Minimax stock doubles on Hong Kong debut

Shares of Chinese AI startup Minimax doubled in value during their Hong Kong Stock Exchange debut. The stock closed up 109 percent at 345 Hong Kong dollars, CNBC reports. Minimax significantly outperformed local rival Zhipu AI, whose shares gained just 13 percent the day before. The IPO raised around $620 million for Minimax.

The company, backed by Alibaba and Tencent, develops language models for chatbots and video generation. Despite having over 200 million users and revenue jumping to $53.4 million, Minimax reported a $512 million loss for the first nine months of 2025. The company says it's funneling earnings into research. Meanwhile, Disney, Universal, and Warner Bros have been suing Minimax for copyright infringement since September 2025.