Chinese AI startup MiniMax has filed confidentially for a Hong Kong initial public offering, targeting a valuation of over $4 billion in the float, which could happen before the end of this year, three people with knowledge of the matter said.
MiniMax could raise HK$4 billion to HK$5 billion ($510 million to $637 million) in the IPO, one of the sources said.
China International Capital Corp (CICC) and UBS have been hired as sponsors for the IPO, the sources said.
The IPO size and valuation could change, however, subject to market conditions, cautioned the sources, all of whom declined to be named as the information was not public.
MiniMax and CICC did not immediately respond to Reuters requests for comment.
UBS declined to comment.
The Wall Street Journal first reported on MiniMax‘s Hong Kong IPO filing on Wednesday.
Reuters
