Sources say Alibaba and Abu Dhabi plan to invest in MiniMax to support its IPO.

on December 30, according to JIN10 data reports, insiders revealed that AI startup MiniMax has secured Alibaba Group and Abu Dhabi Investment Authority as its main backers for its upcoming IPO in Hong Kong. Insiders said MiniMax is seeking to raise more than $600 million through the IPO. Some of them stated that the company will start accepting investor subscriptions as early as Wednesday, with plans to go public in January next year. Insiders also said that in addition to Abu Dhabi Investment Authority and Alibaba, IDG Capital, Perseverance Asset Management, and South Korea's Mirae Asset will also be cornerstone investors in this deal. However, they added that negotiations are still ongoing, and the size and timing of the deal may still change.