SINGAPORE/HONG KONG: Chinese artificial intelligence model developer MiniMax Group jumped 50% in its Hong Kong market debut on Friday after raising HK$4.8bil ($620mil).
Founded in early 2022 by former SenseTime executive Yan Junjie, Shanghai-based MiniMax develops AI models that can process text, audio, images, video and music.
It plans to use majority of its proceeds to fund research and development.
Shares of the company were trading at HK$248, versus its offer price of HK$165.00 each.
Its positive reception follows strong Hong Kong debuts on Thursday for three Chinese technology firms which raised a combined $1.19bil. - Reuters
(Reporting by Yantoultra Ngui in Singapore, Yiming Shen in Shanghai and Kane Wu in Hong Kong; Editing by Edwina Gibbs)
