Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Zhipu AI (Knowledge Atlas Technology) Hong Kong IPO Preview

MiniMax Pre-IPO - Fast User Growth, Low Market Share. Earlier App Was Pulled

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Our base case valuation of MiniMax is HK$301 per share (82% higher than high end of the IPO price range of HK$165). </li>
<li>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.</li>
<li>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.</li>
</ul>


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.


MiniMax

MiniMax Hong Kong IPO Valuation Analysis