Global institutional investors Baillie Gifford and GIC have secured significant stakes in MiniMax’s $619 million initial public offering on the Hong Kong Stock Exchange. The participation underscores strong international confidence in China’s AI-driven consumer technology sector.
- Baillie Gifford and GIC secured major allocations in MiniMax’s $619 million Hong Kong IPO
- IPO priced at HK$45 per share, raising capital through a global offering
- Pre-IPO valuation reached approximately $2.4 billion
- MiniMax reported over 28 million monthly active users and $110 million in annualized revenue
- IPO size increased 32% over initial target due to strong investor demand
- Institutional participation signals growing confidence in China’s AI consumer tech ecosystem
Baillie Gifford and GIC have emerged as key institutional buyers in MiniMax’s $619 million initial public offering (IPO) on the Hong Kong Stock Exchange, according to market sources familiar with the allocation. The firm, known for its AI-powered multimedia app, raised capital through a global offering that included both retail and institutional tranches, with the bulk of the shares placed with strategic foreign investors. The IPO, which priced at HK$45 per share, marks a pivotal moment for China’s generative AI sector, signaling growing appetite among global long-term investors despite macroeconomic headwinds. Baillie Gifford and GIC’s participation reflects a strategic bet on AI-native platforms with scalable consumer engagement, particularly in the fast-evolving digital content space. The final offering size of $619 million represents a 32% increase over the initial target, indicating strong demand. MiniMax’s pre-IPO valuation reached approximately $2.4 billion, driven by rapid user growth and revenue from its AI video, image, and text generation tools. The company reported over 28 million monthly active users as of Q4 2025, with annualized revenue exceeding $110 million. The IPO’s success has enhanced visibility for other Chinese AI startups targeting international markets. Institutional buy-in from firms like Baillie Gifford and GIC may encourage further cross-border listings and investor flows into high-growth tech sectors based in Asia.