Chinese AI firm MiniMax targets $4 billion-plus valuation in Hong Kong IPO, sources say

Chinese AI startup MiniMax has filed confidentially for a Hong Kong initial public offering, targeting a valuation of over $4 billion in the flotation, 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 and UBS have been hired as sponsors for the IPO, the sources said.

The IPO size and valuation could change, subject to market conditions, added the sources, all…