BABA: Alibaba-Backed AI Startup MiniMax Eyes Hong Kong IPO — While $433.5M Ant Lawsuit Still Unfolds
Court: S.D. New York
Case: 1:20-cv-09568
Alibaba 
BABA-backed MiniMax has confidentially filed for an IPO in Hong Kong, according to a July 16 Wall Street Journal report. The Shanghai-based generative AI firm is targeting a debut as soon as this year, marking another sign of tech IPO momentum in China’s financial hub.
🚀 What to Know About MiniMax’s IPO
- Alibaba and Tencent are key backers
- Last valued at ~$4B; founded in 2021
- Known for AI tools like Talkie and the M1 reasoning model
- M1 claims better performance vs. DeepSeek with lower compute costs
- Hong Kong IPO market has raised $13.66B in 1H 2025
- Beijing policy support is fueling local listings amid U.S. scrutiny
The move reflects Beijing’s push to retain high-value tech listings in local markets and reduce dependency on U.S. capital markets.
🧾 But a $433.5M Settlement Still Casts a Legal Shadow
Alibaba is finalizing a $433.5M investor settlement over claims it misled shareholders on regulatory risks tied to Ant Group’s 2020 IPO collapse.
📆 Timeline Overview
- Nov 5, 2019: SAMR warns tech firms on antitrust
- Nov 2, 2020: Ant execs summoned by regulators
- Nov 3, 2020: Ant’s IPO halted; BABA drops 8%
- Dec 24, 2020: BABA falls 13% amid antitrust probe
- Apr 22, 2022: Shareholders sue Alibaba
💼 Allegations Include
- Downplaying risks of regulatory intervention
- Failing to disclose Ant’s noncompliance
- Misleading investors on IPO readiness
💰 Investor Update
- Covers statements tied to Ant’s IPO and lending model
- Payouts expected 8–12 months after final court approval
👉 You can check more information about it and file for a payout HERE.
As MiniMax prepares for liftoff, Alibaba’s renewed IPO momentum comes with lingering fallout from Ant’s aborted listing — a reminder that opportunity and oversight often go hand in hand.