HONG KONG, January 9th, 2026 —— CIC extends warmest congratulations to MiniMax Group Inc. (0100. HK) on its sucessful listing on the Hong Kong Exchanges and Clearing Limited (HKEX) .
As a seasoned IPO industry consultant, CIC is honored to have been deeply involved in MiniMax's HKEX listing journey. We actively collaborated with the company and sponsors in compiling the industry overview chapter of the prospectus. Post-submission, we continuously supported the team in responding to inquiries from the HKEX and other regulatory authorities, refined the information disclosure content of the listing application materials, and fully contributed to MiniMax's successful market debut.
Pioneering the title of "the first global large model stock", MiniMax has achieved remarkable market recognition:
Secured US$350 million in subscriptions from 14 heavyweight cornerstone investors, including Aspex, Eastspring, Mirae Asset, ADIA, Boyu, Alibaba, E Fund, IDG, and China Universal. This diverse investor base spans international long-term funds, leading tech firms, Chinese long-term institutions, and strategic industrial players, forming a strong value endorsement.
Witnessed an astonishing 1,209x oversubscription in the public offering, a testament to the market's strong confidence in its value proposition.
Founded with a focus on multi-modal model R&D from the outset, MiniMax adopts a Mixture of Experts (MoE) architecture and hybrid attention mechanism. Its self-developed core large model portfolio, including MiniMax M2, Hailuo-02, and Speech-02, powers its AI-native products and open platform. Notably, MiniMax M2, with its innovative "Interleaved Thinking" framework, ranked among the top 3 global models by daily token consumption on OpenRouter within its first week of release and became the first Chinese local model to exceed 50 billion daily tokens on the platform—a leading global unified API gateway for developers.
MiniMax's listing comes at a pivotal time for the global large model market. According to CIC, The global large model market (measured by model-based revenue) is poised to grow at a CAGR of 80.7%, surging from US$10.7 billion in 2024 to US$206.5 billion in 2029. Key growth drivers include:
Technological Leapfrog: Each generation of model advancement unlocks new application scenarios—from GPT-3's entertainment chat to GPT-4's professional services and Sora's commercial video generation. MiniMax M2's breakthrough in Agent reasoning exemplifies this trend.
Scaling Law: Continued scaling in pre-training (computing, data, computing power) and emerging inference-stage scaling (enhanced reasoning with increased computing) form the cornerstone of the new "Moore's Law" for the industry.
Cost Reduction: Steady declines in inference costs (e.g., 99% reduction for GPT-4 since launch) unlock more ROI-positive use cases, driving widespread adoption across industries.
The large model market's revenue model comprises model-based (subscription-based end-user applications and Model-as-a-Service/MaaS) and deployment-based (private deployment of solutions) revenue. Model-based solutions offer distinct advantages, enabling users to access iterative performance upgrades without version migration costs and reducing upfront infrastructure investments.
As a seasoned Industry Consultant, CIC offers services such as market sizing, competitive analysis, and enterprise value verification, etc., with global experience in advising "first-in-sector" IPOs in the AI sector.
From from IPO preparation to listing hearings, CIC unearths the true intrinsic value of enterprises and translates it into actionable insights for successful capital market landing. Prior to MiniMax, CIC has supported leading enterprises in successful listings both domestically and overseas, including Horizon Robotics, 4Paradigm, INTSIG, Biren and Baidu, etc.
About CIC
CIC is a professional consulting firm offering tailored end-to-end support across the full investment and financing lifecycle. The firm boasts a world-leading track record in guiding landmark first-in-sector IPOs across global markets, alongside unrivaled reach and in-depth coverage capabilities across specialized niche market segments.
CIC helps enterprises refine scalable business models and craft compelling capital narratives to enable seamless access to global capital markets, while serving as a trusted due diligence partner to investment institutions. It delivers granular industry insights and direct access to subject matter experts, empowering clients to identify high-value opportunities and mitigate critical risks effectively.
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