Chinese artificial intelligence firm MiniMax Group made a spectacular debut on the Hong Kong Stock Exchange, with its shares soaring approximately 109% on its first trading day. The Shanghai-based AI startup's stock closed at HK$345 per share, significantly more than double its initial public offering (IPO) price of HK$165. This impressive performance signals robust investor appetite for China's burgeoning AI sector and positions MiniMax as the country's second 'AI tiger' to go public, closely following its rival Zhipu AI (Knowledge Atlas Technology), which debuted a day earlier. MiniMax successfully raised HK$4.8 billion (approximately US$618-620 million) through its IPO, pricing shares at the highest end of its marketed range due to overwhelming demand. The retail portion of the offering was oversubscribed by an astonishing 1,837 times, demonstrating significant public enthusiasm. Major global investors, including Alibaba Group Holding, game developer miHoYo, and the Abu Dhabi Investment Authority, are prominent backers of MiniMax. Founded in early 2022, MiniMax focuses on developing multimodal AI models capable of processing text, audio, images, video, and music. Its consumer-facing applications, such as Hailuo AI for video generation and Talkie for AI character interaction, have garnered a substantial global user base, with over 70% of its revenue originating from overseas markets. The company plans to allocate a significant portion of its IPO proceeds towards research and development of its foundation models and AI-native products over the next five years. This successful listing highlights Hong Kong's growing role as a venue for high-growth technology companies and underscores the intense competition and rapid advancements within the global artificial intelligence landscape.