Insiders: Alibaba and Abu Dhabi plan to invest in AI company MiniMax to support its IPO
PANews, December 30 – According to sources familiar with the matter, artificial intelligence startup MiniMax has secured Alibaba Group and Abu Dhabi Investment Authority as its main backers for its upcoming IPO in Hong Kong. The sources said MiniMax is seeking to raise over $600 million through the IPO. Some of them indicated that the company could start accepting investor subscriptions as early as Wednesday, with plans to go public in January next year. The sources also mentioned that, in addition to Abu Dhabi Investment Authority and Alibaba, IDG Capital, Perseverance Asset Management, and Korea's Mirae Asset will also be cornerstone investors in this deal. However, they added that negotiations are still ongoing, and the size and timing of the transaction could still change.
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