Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the market didn't appear to be in a mood to for a customary slowdown at the start of the year.</li>
<li>On the placements front, issuers and shareholders have started the new year with a bang, with deals launched across regions.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the market didn't appear to be in a mood to for a customary slowdown at the start of the year.
On the placements front, issuers and shareholders have started the new year with a bang, with deals launched across regions.


Aequitas: ECM Weekly (12 January 2026) - Biren, MiniMax, Gigadevice, Omnivision, Busy Ming, HPSP, GF

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>MiniMax's "multimodal + heavy product" approach does show strong revenue growth potential, but cost pressure of this "multimodal operation" is clear. The profitability of MiniMax’s core C-end business is weak.</li>
<li>The high-end pricing of its IPO reflects more the market's optimism about China's AI global narrative and short-term growth momentum rather than a valuation based on a robust financial model.</li>
<li>Considering Zhipu AI’s higher gross margin based on its B-end technology path, we think in the short term, reasonable MiniMax's valuation is close to or slightly lower than Zhipu AI.</li>
</ul>


MiniMax's "multimodal + heavy product" approach does show strong revenue growth potential, but cost pressure of this "multimodal operation" is clear. The profitability of MiniMax’s core C-end business is weak.
The high-end pricing of its IPO reflects more the market's optimism about China's AI global narrative and short-term growth momentum rather than a valuation based on a robust financial model.
Considering Zhipu AI’s higher gross margin based on its B-end technology path, we think in the short term, reasonable MiniMax's valuation is close to or slightly lower than Zhipu AI.


Pre-IPO MiniMax Group - About the Business Model, the Concerns and Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax Group (100 HK)</a>, a global AI foundation model company, raised around US$700m in its Hong Kong listing.</li>
<li>As of September 2025, its AI-native products had cumulatively served over 200m individual users across over 200 countries and regions.</li>
<li>We have looked at the company’s past performance and valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



MiniMax Group (100 HK), a global AI foundation model company, raised around US$700m in its Hong Kong listing.
As of September 2025, its AI-native products had cumulatively served over 200m individual users across over 200 countries and regions.
We have looked at the company’s past performance and valuations in our previous note. In this note, we talk about the trading dynamics.


Aequitas: MiniMax IPO Trading - Highest AI Linked Coverage so Far

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minimax" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (MINIMAX HK)</a>, a global AI foundation-model company, is seeking to raise up to US$540 million. Pricing is on 7 January.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/minimax-100-hk-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:216130" rel="noopener">MiniMax (100 HK) IPO: The Investment Case</a></em></strong>. </li>
<li>The IPO price range is attractive compared to the last reported valuation rounds and revenue targets of its three private pure-play competitors.</li>
</ul>



MiniMax (MINIMAX HK), a global AI foundation-model company, is seeking to raise up to US$540 million. Pricing is on 7 January.
I discussed the H Share listing in MiniMax (100 HK) IPO: The Investment Case. 
The IPO price range is attractive compared to the last reported valuation rounds and revenue targets of its three private pure-play competitors.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/minimax" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax</a>, a global AI foundation model company, aims to raise around US$540m in its Hong Kong listing.</li>
<li>As of September 2025, its AI-native products had cumulatively served over 200m individual users across over 200 countries and regions.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



MiniMax, a global AI foundation model company, aims to raise around US$540m in its Hong Kong listing.
As of September 2025, its AI-native products had cumulatively served over 200m individual users across over 200 countries and regions.
We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.


MiniMax IPO - Hype Will Help, Even as Government Regulations Starting

China

MiniMax Group is an artificial intelligence company that develops multimodal AI models and consumer applications. Its offerings include AI character apps like Talkie and Xingye, and video-generation services such as Hailuo AI. The company also creates proprietary foundation models capable of understanding, generating, and integrating various modalities including text, audio, images, video, and music. Headquartered in Shanghai, China, MiniMax was founded in December 2021.

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MiniMax (100 HK)

Aequitas: ECM Weekly (12 January 2026) - Biren, MiniMax, Gigadevice, Omnivision, Busy Ming, HPSP, GF

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Pre-IPO MiniMax Group - About the Business Model, the Concerns and Thoughts on Valuation

The strong IPO debut and high-end pricing reflects the optimism about MiniMax’s growth momentum driven by large imagination space of C-end business...

Xinyao (Criss) Wang

Aequitas: MiniMax IPO Trading - Highest AI Linked Coverage so Far

MiniMax Group (100 HK), a global AI foundation model company, raised around US$700m in its Hong Kong listing. In this note, we talk about the...

Sumeet Singh

MiniMax (100 HK) IPO: Valuation Insights

The IPO price range is attractive compared to the last reported valuation rounds and revenue targets of its three private pure-play competitors.

Arun George

MiniMax IPO - Hype Will Help, Even as Government Regulations Starting

MiniMax, a global AI foundation model company, aims to raise around US$540m in its Hong Kong listing. In this note, we talk about valuations.

Sumeet Singh

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