Alibaba, Abu Dhabi Set to Invest in MiniMax’s $600 Million IPO - Bloomberg
Chinese artificial intelligence startup MiniMax has secured Alibaba Group Holding Ltd. and Abu Dhabi Investment Authority as key backers in its upcoming initial public offering in Hong Kong, according to people familiar with the matter.
MiniMax is seeking to raise more than $600 million from the IPO, according to the people, who asked not to be identified because the information is private. It is set to start taking investor orders as early as Wednesday for a listing in January, some of them said.
In addition to the Abu Dhabi sovereign wealth fund and Alibaba, IDG Capital, Perseverance Asset Management, and South Korea’s Mirae Asset will be among the cornerstone investors in the deal, the people said.
Deliberations are ongoing, and the size and timing of the deal may still change, they added. Representatives for MiniMax, ADIA and IDG declined to comment. Alibaba and Mirae Asset did not respond to requests for comment.
MiniMax is among the survivors of a brutal price war in China dubbed the “Battle of One Hundred Models,” and is in a heated race to become the first domestic generative AI startup to go public. The company is appealing to investors that want a piece of the emerging technology in China as it seeks to raise funding to take on US leaders such as OpenAI.
Like in the US, there are also concerns in China about over-investment in AI infrastructure without clear paths to profitability. MiniMax generated $30.5 million in revenue last year. That’s a fraction of the some $13 billion in revenue OpenAI is projected to make in 2025.
But global investors and tech firms are unfazed by the short-term headwinds as major countries race to bulk up their AI muscle.
On Monday, Meta Platforms Inc. said it has agreed to buy Manus, a popular Singapore-based AI agent with Chinese roots, in its effort to build a business around its massive investment in the technology. The deal values Manus at more than $2 billion.
MiniMax’s planned share sale follows a year-end rush to list in Hong Kong, in what is set to be a four-year high in proceeds from IPOs in the city. December was the busiest month for IPOs in the Asian financial hub since 2019, with 25 companies debuting their shares.
On Tuesday, rival Knowledge Atlas Technology Joint Stock Co. — also known as Zhipu AI — sought to raise HK$4.3 billion ($552 million) from its Hong Kong IPO.
Tuesday, 30 December 2025
Most Gulf markets retreat as #Saudi and #UAE clash over Yemen | Reuters
Most Gulf markets retreat as Saudi and UAE clash over Yemen | Reuters
Gulf equity indexes mostly ended lower on Tuesday as tension flared between regional oil powers and neighbours Saudi Arabia and the United Arab Emirates.
Dubai's main share index (.DFMGI), opens new tab retreated 2%, LSEG data showed, while Abu Dhabi's main index (.FTFADGI), opens new tab and Saudi Arabia (.TASI), opens new tab both dropped 1% each.
Saudi Arabia said its national security was a red line, hours after a Saudi-led coalition launched strikes on what it described as foreign military support to UAE-backed southern separatists in Yemen, and also asked UAE forces to leave the country.
This month has pitted the (STC) against Saudi-supported Yemeni government troops, bringing the two Gulf allies closer than ever to an all-out conflict in Yemen, mired in civil war since 2014.
The United Arab Emirates said it was disappointed with Saudi Arabia's statement regarding Yemen, and surprised by the airstrike on Mukalla.
The Dubai index saw its biggest daily decline since June. Blue-chip developer Emaar Properties (EMAR.DU), opens new tab fell 2.8% and sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab lost 2.3%.
Among Saudi shares, Saudi Arabian Mining Co (1211.SE), opens new tab slipped 2.6% and Al Rajhi Bank (1120.SE), opens new tab eased 0.3%. Oil giant Saudi Aramco (2222.SE), opens new tab was down 0.3%.
Oil prices - a catalyst for the Gulf's financial markets - were little changed as investors took stock of dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen.
The Qatari index (.QSI), opens new tab finished flat.
Bahrain (.BAX), opens new tab bucked the trend with a 0.6% rise after the country announced several fiscal reform measures on Monday.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab edged 0.1% lower.
Gulf equity indexes mostly ended lower on Tuesday as tension flared between regional oil powers and neighbours Saudi Arabia and the United Arab Emirates.
Dubai's main share index (.DFMGI), opens new tab retreated 2%, LSEG data showed, while Abu Dhabi's main index (.FTFADGI), opens new tab and Saudi Arabia (.TASI), opens new tab both dropped 1% each.
Saudi Arabia said its national security was a red line, hours after a Saudi-led coalition launched strikes on what it described as foreign military support to UAE-backed southern separatists in Yemen, and also asked UAE forces to leave the country.
This month has pitted the (STC) against Saudi-supported Yemeni government troops, bringing the two Gulf allies closer than ever to an all-out conflict in Yemen, mired in civil war since 2014.
The United Arab Emirates said it was disappointed with Saudi Arabia's statement regarding Yemen, and surprised by the airstrike on Mukalla.
The Dubai index saw its biggest daily decline since June. Blue-chip developer Emaar Properties (EMAR.DU), opens new tab fell 2.8% and sharia-compliant lender Dubai Islamic Bank (DISB.DU), opens new tab lost 2.3%.
Among Saudi shares, Saudi Arabian Mining Co (1211.SE), opens new tab slipped 2.6% and Al Rajhi Bank (1120.SE), opens new tab eased 0.3%. Oil giant Saudi Aramco (2222.SE), opens new tab was down 0.3%.
Oil prices - a catalyst for the Gulf's financial markets - were little changed as investors took stock of dented hopes of a Russia-Ukraine peace deal and rising geopolitical tensions in the Middle East around Yemen.
The Qatari index (.QSI), opens new tab finished flat.
Bahrain (.BAX), opens new tab bucked the trend with a 0.6% rise after the country announced several fiscal reform measures on Monday.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab edged 0.1% lower.
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