Market Chatter: Alibaba to be Among Major Investors in AI Startup MiniMax's Upcoming Hong Kong IPO

MT Newswires Live12-30 21:25

Alibaba Group (BABA) will be one of the key investors in Chinese artificial intelligence startup MiniMax's upcoming initial public offering in Hong Kong, Bloomberg reported Tuesday, citing unnamed sources.

Other major investors in the IPO will include Abu Dhabi Investment Authority, IDG Capital, Perseverance Asset Management, and South Korea's Mirae Asset, the sources said.

Sources said MiniMax will begin taking investor orders as early as Wednesday for a listing in January and aims to raise over $600 million in the IPO.

The report said talks are ongoing, and the deal's size and timing may still change.

Alibaba did not immediately respond to requests for comment from MT Newswires.

MiniMax, ADIA and IDG declined to comment to Bloomberg, while Alibaba and Mirae Asset did not respond to requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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