🧠 Food for thought

Implications, context, and why it matters.

MiniMax’s IPO supports a global, consumer AI plan

• The investment came after MiniMax’s Hong Kong IPO in January 2026, when shares closed 109% above the offer price on day one 1.
• Consumer apps power its expansion. The “AI Native Products” segment brought in 71.1% of revenue in the first nine months of 2025, according to its prospectus 2.
• Talkie, its AI companion app, focuses on users outside China. Mainland China contributed 26.9% of revenue in the first nine months of 2025, according to its prospectus 2.
• Average monthly active users rose from 3.1 million in 2023 to 27.6 million by September 2025 2.

Hong Kong becomes a fundraising hub for Chinese AI during US-China tech rivalry

• The city is taking on a bigger role as a financial “super connector” for Asian technology 3.
• Its market gives global investors, including those from South Korea, a regulated way to invest in mainland China-linked tech themes through local listings 3.
• Chinese AI companies such as MiniMax are raising money there to cover R&D (research and development) spending and to work around US export curbs on advanced chips for AI training 1.
• South Korean investors bought US$92.5 million of Hong Kong-listed shares this year through February 13, with demand centred on newly listed technology companies and ETFs 4.