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MiniMax is preparing to price its Hong Kong initial public offering at the top of the marketed range, signalling strong demand for artificial intelligence developers as investors seek exposure to homegrown technology firms with global ambitions, according to people familiar with the transaction.

The Shanghai-based company, best known for its large language models and consumer-facing AI applications, has accelerated its listing timetable amid a surge in interest for Chinese technology firms that are perceived to be less exposed to US trade and regulatory pressures. Bankers involved in the deal say early indications from institutional investors point to robust demand, particularly from Asia-based funds focused on long-term technology themes.

MiniMax, founded in 2021 by former SenseTime and Megvii researchers, has positioned itself as one of the country’s leading independent AI model developers. Its core products include general-purpose foundation models, AI companions and enterprise solutions used across gaming, education and content creation. The firm competes with larger players backed by internet conglomerates while marketing itself as more agile and research-driven.

People familiar with the IPO said the company is targeting a valuation that reflects the premium currently attached to AI-related listings in Hong Kong. While final pricing has not yet been approved, the expectation is that the offer will be set at the upper end of the range to capitalise on strong order books built during early marketing. The shares are expected to begin trading later this year, subject to market conditions and regulatory clearances.

The decision to push for top-range pricing comes as Hong Kong’s equity market shows signs of renewed momentum after a prolonged slowdown. Technology and healthcare deals have drawn increasing attention, supported by policy measures aimed at reviving capital markets and encouraging listings by innovative firms. Fund managers say AI remains one of the few sectors where investors are willing to pay up for growth, despite broader concerns over economic headwinds.

MiniMax’s IPO is also being closely watched as a test case for how investors value Chinese AI companies that operate largely outside the orbit of the country’s major internet platforms. Unlike peers that rely heavily on parent companies for distribution and funding, MiniMax has raised capital from a mix of venture investors and strategic backers, allowing it to retain greater operational independence. That positioning has resonated with some institutional investors seeking exposure to AI innovation without heavy platform risk.

The company has continued to expand its research capabilities, investing heavily in computing infrastructure and talent. Industry analysts note that MiniMax has been among the more visible Chinese developers releasing multilingual models and consumer applications that aim to compete with global offerings. Its emphasis on overseas markets, including Southeast Asia and parts of the Middle East, has helped broaden its revenue base and narrative ahead of the listing.

Still, the firm faces stiff competition. Domestic rivals supported by large technology groups benefit from vast user ecosystems and deep pockets, while international players continue to dominate cutting-edge model development. Pricing the IPO aggressively could raise expectations around execution and financial performance at a time when monetisation of AI remains uneven across the industry.

Market participants say Hong Kong has become a more attractive venue for such listings as regulatory scrutiny on technology firms has stabilised compared with earlier years. The city’s exchange has also updated listing rules to better accommodate companies with heavy research spending and limited near-term profitability, a profile that fits many AI developers.

Bankers involved in the transaction say MiniMax has highlighted its progress in commercialising products, including enterprise contracts and consumer subscriptions, to address investor concerns around sustainability. While the company is not yet profitable, it has signalled a clearer path to revenue growth than at earlier funding rounds, helped by rising demand for customised AI solutions among businesses.

The change in outlook has been swift. Until the latest tax measures, ITC had ranked among the most favoured large-cap stocks on domestic brokerage lists, supported by steady cash flows from cigarettes and growing contributions from fast-moving consumer goods, hotels and paperboards. That balance has been questioned after the government raised duties on tobacco products, squeezing margins in the company’s most profitable segment.

ITC hit by analyst downgrades after tax move has become a defining theme in market commentary as earnings models are recalibrated. Analysts who turned cautious point to limited scope for further price hikes in cigarettes without risking volume erosion, at a time when consumption growth has already been uneven.

Cigarettes contribute a majority of ITC’s operating profit despite accounting for a smaller share of revenue, making tax changes particularly sensitive. The latest duty increase, structured through a combination of higher specific excise and cess components, has raised the effective tax burden across key cigarette categories. Brokerages estimate that, unless offset by price increases or cost efficiencies, operating margins in the segment could compress by 150 to 250 basis points over the coming quarters.

Some analysts expect ITC to pass on part of the tax through selective price increases, a strategy the company has used in earlier cycles. However, several broker notes highlight a more competitive environment, with illicit trade and regional players limiting pricing power. Volume growth assumptions for the cigarette business have been trimmed, with some forecasts now factoring in flat to marginally negative growth.

The reassessment has translated into rating cuts from buy to hold or equivalent neutral stances. Target prices have also been lowered, reflecting reduced earnings visibility and a narrower valuation premium for the cigarette franchise. A few brokerages have flagged that ITC’s valuation multiple had already priced in regulatory stability, leaving little cushion for adverse policy surprises.

Not all analysts are bearish. A significant portion of coverage has retained positive recommendations, arguing that the market reaction may be overdone. Supporters note ITC’s strong balance sheet, consistent dividend payouts and diversified portfolio as buffers against near-term volatility. The company remains debt-free and continues to generate robust free cash flow, providing flexibility to absorb tax shocks.

Attention has also turned to ITC’s non-cigarette businesses, which management has been positioning as long-term growth drivers. The FMCG segment, covering packaged foods, personal care and agri-branded products, has delivered double-digit revenue growth in several quarters, albeit with thinner margins. Analysts broadly agree that sustained investment is required before this segment can materially offset any slowdown in cigarettes.

The hotels business, demerged earlier into a separate listed entity, has been another focal point. While the demerger unlocked value and allowed sharper capital allocation, it also removed a stable earnings contributor from ITC’s consolidated results. Some analysts argue that the timing has amplified the perceived impact of the tobacco tax, as investors now view ITC more squarely through the lens of its cigarette exposure and FMCG transition.

Market participants are also weighing the broader regulatory backdrop. Tobacco taxation remains a policy lever tied to public health objectives and revenue needs, creating an element of unpredictability. Analysts caution that while steep tax hikes may not be annual, periodic adjustments are likely, keeping long-term risk premiums elevated for cigarette makers.

ITC’s management has yet to signal any immediate strategic shift in response to the tax increase. Past commentary has emphasised disciplined pricing, supply chain efficiencies and portfolio premiumisation to protect margins. The company has also highlighted investments in agri-sourcing and digital distribution to strengthen competitiveness across categories.

For investors, the debate has narrowed to whether the stock’s recent underperformance adequately reflects these risks. Some analysts see value emerging if earnings downgrades stabilise and FMCG margins continue to improve. Others maintain that sentiment will remain cautious until clearer evidence emerges that cigarette profitability can be sustained without sacrificing volumes.

GLAS has carved out a niche as a specialist provider of services that support the lifecycle of debt instruments, from syndicated loans and direct lending to private credit and leveraged finance transactions. Founded in 2011 by Mia Drennan and Brian Carne, the firm oversees administration for a substantial portfolio of assets under management running into the hundreds of billions of dollars and employs over 450 staff across 16 offices worldwide. Drennan is expected to remain at the helm as chief executive, reflecting continuity in leadership amid the change in ownership.

The strategic rationale behind the investment reflects broader shifts in global credit markets. Demand for outsourced loan administration and trustee services has grown as lenders and borrowers navigate increasingly complex financing arrangements and regulatory requirements. Private credit, in particular, has expanded sharply, with non-bank lenders and institutional investors seeking specialist support for documentation, compliance and reporting functions that underpin large, bespoke transactions. GLAS’s suite of services has made it a go-to partner in this space, particularly for institutional clients negotiating intricate debt structures.

Financial terms of the deal disclosed by Oakley indicate its indirect contribution via Fund VI will be up to about £55 million, but wider valuations implied by market coverage suggest a total enterprise value near £1 billion. That figure aligns with expectations from advisers and reflects both GLAS’s established market position and the strategic value investors place on firms that facilitate the expanding private credit ecosystem. Oakley’s purchase follows a period of growth for GLAS under Levine Leichtman’s ownership, during which assets under administration reportedly rose from roughly $120 billion in 2021 to more than $750 billion today, driven by geographic expansion, technology investment and targeted acquisitions.

Oakley Capital’s profile has broadened in recent years as the firm has backed a variety of businesses across sectors including consumer brands, technology and business services. Its backing of GLAS reflects a deliberate push into specialised financial services where structural trends favour outsourced, technology-enhanced solutions. The involvement of La Caisse, a major institutional investor, underscores the appeal of GLAS’s business model to long-term capital allocators seeking exposure to the infrastructure of global credit markets.

Industry analysts have noted the appetite for loan agency services has been underpinned by the proliferation of private credit funds and a resurgence of syndicated lending activity following periods of market volatility. As banks and alternative lenders diversify their portfolios and jurisdictions tighten reporting standards, demand for independent administrators with global reach has grown. GLAS’s deep bench of expertise in handling complex transactions and its geographic footprint are seen as competitive advantages that could support accelerated growth under Oakley’s stewardship.

Executives from both sides have highlighted the strategic fit. Mia Drennan said the partnership with Oakley and La Caisse positions GLAS to expand its offerings and deepen client relationships, building on a track record of innovation in service delivery. Josh Kaufman, partner and head of Europe at Levine Leichtman, expressed pride in the firm’s role in GLAS’s development and confidence in its future trajectory under new ownership. Advisers on the transaction included Deutsche Bank and Robert W. Baird, working with GLAS and Levine Leichtman, reflecting the complexity and market interest in the deal.

The developments will be led by Manrre Developments, a joint venture between GFH and Palmon Group, a seasoned UAE-based industrial conglomerate with over 40 years of institutional experience. This partnership unites proven regional expertise across acquisition, planning and design, development, execution, and operational readiness to deliver exceptional, future-ready warehouses and logistics centres.

Harry Ip, Managing Director of Gaw Capital, said, “We are thrilled to enter UAE’s flourishing industrial and logistics market, supported by strong fundamentals, the surge in structural demand driven by government-led initiatives, and heightened global interest in the logistics and industrial asset class. Leveraging the expertise from GFH Partners, this partnership positions us as one of Asia’s leading forerunners in delivering prime industrial facilities in the UAE, providing investors with exposure to a fundamentally undersupplied market.”

Nael Mustafa, CEO of GFH Partners, commented, “GFH Partners brings on-the-ground specialists, experienced local operators, and a strong track record managing logistics and industrial assets across the GCC. This joint venture allows us to scale that regional expertise even further, capitalizing on the UAE’s robust industrial growth trajectory. Through this partnership with Gaw Capital, we are combining regional insight with global capability to unlock new opportunities in the UAE’s expanding industrial and logistics sector.”

The Platform is being launched at a time of strong macroeconomic momentum, supported by the UAE’s long-term development strategies including the Dubai Industrial Strategy 2030 and the Dubai 2040 Urban Master Plan. Majority of these initiatives are aimed at accelerating industrial diversification, attracting FDI, and expanding logistics infrastructure. The local government offers a list of pro-business regulatory and fiscal policies, including tax exemptions, customs duty exemption, simplified regulations in 40+ free zones, and relaxed foreign ownership limitation, to accelerate logistics demand and investment. Furthermore, the population of the UAE has experienced dramatic growth and is expected to reach 12.2 million by 2030, driven by the long-term residency incentives (e.g. Golden Visa), competitive tax regime, openings of prestigious school campuses for expatriate professional and family relocation.

Demand for logistics and industrial assets remains robust, supported by a persistent supply–demand imbalance. Dubai’s warehouse and logistics occupancy currently exceeds 97%, with rental rates increasing 33% year-on-year. The formation of the Platform will mark Gaw Capital’s first geographic footprint in the logistics sector in the UAE, demonstrating its global network and cross-border expertise in accessing industrial and logistics investments ahead of the curve.

Gaw Capital has established a robust logistics footprint across China, Japan, South Korea, Vietnam and Australia, with investments in 39 projects totalling approximately 3.8 million sqm of GFA. As of Q3 2025, Gaw Capital manages over US$3.4 billion in assets under management in its global logistics portfolio.

Since 2014, the firm has acquired, developed, and managed a substantial portfolio of modern logistics facilities with over 3 million sqm of GFA across China, supported by a team of around 100 professionals through 4 investment vehicles. Leveraging its deep expertise, Gaw Capital has expanded into other APAC markets through strategic partnerships, acquiring high-quality assets in key metropolitan hubs. Recent investments include seven logistics assets in Greater Tokyo (nearly 250,000 sqm GFA), one in Seoul (over 75,000 sqm GFA), two in Vietnam (over 210,000 sqm GFA) and six urban industrial and logistics warehouses in Sydney (over 45,000 sqm GFA). The firm’s in-house teams and operating partners deliver value-added services across the logistics value chain, including development, construction, leasing, and property management.
Hashtag: #GawCapitalPartners #GFHPartners

The issuer is solely responsible for the content of this announcement.

About Gaw Capital Partners

Based in Asia, Gaw Capital Partners is a multi-asset investment management firm focusing on real estate, growth equity, private credit and infrastructure markets globally.

Since its inception in 2005, the firm has raised seven commingled funds targeting Asia Pacific, alongside value-add /opportunistic funds in the U.S., a Pan-Asia Hospitality Fund, a European Hospitality Fund, a Growth Equity Fund and a Credit Fund. It also manages credit strategies and separate account direct investments globally.

Gaw Capital has consistently generated high yields by revitalizing underperforming assets, enhancing value through creative financing solutions and leveraging deep expertise in capital allocation.

Since 2005, the firm has managed US$35.8 billion in assets and raised US$24.4 billion in equity as of Q2 2025.

About GFH Partners Ltd.

GFH Partners Ltd. (“GFH Partners”) is the DIFC-based global asset management subsidiary of GFH Financial Group B.S.C. (“GFH”). Headquartered in Dubai International Financial Centre and regulated by the Dubai Financial Services Authority, GFH Partners is dedicated to real estate investment and asset management across diverse markets. With assets under management exceeding US$7 billion and investments spanning the US, UK, and GCC. GFH Partners focuses on strategic partnerships and innovative real estate solutions, reinforcing its role as a leading player in global asset management.

Meteorologists said the pattern is being driven by an extension of a surface low-pressure system from the east, interacting with an upper-level trough. This combination is expected to create fluctuating conditions across coastal, inland and mountainous areas, with visibility reductions at times and heightened risks for motorists, mariners and aviation operators.

Early morning fog and mist are likely to form over internal and coastal regions, particularly during periods of high humidity and lighter winds overnight. Authorities warned that horizontal visibility could drop sharply in some areas, especially along highways linking major cities and in low-lying desert zones. Drivers have been urged to adhere to variable speed limits, use headlights appropriately and avoid sudden lane changes when fog is present.

As the day progresses, north-westerly winds are forecast to strengthen, occasionally reaching fresh to strong levels. These winds may raise dust and sand in exposed areas, further reducing visibility and contributing to degraded air quality for short periods. The strongest gusts are expected in open inland areas and near coastal stretches, where loose sand can be lifted rapidly.

Sea conditions are also expected to deteriorate at intervals. The Arabian Gulf is forecast to see moderate to rough seas at times, while conditions in the Sea of Oman may range from slight to moderate before becoming rough during peak wind periods. Small vessels, fishing boats and recreational watercraft have been advised to exercise caution, while port operators are monitoring conditions closely.

Temperatures are expected to remain seasonally mild overall, though noticeable fluctuations are likely. Daytime highs may dip slightly during unsettled phases, particularly in northern and eastern regions, while nights could feel cooler inland. Mountainous areas may experience lower temperatures and occasional cloud build-up, with a chance of light rainfall in isolated locations as moist air interacts with the upper trough.

Aviation authorities are factoring the conditions into flight planning, especially during early morning and late-night hours when fog is most likely. Delays or temporary diversions remain possible at airports if visibility falls below operational thresholds. Airlines have advised passengers to check flight status updates and allow additional time for travel to and from airports.

The weather pattern reflects a broader seasonal transition typical of early January, when shifts in pressure systems can lead to rapidly changing conditions across the region. Climatologists note that such periods often bring a mix of calm intervals and sudden gusty phases, requiring heightened situational awareness from the public.

Emergency services and municipal authorities have stepped up monitoring and preparedness measures. Variable message signs on major roads are being used to alert motorists to fog or reduced visibility, while marine warnings are being broadcast to coastal communities. Construction sites and outdoor work areas have been reminded to secure loose materials to prevent wind-related hazards.

Public health officials have advised people with respiratory conditions to limit prolonged outdoor exposure during dusty periods and to follow air-quality guidance when visibility is reduced by suspended particles. Schools and event organisers are also tracking updates to adjust outdoor activities if conditions worsen.

Plans to turn India into a major semiconductor manufacturing hub are moving from policy to execution, with four companies scheduled to begin chip production during 2026 and the government setting its sights on becoming one of the world’s leading producers by 2035. The transition marks a decisive phase for a country long dependent on imported chips but now seeking to embed itself in global electronics supply chains amid geopolitical realignments and rising demand for secure manufacturing bases.

The most advanced of the announced projects is the large-scale fabrication facility planned at Dholera in Gujarat, a joint venture between Tata Electronics and Taiwan’s Powerchip Semiconductor Manufacturing Corporation. The plant, cleared with government backing and financial incentives under the Semiconductor Mission, is designed to manufacture mature-node chips used in automobiles, power electronics, consumer devices and industrial equipment. Construction work has progressed through 2025, with commercial production targeted to start the following year, according to timelines shared with policymakers and industry partners.

Alongside the Dholera fab, three other facilities are slated to commence output in 2026, primarily in the assembly, testing, marking and packaging segment. Micron Technology’s ATMP plant at Sanand in Gujarat is expected to be the first major operational unit, focusing on memory products for global markets. Two domestic groups, Tata Electronics and Kaynes Semicon, are also developing advanced packaging facilities, while CG Power, in partnership with Japan’s Renesas Electronics and Thailand’s Stars Microelectronics, is setting up an outsourced semiconductor assembly and test unit in Gujarat. Together, these projects are intended to establish a foundational ecosystem rather than a single flagship plant.

Government officials argue that the emphasis on both fabrication and packaging reflects a deliberate strategy. While advanced-node fabs require decades of experience and heavy capital, mature-node manufacturing and packaging are seen as realistic entry points that align with India’s strengths in engineering talent, scale and cost efficiency. Officials involved in the programme say the objective is to capture value across the semiconductor chain while gradually building capabilities for more complex processes.

Public funding has played a central role. Under the incentive framework, the central government is offering support covering up to half the project cost for approved semiconductor and display manufacturing units, with additional incentives from host states. The total committed investment across approved projects runs into tens of billions of dollars, according to official estimates, making it one of the most capital-intensive industrial initiatives undertaken in the country.

Industry analysts note that the timing coincides with a global rethinking of chip supply chains. Disruptions during the pandemic years, coupled with trade and technology tensions, prompted governments and companies to seek diversified manufacturing locations. India’s pitch combines policy stability, a large domestic electronics market and strategic partnerships with established chipmakers. Executives at electronics firms say the presence of local chip production could shorten supply chains and reduce vulnerability to external shocks.

Challenges remain substantial. Semiconductor manufacturing demands ultra-reliable power, water and logistics, as well as a deep supplier base for chemicals, gases and equipment. Skills development is another constraint. While India produces large numbers of engineers, chip fabrication requires specialised expertise built through years of hands-on experience. To address this, training collaborations with overseas partners and academic institutions have been initiated, and several universities have launched semiconductor-focused programmes.

There is also scepticism about the 2035 ambition. Market researchers point out that becoming a “top” producer can be defined in different ways, whether by volume, value or technological sophistication. Countries such as Taiwan, South Korea and the United States dominate advanced-node manufacturing, while China has invested heavily across the value chain. India’s near-term projects focus on mature technologies, which serve vast markets but command lower margins. Supporters counter that demand for such chips is set to remain strong due to electric vehicles, renewable energy systems and industrial automation.

The greenback edged higher against a basket of major peers in early European dealings, with the yen drifting back towards levels last seen in the spring and the euro slipping slightly after gains built up over the previous year. Market participants described the move as cautious rather than decisive, reflecting thin liquidity and lingering uncertainty over policy direction in Washington.

Currency strategists said the dollar’s fragile recovery followed heavy selling through much of last year, when expectations of rate cuts by the Federal Reserve and easing inflation undercut the yield advantage that had supported the currency in earlier cycles. At the same time, improving growth prospects outside the United States encouraged investors to rotate towards higher-yielding or undervalued alternatives.

Against the yen, the dollar climbed back towards the upper end of its trading range, hovering near a ten-month high. The Japanese currency has remained under pressure amid a persistent gap between domestic borrowing costs and those in the United States, even as Tokyo has signalled a gradual move away from ultra-loose policy. Traders noted that the yen’s slide was less abrupt than in past episodes, reflecting continued sensitivity to the risk of official intervention.

The euro eased after a strong performance last year, when slowing inflation and steady growth in parts of the euro zone boosted confidence in the region’s economic resilience. Analysts cautioned that the single currency’s trajectory would depend heavily on whether European policymakers deliver further easing or pause to assess wage pressures and fiscal spending plans.

Sterling traded in a narrow band, supported by signs of stabilising inflation but weighed by questions over the durability of domestic growth. Emerging market currencies showed mixed moves, with higher-yielding units holding up better as investors searched for carry opportunities, while those linked to commodities reacted to softer prices in energy and metals.

Market focus remains fixed on forthcoming United States data releases, including employment and inflation indicators that could shape expectations for policy adjustments later in the year. While inflation has moderated from its peak, officials have stressed that decisions will be driven by incoming data rather than preset timelines, a stance that has kept rate forecasts in flux.

Some investors argue that the dollar’s decline last year went too far, pointing to the size and liquidity of United States markets and the economy’s capacity to absorb tighter financial conditions. Others counter that structural forces, including a narrowing growth gap with other advanced economies and rising fiscal deficits, could cap any sustained rebound.

Central banks outside the United States are also recalibrating. In Japan, policymakers are weighing how quickly to normalise after years of stimulus without destabilising markets. In Europe, debates continue over balancing support for growth with the need to anchor inflation expectations. These cross-currents have injected volatility into foreign exchange markets, even as overall trading ranges remain narrower than during periods of crisis.

Commodity prices have added another layer of complexity. Oil has softened amid ample supply, trimming support for currencies of major exporters, while gold’s pullback has reduced its appeal as a hedge against currency weakness. Equity markets have started the year on a cautious note, reinforcing demand for safe and liquid assets.