China’s artificial intelligence sector is minting billionaires at a record pace as investors bet on the country’s technology advances. The country's latest AI entrepreneur to amass a ten-figure fortune is MiniMax Group founder Yan Junjie. The 36-year-old chairman and CEO is now worth $3.2 billion, according to Forbes estimates, as his AI model developer soared over 100% in its Hong Kong market debut on Friday.

Shanghai-based MiniMax raised HK$4.8 billion ($618 million) in the initial public offering, selling 29.2 million shares at HK$165 apiece, the top end of a previously indicated range, according to a stock exchange filing.

The company, which declined to comment on Yan’s wealth, plans to use most of the proceeds to develop its models. It has attracted more........

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