PANews reported on December 30th that, according to sources familiar with the matter, artificial intelligence startup MiniMax has secured Alibaba Group and the Abu Dhabi Investment Authority as lead backers for its upcoming Hong Kong IPO. The sources stated that MiniMax is seeking to raise over $600 million through the IPO. Some indicated that the company could begin accepting investor subscriptions as early as Wednesday, with plans to list in January next year. The sources also stated that, in addition to the Abu Dhabi Investment Authority and Alibaba, IDG Capital, Perseverance Asset Management, and South Korea's Mirae Asset will also be cornerstone investors in the deal. However, they added that negotiations are still ongoing, and the size and timing of the transaction are still subject to change.