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China’s MiniMax records 1-million client base, fivefold growth in half a year
Its global user base reaches 300 million while ARR more than doubles in two months, though company reports large total losses
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Chinese artificial intelligence (AI) company MiniMax says it recorded a fivefold surge in its global enterprise and developer client base over the past six months, highlighting the sharp expansion of its international footprint, even as the Hong Kong-listed firm grapples with widening financial losses.
The number of clients and developers using MiniMax recently surpassed 1 million, up from about 200,000 half a year ago, co-founder and president Yun Yeyi said at the UBS Asian Investment Conference in Hong Kong on Thursday.
The Shanghai-headquartered firm also said that its global user base reached 300 million, while its annual recurring revenue (ARR) – a key metric that projects current monthly subscription income over a 12-month period – more than doubled over the past two months.
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According to CEO Yan Junjie during an earnings call in March, MiniMax’s ARR had reached upwards of US$150 million by February, driven by surging demand for its generative AI products.
MiniMax, along with Beijing-based competitor Zhipu AI, will be added to Hong Kong’s benchmark Hang Seng Index after the market close on June 5, following a quarterly review. The company’s shares have surged nearly 500 per cent since its initial public offering in January.
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