This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. MiniMax Hong Kong IPO Preview
- MiniMax is getting ready to complete its IPO in Hong Kong in early January 2026. MiniMax is expected to raise at least US$500 million and as much as US$700 million.
- Backed by Alibaba (9988 HK), MiniMax is targeting a valuation of more than US$4 billion.
- MiniMax develops multimodal AI models including MiniMax M1, Hailuo-02, Speech-02 and Music-01, which can process text, audio, images, video and music.
2. MiniMax Hong Kong IPO Valuation Analysis
- Our base case valuation of MiniMax is HK$301 per share (82% higher than high end of the IPO price range of HK$165).
- We believe many investors are willing to pay for the high valuations mainly due to MiniMax’s position as one of the leaders in the LLM/AGI sector in China/globally.
- We estimate MiniMax to generate revenue of US$183.9 million (up 127% YoY) in 2026 and US$356.2 million (up 94% YoY) in 2027.
3. Biren Technology (6082 HK) IPO: What Valuations?
- Shanghai Biren Intelligent Tech (6082 HK) is expected to receive an overwhelming response in its Hong Kong IPO. The public offer is reported to be at least 513.2x oversubscribed.
- Since it will remain loss-making in FY27F, we calculate its fair value at HK$21.72 by applying the average HA discount and a 20% discount to its peer P/S multiple.
- Given that its FY27F revenue is smaller than MetaX Integrated Circuit (688802 CH), MetaX’s P/S of 41.8x serves as Biren’s ceiling, and any price over HK$23.75 appears expensive.
4. Zhipu AI (Knowledge Atlas Technology) Hong Kong IPO Preview
- Chinese AI firm Zhipu AI launched its share sale in Hong Kong, aiming to become the first large language model (LLM) developer to list on the exchange.
- Zhipu AI is offering over 37 million shares at an offer price of HK$116.20 each. The company aims to raise approximately HK$4.35 billion.
- Zhipu faces domestic competition from rivals like MiniMax, who are also planning a Hong Kong IPO, and global competition from firms such as OpenAI and Anthropic.
5. Shenzhen Edge Medical (精锋医疗) IPO: Well-Timed Launch Supports Valuation
- Shenzhen Edge Medical, a China-based surgical robotic company, launched its IPO to raise at least USD 154 million via a Hong Kong listing.
- In this note, we look at the deal terms and provide a valuation for the company.
- We think the deal is well timed when its comparable peer performed well.
6. MiniMax Pre-IPO – Fast User Growth, Low Market Share. Earlier App Was Pulled
- MiniMax, a global AI foundation model company, aims to raise around US$600m 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.
- In this note, we look at the company’s past performance.
7. GigaDevice Semiconductor Secondary Listing (Hong Kong) Preview
- GigaDevice Semiconductor is getting ready to complete its secondary listing in Hong Kong in January 2026.
- The company aims to raise up to HK$4.68 billion (US$601 million) through this secondary listing. GigaDevice Semiconductor (603986 CH) is offering 28.9 million H-shares in its Hong Kong public offering.
- GigaDevice Semiconductor is a fabless integrated circuit design house offering a diversified portfolio of semiconductor products, including specialty memory chips, micro control units (MCUs), analog chips, and sensor chips.
8. Zhipu AI (Knowledge Atlas Technology) Hong Kong IPO Valuation Analysis
- Our base case valuation of Zhipu is HK$223 per share (92% higher than the IPO price of HK$116.2).
- Given the excellent upside, we have a Positive View of this IPO. At this valuation, it represents an implied market cap of US$12.6 billion (HK$98.2 billion).
- Zhipu AI ranked first among China’s independent developers and second among all developers of general-purpose large models by revenue market share in 2024, with a share of 6.6%.
9. InSilico Medicine (英矽智能) IPO Trading
- InSilico Medicine raised HKD 2025m (USD 261m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday December 30, 2025.
- In our previous note, we looked at the company’s fundamentals, and an assessment of the value of its pipelines.
- In this note, we provide an update for the IPO before trading debut.
10. Suzhou Ribo Life Science (瑞博生物) Pre-IPO: PHIP Updates Highlight Asset Prioritization
- Suzhou Ribo Life is looking to raise at least US$100 million via a Hong Kong listing. CICC and Citi are the deal sponsors.
- While our previous notes cover the fundamentals of the company, in this note we look at the updates from the latest PHIP prospectus.
- We think the company is still worth following as it streamlines its product pipeline and makes progress in clinical trials.
