Maples Group Advises MiniMax on Successful Hong Kong IPO
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Maples Group is pleased to have advised MiniMax Group Inc. (“MiniMax”) in relation to its initial public offering (“IPO”) on the Main Board of the Hong Kong Stock Exchange. The offering, which closed on 9 January 2026, raised gross proceeds of approximately HK$4.8 billion. MiniMax intends to use the proceeds to fund the research and development of its foundation models and AI‑native products over the next five years.
MiniMax is a leading Chinese artificial intelligence (AI) company based in Shanghai, backed by Alibaba Group Holding and Abu Dhabi’s sovereign wealth fund. The company specialises in AI applications, including conversational agents, image generationand video synthesis.
A team of lawyers based in the firm’s Hong Kong office acted as Cayman Islands counsel to MiniMax and was led by Corporate Partner, Karen Zhang Pallaras and assisted by Corporate Legal Manager, Clare Tsang. The Maples Group’s Fund Services team acted as the Cayman Islands Share Registrar, with a team comprising Eastern Fong, Regional Head of Fund Services – Asia and Senior Vice President, Christy Poon.
Commenting on the transaction, Karen said, “We are delighted to have advised MiniMax on its Hong Kong IPO. As one of China’s emerging ‘AI tigers’, MiniMax is at the forefront of foundational model development and AI‑native product innovation. This milestone listing underscores strong investor confidence in the AI sector and reinforces Hong Kong’s position as a leading global hub for AI-related capital raising.”
Davis Polk & Wardwell acted as Hong Kong and US legal counsel to MiniMax. Jingtian & Gongcheng acted as the PRC legal counsel to MiniMax. Freshfields acted as Hong Kong and US legal counsel, and Commerce & Finance Law Offices acted as the PRC legal counsel to the joint sponsors and the underwriters.
