03:44 PM EST, 03/05/2024 (MT Newswires) -- Alibaba Group Holding ( BABA ) is heading a financing package of at least $600 million for Chinese AI startup MiniMax, Bloomberg reported Tuesday, citing people familiar with the matter.

The terms are still tentative as negotiations with other investors continue, the report said.

MiniMax has secured funds from Alibaba ( BABA ) and other investors at a valuation topping $2.5 billion, Bloomberg reported. HongShan, formerly Sequoia China, committed to the financing, one of the people said, according to the report.

Alibaba ( BABA ), MiniMax and HongShan didn't have immediate comment, Bloomberg said.

Alibaba ( BABA ) did not immediately reply to a request for comment from MT Newswires, and MiniMax could not be reached.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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