BRIEF: MiniMax cleared by China’s securities regulator for Hong Kong IPO
AI company MiniMax Group Inc. was cleared by China’s securities regulator on Monday for a Hong Kong IPO, just days after it passed its listing hearing with the Hong Kong Stock Exchange. The pair of steps clear two of the last remaining regulatory hurdles for MiniMax to complete its listing on the Hong Kong Stock Exchange.
The company plans to sell about 33.6 million shares in the listing, according to a notice announcing the plan’s registration on the China Securities Regulatory Commission’s (CSRC) website. A day earlier, on Dec. 21, the posting of MiniMax’s preliminary prospectus on the Hong Kong Stock Exchange’s website indicated it had passed its listing hearing.
MiniMax has developed several AI foundation models that can understand, generate and integrate a wide range of modalities, including text, video and audio. Its revenue in the first nine months of this year more than doubled to $53.4 million from $19.5 million in the year-ago period. The company’s loss widened to $512 million in the latest nine-month period from $304 million a year earlier.
By Doug Young
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