Alibaba, Abu Dhabi invest in AI startup IPO

Artificial intelligence startup MiniMax secured backing from Alibaba Group Holding and Abu Dhabi’s sovereign wealth fund for its Hong Kong debut, part of a wave of Al firms listing in 2026 in a milestone for China’s industry.

- 

MiniMax plans to raise at least HK$3.83 billion ($492 million) from selling at least 25.4 million shares priced between HK$151 and HK$165. The deal could reach $712 million if upsize and greenshoe options are exercised, according to a filing. Trading is expected to begin January 9.

‘Chinese Al dragons’