New Delhi, Jan. 9 -- MiniMax made a stellar stock-market debut in Hong Kong on Friday, with shares more than doubling as investors continued to pile into Chinese artificial-intelligence start-ups.

The stock soared 109% to 345 Hong Kong dollars on its first day of trading, following an initial public offering in which MiniMax raised HK$4.8 billion ($619 million) at an offer price of HK$165. The benchmark Hang Seng Index closed 0.3% higher.

MiniMax, which develops large-language models, is the second of China's so-called AI tigers to go public this week. It did a lot better than rival Zhipu AI, which fizzled in early trading on Thursday before closing up 13% at HK$131.50 in Hong Kong.

MiniMax was founded in early 2022 and says on its web...