Chinese artificial intelligence developer MiniMax Group surged about50% in its Hong Kong market debut on Friday after raising HK$4.8billion ($620million) in its initial public offering.

Shares in the Shanghai-based company were trading at HK$248, compared with an offer price of HK$165 per share.

Founded in early2022 by former SenseTime executive Yan Junjie, MiniMax develops multimodal AI models capable of processing text, audio, images, video and music. The company said it plans to use most of the IPO proceeds to fund research and development.

The strong debut follows a wave of investor demand for new technology listings in Hong Kong. On Thursday, three Chinese technology companies raised a combined $1.19billion in their listings, all posting gains in their first day of trading.

Market participants said the reception for MiniMax reflects renewed interest in Chinese AI and technology stocks, after a period of weak sentiment driven by regulatory tightening and global risk aversion.