The share price of a Chinese artificial intelligence firm backed by Abu Dhabi investors surged on its debut on the Hong Kong stock exchange, more than doubling during its first trading session.
MiniMax ended the day at HK$345 (USD 44) per share, representing a 109 per cent increase from its IPO price of HK$165 (USD 21), valuing the company at approximately USD 14 billion.
Abu Dhabi’s sovereign wealth fund, the Abu Dhabi Investment Authority (Adia), invested USD 65 million in December 2025, acquiring 3.35 million shares, according to a filing with the Hong Kong stock exchange.
Established in 2021, MiniMax is supported by major Chinese technology groups Alibaba Group and Tencent Holdings and focuses on developing artificial intelligence applications such as chatbots, image generation tools and video synthesis technologies.
Another Chinese technology firm listing in Hong Kong also posted gains on its market debut. Zhipu AI, a direct competitor to MiniMax, recorded a 12 per cent rise a day ahead of MiniMax’s listing.
MiniMax, Zhipu AI and four other startups are collectively referred to as China’s “AI tigers” and are widely viewed as challengers to leading American artificial intelligence companies.
Data from Global SWF shows that China attracted USD 10 billion from state-owned investors in 2024, with 62 per cent of the capital coming from Gulf sovereign funds, including investments by Qatar Investment Authority, Adia and Saudi Arabia’s Public Investment Fund.
Global SWF estimates Adia’s assets at more than USD 1.1 trillion, with the fund stating in September 2025 that technology investment would remain a key strategic priority.
