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Dec 31, 2025 8:50 AM

Alibaba Backs OpenAI's Chinese Rival MiniMax In New IPO

Global investor interest in Chinese artificial intelligence companies continues to grow, and MiniMax is preparing to capitalize on that demand.

MiniMax Targets Hong Kong IPO In 2026

The Chinese AI startup plans to go public in Hong Kong, positioning itself as a rival to OpenAI.

MiniMax aims to raise at least 3.83 billion Hong Kong dollars ($492 million) by selling roughly 25.4 million shares priced between 151 Hong Kong dollars and 165 Hong Kong dollars each, Bloomberg reported Tuesday.

Also Read: Alibaba Amplifies AI Investment, Valuing MiniMax Over $2.5B in Latest Financing Round

If demand proves ...