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MiniMax IPO underscores rapid AI growth despite heavy losses
MiniMax debuted in Hong Kong with strong revenue growth, though heavy losses highlight profitability challenges facing fast growing AI companies.
Chinese artificial intelligence firm MiniMax raised HK$4.8 billion, or about $620 million, in its Hong Kong IPO debut. The company reported nine month revenue of $53.4 million, marking 174 percent year on year growth, but also posted a net loss of $512 million. Investor interest reflects optimism around AI adoption despite ongoing profitability challenges.