Chinese AI startup MiniMax is seeking Alibaba and Abu Dhabi Investment Authority as cornerstone investors for its Hong Kong IPO, aiming to raise over $600 million. Other backers include IDG Capital and Mirae Asset. Despite tough competition, MiniMax generated $30.5 million in revenue last year. BABA stock is currently trading at $148.90.

Read more at Nasdaq: MiniMax Lines Up Alibaba, ADIA As Cornerstone Investors For Hong Kong IPO