--- title: "Hong Kong stock movement: MiniMax-W fell by 10.48%, as the market reacted strongly to intensified AI competition and valuation risks!" type: "News" locale: "en" url: "https://longbridge.com/en/news/283951342.md" description: "MINIMAX-W fell 10.48%; Zhipu fell 11.38%, with a transaction volume of HKD 2.392 billion; Dipu Technology fell 4.11%, with a transaction volume of HKD 868 million; Jishijiao fell 0.50%, with a transaction volume of HKD 66.63 million; Haizhi Technology Group fell 1.36%, with a market value of HKD 20.4 billion" datetime: "2026-04-24T07:27:17.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283951342.md) - [en](https://longbridge.com/en/news/283951342.md) - [zh-HK](https://longbridge.com/zh-HK/news/283951342.md) --- # Hong Kong stock movement: MiniMax-W fell by 10.48%, as the market reacted strongly to intensified AI competition and valuation risks! **Hong Kong Stock Movement** MINIMAX-W fell by 10.48%. Based on recent key news: 1. On April 24, Jefferies released a research report, giving MiniMax-W a "Buy" rating with a target price of HKD 1,118. The company's upcoming new models are highly anticipated, with M3.0 and Hailuo 3.0 expected to be launched around mid-year, enhancing market confidence. 2. On April 23, JP Morgan reported that MiniMax-W is a structural beneficiary of China's AI application cycle, benefiting from strong API demand and improving monetization capabilities, maintaining an "Overweight" rating with a target price of HKD 1,100. 3. On April 22, Morgan Stanley expressed optimism about MiniMax-W's annual recurring revenue growth, believing the market underestimates its recent ARR growth, giving it an "Overweight" rating with a target price of HKD 990. The competition in the AI industry is intensifying, and market volatility is significant. **Stocks with High Trading Volume in the Industry** Zhizhu fell by 11.38%, with a trading volume of HKD 2.392 billion. Based on recent key news: 1. On April 24, Zhizhu had large transactions exceeding HKD 30 million, indicating high market attention on its stock, which may lead to short-term price fluctuations. 2. On April 23, JP Morgan maintained an "Overweight" rating for Zhizhu with a target price of HKD 950, believing it benefits from the AI application cycle, and that technical corrections are seen as buying opportunities. 3. On April 21, UBS initiated coverage on Zhizhu with a "Buy" rating and a target price of HKD 1,160, expecting its revenue to maintain high growth despite competition and technological risks. The competition in the AI industry is fierce, and market volatility risks are high. Dipu Technology fell by 4.11%. Based on recent news: 1. On April 20, the Hong Kong SAR government held a signing ceremony for a new batch of key enterprises, with Didi officially signing on as one of the newly introduced key enterprises. Although this news is favorable for the company's long-term development, it failed to boost the stock price in the short term, leading to a decline in Dipu Technology's stock price. 2. There have been no other significant news recently; trading is active, and capital flow is evident. Considering the sector and industry trends, the stock shows significant volatility, and specific reasons need further observation. The Hong Kong market has been volatile recently, requiring attention to policy changes. Jizhi fell by 0.50%. There has been no important news recently; trading is active, and capital flow is evident. Considering the sector and industry trends, the stock shows significant volatility, and specific reasons need further observation. no\_news **Stocks with High Market Capitalization in the Industry** Haizhi Technology Group fell by 1.36%. Based on recent key news: 1. On April 21, the domestic AI service market is growing rapidly, and Haizhi Technology Group's valuation is in line with global AI peers, supporting a buy rating with a target price of HKD 84.5 per share. This news failed to boost the stock price and instead triggered profit-taking by some investors, leading to a decline in the stock price 2. Recently, there are no other important news. The AI industry is performing strongly overall, with clear capital flows ### Related Stocks - [00100.HK](https://longbridge.com/en/quote/00100.HK.md) ## Related News & Research - [After tech giants, a new cohort of “AI tigers” finds footing in China](https://longbridge.com/en/news/283389393.md) - [MiniMax’s ARR tops USD 150 million as it pivots toward an AI platform model](https://longbridge.com/en/news/277591914.md) - [08:02 ETChapsVision Unveils ChapsAgents: Enterprise Platform for Trustworthy Agentic AI](https://longbridge.com/en/news/283660375.md) - [Now there's an AI tool that adds typos into your emails — so it looks like you didn't use AI](https://longbridge.com/en/news/283879289.md) - [How Options Trading AI Is Changing the Way Traders Find Setups](https://longbridge.com/en/news/283862115.md)