HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minimax" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> is a viable AI foundation model company, with highly ranked product suites and increasingly more adoption by customers around the world. </li>
<li>The fair value is at HK$216 per share, reflecting its strong potential to capture the AI growth, solid market position and the scarcity value on the Hong Kong market.</li>
<li>At fair FY27F P/S of 48.8x, this equals 18% discount to the <a href="https://www.smartkarma.com/entities/moore-threads-intelligent-technology-beijing-co-ltd" target="_blank" data-smartkarma-citation="entities:40221:1" rel="noopener">Moore Threads Intelligent (688795 CH)</a> and 35% premium to <a href="https://www.smartkarma.com/entities/shanghai-biren-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39934:1" rel="noopener">Shanghai Biren Technology (6082 HK)</a>. </li>
</ul>



MiniMax (100 HK) is a viable AI foundation model company, with highly ranked product suites and increasingly more adoption by customers around the world. 
The fair value is at HK$216 per share, reflecting its strong potential to capture the AI growth, solid market position and the scarcity value on the Hong Kong market.
At fair FY27F P/S of 48.8x, this equals 18% discount to the Moore Threads Intelligent (688795 CH) and 35% premium to Shanghai Biren Technology (6082 HK). 


MiniMax Group (100 HK) IPO: Estimate of Fair Value

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>MiniMax’s models support a wide range of proprietary AI-native products, including MiniMax, Hailuo AI, MiniMax Audio, Talkie/Xingye, and Open Platform.</li>
<li>The investment case rests on high-ranking foundation models, rapid growth, improving gross margin, declining EBIT loss margin and a strong balance sheet. </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.     
MiniMax’s models support a wide range of proprietary AI-native products, including MiniMax, Hailuo AI, MiniMax Audio, Talkie/Xingye, and Open Platform.
The investment case rests on high-ranking foundation models, rapid growth, improving gross margin, declining EBIT loss margin and a strong balance sheet. 


MiniMax (100 HK) IPO: The Investment Case

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Private Capital Markets

Knowledge Atlas Technology / Private Capital Markets

<ul>
<li>Zhipu AI, a leading Chinese generative artificial intelligence (AI) start-up, has raised 500 million yuan ($69 million) in new funding less than a month after securing 1 billion yuan ($138 million) in its previous round.</li>
<li>On Thursday, Huafa Group, a conglomerate backed by the Zhuhai city government in Guangdong province, announced its investment in Zhipu AI, to drive technical innovation and business development for Zhipu’s foundation model, GLM.</li>
<li>The same day, Huafa and the Zhuhai National High-Tech Industrial Development Zone signed a cooperation agreement with Zhipu to speed up the industrial application of its AI models.</li>
</ul>


Zhipu AI, a leading Chinese generative artificial intelligence (AI) start-up, has raised 500 million yuan ($69 million) in new funding less than a month after securing 1 billion yuan ($138 million) in its previous round.
On Thursday, Huafa Group, a conglomerate backed by the Zhuhai city government in Guangdong province, announced its investment in Zhipu AI, to drive technical innovation and business development for Zhipu’s foundation model, GLM.
The same day, Huafa and the Zhuhai National High-Tech Industrial Development Zone signed a cooperation agreement with Zhipu to speed up the industrial application of its AI models.


Chinese Startup Zhipu AI Raises $207 Million Funding in Less Than a Month 

China

Knowledge Atlas Technology provides customized large model-related services, specializing in artificial intelligence (AI) and big data solutions, including AI model development and industry-specific intelligent applications. The company offers on-premise and cloud-based deployment services, along with products like z.ai, AutoGLM, ChatGLM, and the GLM family of large language models. Knowledge Atlas Technology was founded in 2019 and is headquartered in Beijing, China.

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Knowledge Atlas Technology (2513 HK)

MiniMax Group (100 HK) IPO: Estimate of Fair Value

MiniMax is a promising AI company with strong product suites and growing customer adoption, valued at HK$216 per share due to its potential in the...

Osbert Tang, CFA

MiniMax (100 HK) IPO: The Investment Case

MiniMax, a global AI foundation-model company, is seeking to raise up to US$540 million. In this note, I discuss the investment case.

Arun George

Chinese Startup Zhipu AI Raises $207 Million Funding in Less Than a Month

Zhipu AI, a leading Chinese generative artificial intelligence (AI) start-up, has raised 500 million yuan ($69 million) in new funding less than a...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MiniMax Group (100 HK) IPO: Estimate of Fair Value

​MiniMax is a promising AI company with strong product suites and growing customer adoption, valued at HK$216 per share due to its potential in the...

Osbert Tang, CFA

MiniMax (100 HK) IPO: The Investment Case

MiniMax, a global AI foundation-model company, is seeking to raise up to US$540 million. In this note, I discuss the investment case.

Arun George

Chinese Startup Zhipu AI Raises $207 Million Funding in Less Than a Month

Zhipu AI, a leading Chinese generative artificial intelligence (AI) start-up, has raised 500 million yuan ($69 million) in new funding less than a...

Caixin Global

MiniMax is a promising AI company with strong product suites and growing customer adoption, valued at HK$216 per share due to its potential in the...