Shares of Shanghai-based AI company MiniMax doubled on its first day of trading. Amid strong investor demand, the share price rose 103% in one day to HK$335 ($42.97), according to Hong Kong Stock Exchange data.
The initial price was HK$165 ($21.16). A total of 29.2 million shares were issued. The Shanghai-based developer raised HK$4.8 billion ($620 million) in an initial public offering.
MiniMax was founded in Shanghai in 2021 and launched its first model in 2022. MiniMax develops AI models that work with text, audio, images, video and music. Popular applications include the AI video creation tool Hailuo AI and Talkie, an app for interacting with AI-powered virtual characters.
MiniMax is owned by Alibaba, computer game developer miHoYo and the Abu Dhabi Investment Authority.
MiniMax became the second Chinese company to list on the Hong Kong Stock Exchange. On January 8, Beijing-based Zhipu AI began trading there. Its shares rose 14.4% on the first day of trading.