The logo for MiniMax Group Inc. on a smartphone successful Shanghai, China.
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China-based AI startup MiniMax surged arsenic overmuch arsenic 90% connected its archetypal time of trading successful Hong Kong connected Friday, becoming the 2nd large Chinese developer of ample connection models to spell public.
The institution raised HK$4.8 cardinal ($620 million) successful its IPO, outperforming its section rival Zhipu AI, which had listed successful Hong Kong conscionable 1 time earlier and roseate a humble 13% connected its archetypal time of trade.
MiniMax shares were past trading astatine HK$290.8 per share, compared with the connection terms of HK$165.
Both MiniMax and Zhipu are portion of China's alleged "AI tigers"— startups gathering ample connection models to rival American AI giants similar OpenAI, which they've present beaten to going public.
Founded successful 2021 and backed by Alibaba Group and Tencent Holdings, MiniMax besides specializes successful AI applications, including chatbots, representation procreation and video synthesis.
Minimax said it would usage the IPO proceeds for probe and development.
The debut comes arsenic Chinese AI-related firms ramp up fundraising efforts to vie with U.S. rivals and navigate Washington's export curbs connected precocious chips utilized for AI grooming to China.
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