MiniMax, a Chinese AI startup, said on Tuesday that it is reportedly looking to bring in Alibaba Group Holding (BABA) and the Abu Dhabi Investment Authority as cornerstone investors for its upcoming IPO in Hong Kong.
They aim to raise over $600 million and could start taking orders from investors as soon as Wednesday, gearing up for a listing in January.
Other expected backers include IDG Capital, Perseverance Asset Management, and South Korea's Mirae Asset.
MiniMax has managed to stay afloat amid the fierce generative AI price war in China, raking in $30.5 million in revenue last year as it works to become the first generative AI startup to go public in the country.
BABA is currently trading at $148.90, up $0.42 or 0.28 percent on the New York Stock Exchange.
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