MiniMax Plans to Price IPO at the Top in Sign of China AI Fervor

MiniMax plans to price its Hong Kong initial public offering at the top of the marketed range, people familiar with the matter said, reflecting investor enthusiasm for Chinese startups that are increasingly challenging US rivals like OpenAI.

The Shanghai-based company advised investors it would sell shares at HK$165 apiece, the people said, asking not to be named because they weren’t authorized to speak publicly. Given strong demand, it intends to stop taking orders from institutional investors at 5 p.m. local time in each region on Monday, the people added, a day earlier than expected.

MiniMax, backed by Alibaba Group Holding ...