MiniMax Group Jumps 44% After Hong Kong IPO Debut

MiniMax Group surged in its Hong Kong IPO debut, jumping as much as 90% intraday and closing up 44% after raising HK$4.8 billion (about $620 million).The listing followed Zhipu AI’s Hong Kong debut one session earlier, when the OpenAI challenger rose 13%, marking back-to-back public-market wins for China’s “AI tigers.”MiniMax, founded in 2021 and backed by Alibaba Group and Tencent Holdings, said it will use the proceeds for research and development as it scales AI products amid U.S. export curbs on advanced AI training chips and ongoing losses.