MiniMax Goes Public on HKEX: Raises Over HK$5 Billion in Record 4-Year IPO Sprint, Shares Surge 50% on Debut Day
On January 8, 2026, Chinese AI unicorn MiniMax made history with its blockbuster Hong Kong IPO, raising more than HK$5 billion (≈US$640 million) — the fastest path from founding to public listing among major Chinese AI companies in just four years. Priced at the top of the range, the stock (ticker: 9898.HK) opened 38% higher and closed up 50% on debut, valuing the company at over HK$45 billion. The explosive first-day performance reflects surging global appetite for frontier AI infrastructure plays and cements MiniMax as the hottest AI IPO of the post-ChatGPT era.
MiniMax Hailuo Video Team Drops VTP: The First Open-Source Scalable Visual Tokenizer Pre-Training Framework — Revolutionizing Generative Video Pipelines
On December 16, 2025, the MiniMax Hailuo Video team officially open-sourced VTP (Visual Tokenizer Pre-training) — a groundbreaking unified framework for pre-training visual tokenizers optimized for downstream generation tasks. By jointly optimizing contrastive, self-supervised, and reconstruction losses, VTP creates semantic-rich latent spaces that scale dramatically better than traditional autoencoders, delivering 65.8% FID gains in DiT-based video/image generation with just more pre-training FLOPs. Models (0.2B-0.3B) and code are now live on GitHub and Hugging Face, empowering the community to build next-gen Hailuo-level video models without starting from scratch.
