots | 500 | HK$ 82,500 |
| 30 lots | 600 | HK$ 99,000 |
| 35 lots | 700 | HK$ 115,500 |
| 40 lots | 800 | HK$ 132,000 |
| 45 lots | 900 | HK$ 148,500 |
| 50 lots | 1,000 | HK$ 165,000 |
| 100 lots | 2,000 | HK$ 330,000 |
| 150 lots | 3,000 | HK$ 495,000 |
| 200 lots | 4,000 | HK$ 660,000 |
| 250 lots | 5,000 | HK$ 825,000 |
| 300 lots | 6,000 | HK$ 990,000 |
| 350 lots | 7,000 | HK$ 1,155,000 |
| 400 lots | 8,000 | HK$ 1,320,000 |
| 450 lots | 9,000 | HK$ 1,485,000 |
| 500 lots | 10,000 | HK$ 1,650,000 |
| 1,000 lots | 20,000 | HK$ 3,300,000 |
| 1,500 lots | 30,000 | HK$ 4,950,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 40,000 | HK$ 6,600,000 |
| 2,500 lots | 50,000 | HK$ 8,250,000 |
| 3,000 lots | 60,000 | HK$ 9,900,000 |
| 3,500 lots | 70,000 | HK$ 11,550,000 |
| 4,000 lots | 80,000 | HK$ 13,200,000 |
| 4,500 lots | 90,000 | HK$ 14,850,000 |
| 5,000 lots | 100,000 | HK$ 16,500,000 |
| 10,000 lots | 200,000 | HK$ 33,000,000 |
| 15,000 lots | 300,000 | HK$ 49,500,000 |
| 20,000 lots | 400,000 | HK$ 66,000,000 |
| 25,000 lots | 500,000 | HK$ 82,500,000 |
| 31,737 lots | 634,740 | HK$ 104,732,100 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 121.97B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 50,398,802,520 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 512.01 million (2025) |
| Period-End Cash Balance | RMB 4.7 million |
| Listing Expenses | ~HK$ 193,200,000 |
| Listing Expenses / Funds Raised | ~4.8% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 345.0 |
|---|---|
| First Day Open | HK$ 235.4 |
| First Day Change | 109.09% |
| First Day Volume | 15921900.0 |
| First Day Turnover | 4004590000.0 |
| Use of Proceeds | 1、約90%（或3,436.4百萬港元）將用于未來五年的研發，包括開發大模型和AI原生產品；
2、約10.0%（或381.8百萬港元）將被分配至營運資金及一般企業用途。 |
Underwriting Syndicate
Joint Sponsors (2)
Overall Coordinators (4)
Joint Global Coordinators (4)
Joint Bookrunners (6)
Joint Lead Managers (6)
Capital Market Intermediaries (6)
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Davis Polk & Wardwell 北京市竞天公诚律师事务所 霍金路伟国际律师事务所 ZwillGen PLLC 旭龄及穆律师事务所 迈普达律师事务所（香港）有限法律责任合伙 |
| Legal Advisor to Sponsors/Underwriters |
富而德律师事务所 北京市通商律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Compliance Advisor | Somerley Capital Limited CE BAU754 |
| Receiving Banks | Standard Chartered Bank (Hong Kong) Limited |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 股份的股份的股份的股份的股份的股份的股份的股份的ADIA | 65,000,000 USD | 3,200,840 | 12.61% | 1.05% | 6 months | 2026-07-09 |
| 2 | Alisoft China | 30,000,000 USD | 1,477,300 | 5.82% | 0.48% | 6 months | 2026-07-09 |
| 3 | Aspex Master Fund | 35,000,000 USD | 1,723,520 | 6.79% | 0.56% | 6 months | 2026-07-09 |
| 4 | Boyu | 35,000,000 USD | 1,723,520 | 6.79% | 0.56% | 6 months | 2026-07-09 |
| 5 | 汇添富香港 | 15,000,000 USD | 738,640 | 2.91% | 0.24% | 6 months | 2026-07-09 |
| 6 | Eastspring | 15,000,000 USD | 738,640 | 2.91% | 0.24% | 6 months | 2026-07-09 |
| 7 | 易方达基金管理 | 10,000,000 USD | 492,420 | 1.94% | 0.16% | 6 months | 2026-07-09 |
| 8 | IDG Breyer Fund | 15,000,000 USD | 738,640 | 2.91% | 0.24% | 6 months | 2026-07-09 |
| 9 | Janchor Funds | 35,000,000 USD | 1,723,520 | 6.79% | 0.56% | 6 months | 2026-07-09 |
| 10 | Martis Fund, L.P | 15,000,000 USD | 738,640 | 2.91% | 0.24% | 6 months | 2026-07-09 |
| 11 | Mirae Asset Securities | 20,000,000 USD | 984,860 | 3.88% | 0.32% | 6 months | 2026-07-09 |
| 12 | MPC VII | 15,000,000 USD | 738,640 | 2.91% | 0.24% | 6 months | 2026-07-09 |
| 13 | Perseverance Asset Management | 25,000,000 USD | 1,231,080 | 4.85% | 0.40% | 6 months | 2026-07-09 |
| 14 | 泰康人寿 | 20,000,000 USD | 984,860 | 3.88% | 0.32% | 6 months | 2026-07-09 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Dr. Yan Junjie | Dr. Yan Junjie |
| Company Secretary | Mr. Xue Zizhao | Mr. Xue Zizhao |
| Executive Director | 闫俊杰 | Yan Junjie |
| Non-Executive Director | 陈英杰 | Chen Yingjie |
| Independent Non-Executive Director | 黄国滨 | Huang Guobin |
| Executive Director | 贠烨祎 | Yun Yeyi |
| Non-Executive Director | 刘伟 | Liu Wei |
| Independent Non-Executive Director | 王鹏程 | Wang Pengcheng |
| Executive Director | 赵鹏宇 | Zhao Pengyu |
| Independent Non-Executive Director | 朱华星 | Zhu Huaxing |
| Executive Director | 周彧聪 | Zhou Yucong |
Major Shareholders
| Major Shareholders & Holdings | Dr. Yan, through Alpha EXP, MiniMax Awakening, MiniMax Limited and others, holds 74,102,534 Class B ordinary shares and 5,000,000 Class A ordinary shares, representing 24.26% of the issued share capital after completion of the Global Offering (assuming that the volume adjustment option and the over-allotment option are not exercised). |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO drew massive oversubscription of 1,837.17 times, yet the overall hit rate reached an unusually high 25.12% due to the 18C clawback raising the Hong Kong public pool to 20% of total shares. Typically, such extreme oversubscription results in single-digit hit rates, making this allocation pattern notable. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable tier anomaly exists: the A-tail application of 30,000 lots expects a mere 0.0027 lots, while a B-head application of 40,000 lots guarantees one full lot, creating a stark allocation cliff. This inefficiency penalizes large A-tier applicants who would have better cost-efficiency by scaling up to the B-tier, though broker fees and financing costs may offset the benefit. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland Chinese investors dominated at 71.3% of applicants, underscoring strong cross-border demand for homegrown AI unicorn MiniMax. The gender split skewed male at 62.1%, with an average age of 41.3 years, aligning with typical Hong Kong retail investor profiles. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
