China-based AI startup MiniMax Group surged as much as 90% on its first day of trading in Hong Kong on Friday, becoming the second major Chinese developer of large language models to go public.
The company raised HK$4.8 billion ($620 million) in its IPO, outperforming its local rival Zhipu AI
, which had listed in Hong Kong just one day earlier and rose a modest 13% on its first day of trade.
MiniMax shares were last trading at HK$298 per share as of 3 p.m. local time, compared with the offer price of HK$165.
Both MiniMax and Zhipu are part of China’s so-called “AI tigers”— startups building large language models to rival American AI giants like OpenAI, which they’ve now beaten to going public.
