IPO Timeline
Broker Deadline
2026-01-06
Morning deadline
HKEX Deadline
2026-01-06
Noon deadline
Broker Results (T-2)
2026-01-07
Some brokers release in afternoon
Grey Market (T-1)
2026-01-08
Afternoon
HKEX Allotment (T-1)
2026-01-08
Evening
Registrar Allotment (T-1)
2026-01-08
Evening
Listing Day (T)
2026-01-09
First day of trading
Company Overview
| Stock Name | MiniMax-W |
|---|---|
| Stock Code | 00100 |
| Company Full Name | MiniMax-W |
| Industry | AI & Machine Learning |
| Principal Activities | global AI foundation model company |
| Listing Date | 2026-01-09 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18C + Chapter 8A WVR |
| Weighted Voting Rights (WVR) | Yes |
| Registered Address (Mainland China) | Xinyan Mansion No. 65 Guiqing Road Xuhui District, Shanghai PRC |
| Business Address (Hong Kong) | Room 1917, 19/F Lee Garden One 33 Hysan Avenue, Causeway Bay Hong Kong |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.minimax.io |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | Maples Fund Services (Cayman) Limited |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Large IPO Exempt |
|---|---|
| Offer Price | HK$ 165.00 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 20 shares |
| Entry Threshold | HK$ 3,300 |
| Par Value | RMB 0.0001 / shares |
| Offer Period | 2025-12-31 to 2026-01-06 |
| Global Offering Shares | 29,197,600 shares |
| HK Public Offer Shares (Initial) | 1,269,480 shares (4.3%) |
| Public Offer Lots (Initial) | 63,474lots (31,737lots, 31,737lots) |
| International Placing Shares (Initial) | 24,119,740 shares (95.7%) |
| Offer Ratio | ~4.3% |
| Total Shares Post-IPO | 305,447,288 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 67.9% |
| Clawback Tiers | 18C回拨：<10倍→酌情增至10%，10倍至<50倍→10%，≥50倍→20% |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 4,817,604,000 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 20 | HK$ 3,300 |
| 2 lots | 40 | HK$ 6,600 |
| 3 lots | 60 | HK$ 9,900 |
| 4 lots | 80 | HK$ 13,200 |
| 5 lots | 100 | HK$ 16,500 |
| 6 lots | 120 | HK$ 19,800 |
| 7 lots | 140 | HK$ 23,100 |
| 8 lots | 160 | HK$ 26,400 |
| 9 lots | 180 | HK$ 29,700 |
| 10 lots | 200 | HK$ 33,000 |
| 15 lots | 300 | HK$ 49,500 |
| 20 lots | 400 | HK$ 66,000 |
| 25 lots | 500 | HK$ 82,500 |
| 30 lots | 600 | HK$ 99,000 |
| 35 lots | 700 | HK$ 115,500 |
| 40 lots | 800 | HK$ 132,000 |
| 45 lots | 900 | HK$ 148,500 |
| 50 lots | 1,000 | HK$ 165,000 |
| 100 lots | 2,000 | HK$ 330,000 |
| 150 lots | 3,000 | HK$ 495,000 |
| 200 lots | 4,000 | HK$ 660,000 |
| 250 lots | 5,000 | HK$ 825,000 |
| 300 lots | 6,000 | HK$ 990,000 |
| 350 lots | 7,000 | HK$ 1,155,000 |
| 400 lots | 8,000 | HK$ 1,320,000 |
| 450 lots | 9,000 | HK$ 1,485,000 |
| 500 lots | 10,000 | HK$ 1,650,000 |
| 1,000 lots | 20,000 | HK$ 3,300,000 |
| 1,500 lots | 30,000 | HK$ 4,950,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 40,000 | HK$ 6,600,000 |
| 2,500 lots | 50,000 | HK$ 8,250,000 |
| 3,000 lots | 60,000 | HK$ 9,900,000 |
| 3,500 lots | 70,000 | HK$ 11,550,000 |
| 4,000 lots | 80,000 | HK$ 13,200,000 |
| 4,500 lots | 90,000 | HK$ 14,850,000 |
| 5,000 lots | 100,000 | HK$ 16,500,000 |
| 10,000 lots | 200,000 | HK$ 33,000,000 |
| 15,000 lots | 300,000 | HK$ 49,500,000 |
| 20,000 lots | 400,000 | HK$ 66,000,000 |
| 25,000 lots | 500,000 | HK$ 82,500,000 |
| 31,737 lots | 634,740 | HK$ 104,732,100 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 50,398,802,520 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | 虧損人民幣512,013千元（截至2025年9月30日止九個月） |
| Period-End Cash Balance | 人民币4,700,000元 |
| Listing Expenses | ~HK$ 193,200,000 |
| Listing Expenses / Funds Raised | ~4.8% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 345.0 |
|---|---|
| First Day Open | HK$ 235.4 |
| First Day Change | 109.09% |
| First Day Volume | 15921900.0 |
| First Day Turnover | 4004590000.0 |
Use of Proceeds
| Use of Proceeds | 1、約90%（或3,436.4百萬港元）將用于未來五年的研發，包括開發大模型和AI原生產品； 2、約10.0%（或381.8百萬港元）將被分配至營運資金及一般企業用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
中国国际金融香港证券有限公司 CE AEN894
UBS Securities Hong Kong Limited
Overall Coordinators (4)
中国国际金融香港证券有限公司 CE AEN894
UBS AG Hong Kong Branch
高盛（亚洲）有限责任公司 CE ACC536
摩根士丹利亚洲有限公司 CE AAD291
Joint Global Coordinators (4)
中国国际金融香港证券有限公司 CE AEN894
UBS AG Hong Kong Branch
高盛（亚洲）有限责任公司 CE ACC536
摩根士丹利亚洲有限公司 CE AAD291
Joint Bookrunners (6)
中国国际金融香港证券有限公司 CE AEN894
UBS AG Hong Kong Branch
高盛（亚洲）有限责任公司 CE ACC536
摩根士丹利亚洲有限公司 CE AAD291
富途证券国际（香港）有限公司 CE AZT137
老虎证券（香港）环球有限公司 CE BMU940
Joint Lead Managers (6)
中国国际金融香港证券有限公司 CE AEN894
UBS AG Hong Kong Branch
高盛（亚洲）有限责任公司 CE ACC536
摩根士丹利亚洲有限公司 CE AAD291
富途证券国际（香港）有限公司 CE AZT137
老虎证券（香港）环球有限公司 CE BMU940
Capital Market Intermediaries (6)
中国国际金融香港证券有限公司 CE AEN894
UBS AG Hong Kong Branch
高盛（亚洲）有限责任公司 CE ACC536
摩根士丹利亚洲有限公司 CE AAD291
富途证券国际（香港）有限公司 CE AZT137
老虎证券（香港）环球有限公司 CE BMU940
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Davis Polk & Wardwell 北京市竞天公诚律师事务所 霍金路伟国际律师事务所 ZwillGen PLLC 旭龄及穆律师事务所 迈普达律师事务所（香港）有限法律责任合伙 |
| Legal Advisor to Sponsors/Underwriters |
富而德律师事务所 北京市通商律师事务所 |
| Auditor and Reporting Accountant | 安永会计师事务所 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Compliance Advisor | 新百利融资有限公司 CE BAU754 |
| Receiving Banks | 渣打银行（香港）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 股份的股份的股份的股份的股份的股份的股份的股份的ADIA | 65,000,000 USD | 3,200,840 | 12.61% | 1.05% | 6 months | 2026-07-09 |
| 2 | Alisoft China | 30,000,000 USD | 1,477,300 | 5.82% | 0.48% | 6 months | 2026-07-09 |
| 3 | Aspex Master Fund | 35,000,000 USD | 1,723,520 | 6.79% | 0.56% | 6 months | 2026-07-09 |
| 4 | Boyu | 35,000,000 USD | 1,723,520 | 6.79% | 0.56% | 6 months | 2026-07-09 |
| 5 | 汇添富香港 | 15,000,000 USD | 738,640 | 2.91% | 0.24% | 6 months | 2026-07-09 |
| 6 | Eastspring | 15,000,000 USD | 738,640 | 2.91% | 0.24% | 6 months | 2026-07-09 |
| 7 | 易方达基金管理 | 10,000,000 USD | 492,420 | 1.94% | 0.16% | 6 months | 2026-07-09 |
| 8 | IDG Breyer Fund | 15,000,000 USD | 738,640 | 2.91% | 0.24% | 6 months | 2026-07-09 |
| 9 | Janchor Funds | 35,000,000 USD | 1,723,520 | 6.79% | 0.56% | 6 months | 2026-07-09 |
| 10 | Martis Fund, L.P | 15,000,000 USD | 738,640 | 2.91% | 0.24% | 6 months | 2026-07-09 |
| 11 | Mirae Asset Securities | 20,000,000 USD | 984,860 | 3.88% | 0.32% | 6 months | 2026-07-09 |
| 12 | MPC VII | 15,000,000 USD | 738,640 | 2.91% | 0.24% | 6 months | 2026-07-09 |
| 13 | Perseverance Asset Management | 25,000,000 USD | 1,231,080 | 4.85% | 0.40% | 6 months | 2026-07-09 |
| 14 | 泰康人寿 | 20,000,000 USD | 984,860 | 3.88% | 0.32% | 6 months | 2026-07-09 |
Directors & Management
| Chairman | Dr. Yan Junjie |
|---|---|
| Company Secretary | Mr. Xue Zizhao |
執行董事 (4)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 闫俊杰 | — | 執行董事 |
| 2 | 贠烨 | — | 執行董事 |
| 3 | 赵鹏宇 | — | 執行董事 |
| 4 | 周聪 | — | 執行董事 |
非執行董事 (2)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 陈英杰 | — | 非執行董事 |
| 2 | 刘伟 | — | 非執行董事 |
獨立非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 黄国滨 | — | 獨立非執行董事 |
| 2 | 王鹏程 | — | 獨立非執行董事 |
| 3 | 朱华星 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS SUBSTANTIAL SHAREHOLDERS So far as our Directors are aware, immediately following completion of the Global Offering, assuming the Offer Size Adjustment Option and the Over-allotment Option are not exercised, the following persons will have interests |
|---|
AI
AI Analysis
Market Sentiment
The IPO drew massive oversubscription of 1,837.17 times, yet the overall hit rate reached an unusually high 25.12% due to the 18C clawback raising the Hong Kong public pool to 20% of total shares. Typically, such extreme oversubscription results in single-digit hit rates, making this allocation pattern notable. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable tier anomaly exists: the A-tail application of 30,000 lots expects a mere 0.0027 lots, while a B-head application of 40,000 lots guarantees one full lot, creating a stark allocation cliff. This inefficiency penalizes large A-tier applicants who would have better cost-efficiency by scaling up to the B-tier, though broker fees and financing costs may offset the benefit. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Mainland Chinese investors dominated at 71.3% of applicants, underscoring strong cross-border demand for homegrown AI unicorn MiniMax. The gender split skewed male at 62.1%, with an average age of 41.3 years, aligning with typical Hong Kong retail investor profiles. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
