Key Takeaways:
MiniMax secured long-term holding commitments from over 80% of its Pre-IPO and cornerstone investors ahead of a lock-up expiration, showing institutional conviction in the Chinese AI unicorn's valuation.
"These commitments reflect deep confidence in MiniMax's technology roadmap and market position," a person familiar with the matter said, speaking on condition of anonymity because the discussions were private.
The 11 institutional backers include cornerstone investors Aspex, Boyu, IDG, Janchor and Martis Fund, state-owned entities China Life Investment and Xuhui Capital, and early shareholders Alibaba, miHoYo, Yunqi and Mingshi. The lock-up expiration, one of the largest tests of investor appetite for Hong Kong-listed AI stocks this year, had raised concerns about potential selling pressure.
The commitment reduces the risk of a post-lock-up selloff that could depress MiniMax's valuation and dampen sentiment toward Hong Kong's AI listing pipeline. The move follows Knowledge Atlas Technology, known as Zhipu AI, which surged 18% last week after its own lock-up expiry was smoothly absorbed when cornerstone investors reaffirmed holdings.
The development marks a turning point for Hong Kong's AI equity market, where lock-up expiries have long been viewed as a major overhang. In recent weeks, investors had flagged MiniMax's upcoming unlock as a bellwether for whether the city's market could absorb the wave of AI listings that debuted in 2025 and early 2026.
"The anticipated oversupply was smoothly absorbed after several cornerstone investors reaffirmed their holding commitments," analysts at IndexBox wrote in a note, referring to the Zhipu AI precedent. "When large institutional investors are willing to step in and absorb the shares, it can significantly ease concerns over selling pressure."
MiniMax's investor base spans financial institutions, tech conglomerates and state-backed capital — a mix that provides both liquidity depth and strategic alignment. Alibaba, which holds an early stake, has been expanding its AI infrastructure investments, while miHoYo, the gaming company behind Genshin Impact, has increasingly deployed capital into AI ventures.
The broader Hong Kong tech market has been rallying. The Hang Seng Tech Index surged 4.3% on Wednesday, outpacing the Hang Seng Index's 2.4% gain, as technology shares led broad-based advances. Alibaba closed more than 12% higher, while Xiaomi gained 9%.
However, investor appetite for new AI listings is showing signs of maturing. Chinese autonomous driving firm Momenta Global posted a modest 3.4% gain on its Hong Kong debut after raising HK$5.89 billion ($750 million), a performance analysts attributed to investors increasingly scrutinizing valuations and demanding clearer pathways to profitability.
For MiniMax, the lock-up outcome will be closely watched by other AI companies with upcoming expiries. The company's ability to retain cornerstone support could set a template for how Hong Kong's market navigates the transition from IPO euphoria to sustained institutional holding. If the pattern holds, it could encourage more AI companies to pursue Hong Kong listings, knowing that post-IPO shareholder stability is achievable.
This article is for informational purposes only and does not constitute investment advice.
