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Investing.com -- Chinese artificial intelligence startup MiniMax has confidentially filed for an initial public offering (IPO) in Hong Kong, aiming for a valuation exceeding $4 billion, according to three people familiar with the matter.
The company is looking to raise between HK$4 billion and HK$5 billion ($510 million to $637 million) through the offering, which could take place before the end of 2024, one source indicated.
MiniMax has appointed China International Capital Corp and UBS as sponsors for the IPO, the sources said.
The sources, who requested anonymity because the information is not public, noted that both the IPO size and valuation targets remain subject to change depending on market conditions.
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