Physix Frontier
MiniMax
Funding History
- IPOUSD 710M — Listed on the HKEX Main Board on January 9, 2026, under stock code 00100.HK, with an issue price of HKD 165 per share. Total global fundraising was approximately HKD 5.54B (with full exercise of the greenshoe). The stock rose about 110% at the first day's close, with a market cap exceeding HKD 105B, and the public offering received 1,837 times oversubscription.
- Series D RoundUSD 300M — Nearly closed a new round of nearly USD 300M, with a post-money valuation exceeding USD 4B (approx. RMB 30B).
- Series C RoundUndisclosed — Completed a round of financing at the end of 2024, reaching a valuation of USD 3B.
- Series B RoundUSD 600M — Closed a Series B round of at least USD 600M (reported as approximately USD 600M), led by Alibaba, with a post-money valuation of USD 2.5B (approximately RMB 18B).
- Series A RoundUSD 250M — Closed its A round raising over USD 250M (Reuters disclosed Tencent invested approx. USD 40M); post-money valuation of USD 1.2B, becoming the highest-valued domestic AIGC unicorn at the time.
- Pre-Series A RoundUndisclosed — Angel+ round financing saw dense influx of investors including miHoYo, Hillhouse Venture Capital, Mingshi Capital, IDG, etc.; post-financing valuation approx. USD 500M.
- Angel RoundUndisclosed — Closed an Angel round, participated by Yunqi Capital.