Yan Junjie, 36, founder and CEO of AI model developer MiniMax, has officially become a billionaire after the company’s HK$4.8 billion ($618 million) Hong Kong IPO. Shares jumped over 100% on the first day of trading, propelling his net worth to approximately $3.2 billion.
MiniMax, founded in 2021, specializes in speech-, image-, and video-generating AI models for private-sector clients, including gaming giant miHoYo. The company has raised significant funding from investors such as Alibaba, Abu Dhabi Investment Authority, and Eastspring Investments.
Despite strong revenue growth—sales nearly tripled to $53.4 million in the first nine months of 2025—MiniMax reported losses of $512 million due to heavy research and development spending.
The company has attracted attention over competitors like Zhipu, which saw smaller gains in its IPO. Analysts cite MiniMax’s global focus, private-sector client base, and avoidance of U.S. trade restrictions as reasons for its stronger market performance.
Yan previously spent six years at SenseTime, Hong Kong-listed AI firm, where he led research efforts before founding MiniMax. With his IPO success, he joins China’s growing cohort of AI-driven billionaires, reflecting the country’s fast-growing AI sector.
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