British asset manager Baillie Gifford and Singapore sovereign wealth fund GIC Pte took part in the initial public offering of Shanghai-based artificial intelligence unicorn MiniMax Group in Hong Kong, people familiar with the matter said.

The IPO raised HK$4.8 billion ($619 million), with the final offer price set at the top end of the indicated range, the sources said.

After excluding cornerstone investments, institutional demand for the offering exceeded 70 times the shares available, with more than 460 institutional bids submitted, underscoring strong investor appetite for Chinese AI companies.

MiniMax, also known as Xiyu Technology, develops large-scale AI models and is positioned as one of China’s leading generative AI startups. The company has attracted growing interest from global investors seeking exposure to China’s artificial intelligence sector amid a resurgence of technology listings in Hong Kong.

The strong subscription follows a broader revival in the city’s IPO market, particularly for technology and AI-related firms, after a prolonged slowdown in listings.

Baillie Gifford and GIC declined to comment, while MiniMax did not immediately respond to a request for comment.