Chinese AI firm MiniMax targets $4 billion-plus valuation in Hong Kong IPO, sources say

Chinese AI startup MiniMax has filed confidentially for a Hong Kong initial public offering, targeting a valuation of over $4 billion in the flotation, which could happen before the end of this year, three people with knowledge of the matter said.

MiniMax could raise HK$4 billion to HK$5 billion ($510 million to $637 million) in the IPO, one of the sources said.

China International Capital Corp and UBS have been hired as sponsors for the IPO, the sources said.