The Abu Dhabi Investment Authority (ADIA) is making a significant move into the global artificial intelligence market, serving as a key cornerstone investor in the upcoming Hong Kong initial public offering for Chinese AI startup MiniMax. The sovereign wealth fund joins Alibaba Group Holding Ltd. in backing the high-profile listing.
MiniMax is reportedly aiming to raise over $600 million through the IPO, with plans to begin accepting investor orders as early as this week ahead of a scheduled listing in January.
ADIA and Alibaba Lead Investor Lineup
The participation of ADIA and Alibaba as anchor investors provides a strong foundation for the IPO, signaling significant confidence in MiniMax’s technology and market potential. The deal also highlights a growing trend of strategic international partnerships in the competitive AI sector.
The offering has attracted broad international interest, with other major cornerstone investors set to include IDG Capital, Perseverance Asset Management, and South Korea-based Mirae Asset. This diverse group of backers underscores the global appetite for promising AI-focused ventures.
Gulf Capital Deepens Ties with Asian Tech
ADIA’s investment marks another strategic deployment of Gulf capital into Asia’s burgeoning technology landscape. As MENA sovereign wealth funds and institutional investors seek to diversify their portfolios and gain exposure to high-growth sectors, leading Asian tech firms have become increasingly attractive targets.
This investment in a cutting-edge Chinese AI company not only provides a financial stake but also deepens economic ties and knowledge transfer between the two regions, positioning the UAE at the forefront of the global AI revolution. While Bloomberg noted that the IPO’s size and timing could change based on market conditions, the commitment from ADIA is a clear indicator of the region’s long-term strategy.
About MiniMax
MiniMax is a Chinese artificial intelligence company focused on developing large-scale pre-trained models and various applications in text, voice, and vision. As a prominent player in China’s generative AI scene, the company develops foundational models that compete with global counterparts.
Source: EntArabi
