Oasis Capital Portfolio Company MiniMax Lists on Hong Kong Stock Exchange | Luzhou Shengmingli

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From founding to IPO in just four years.

On January 9, 2026, Beijing time, Oasis Capital portfolio company MiniMax successfully listed on the Hong Kong Stock Exchange, becoming the fastest AI company globally to go from founding to IPO — just four years. MiniMax trades under ticker 0100.HK, priced at HK$165 per share and opening at HK$235.4, up 42.6% from the issue price, giving it a market cap exceeding HK$70 billion.

Junjie is someone who believes in AGI. He embodies the spirit of China's new generation of founders — daring to define new directions, build new paradigms, and lead global innovation.

We are honored to have accompanied such a founder on his journey.

— Jinjian Zhang, Founding Partner, Oasis Capital

Jinjian Zhang, Founding Partner of Oasis Capital, first met MiniMax founder Dr. Junjie Yan in late 2022 and confirmed investment intent that same day. In March 2023, Oasis completed its investment in MiniMax and continued to invest in subsequent rounds — the largest single investment from Oasis's second USD fund.

Three things convinced us:

  1. MiniMax's vision of "Intelligence with Everyone" grew out of Dr. Junjie Yan's years of research into AI generalization and universality. Behind that commitment is his belief in democratizing AI technology. That direction didn't change with the start of his company — instead, it became the operating strategy guiding MiniMax's technology and product development.

  2. MiniMax was the first company in Asia to simultaneously pursue self-developed capabilities across text, voice, and video — all modalities. That choice reflected a forward-looking judgment about the path to AGI: general intelligence must be built on holistic understanding of a multimodal world.

  3. In his very first conversation with Oasis, Dr. Junjie Yan made it clear that MiniMax would be a global AI company from Day 1. Setting that goal required extraordinary courage and conviction.

These three factors formed the basis of our decision to back MiniMax at an early stage.

As a technology startup, our vitality comes from consistently doing what we believe is right. In team building, we firmly seek partners who share our faith in AGI, regardless of background; in technology innovation, we consistently embrace long-termism and reject shortcuts; in business development, we stand firmly with our users.

Going forward, we hope to serve an ever-growing range of industries and users with the best AI capabilities possible, creating greater social value.

— Junjie Yan, Founder, MiniMax

To date, MiniMax's users span more than 200 countries and regions, with cumulative users exceeding 212 million. Enterprise customers and developers come from over 100 countries and regions, with overseas revenue accounting for more than 70% of total revenue. This user and revenue structure demonstrates the adaptability of its models and products across multilingual and multi-market environments.

Dr. Junjie Yan, Founder and CEO of MiniMax, stated:

We believe the true value of an AI company lies in providing a steady stream of advanced intelligence and putting it to use for people. This depends on continuous technological innovation, and even more on ensuring the entire process is inclusive and open. That is the meaning of our mission, "Intelligence with Everyone."

Over the past four years, we started from scratch and built world-leading full-modal capabilities with a group of young people, serving over 200 million users globally. But this is only the beginning. We expect the pace of progress in the AI industry over the next four years to match the last four, and we strive to make our own contribution. What matters most in this process is finding more fellow travelers. We are proud of this team, filled with passion and innovative capability. At the same time, we eagerly look forward to more outstanding talent from around the world joining us.

Let us continue to fight for the advancement of intelligence, and make greater contributions to social and economic development.

Oasis believes that artificial intelligence is reshaping modes of production and social structures, with AGI as the long-term direction of this transformation. MiniMax's listing marks one important milestone in this process. Looking ahead, we will continue to focus on companies with underlying innovation capabilities and global vision, accompanying and supporting entrepreneurs as they grow.

Celebrating vitality.