--- title: "Hong Kong stock movement: MINIMAX-W down 15%: released M3 model and progress on the Sci-Tech Innovation Board, after a high opening faced fund selling" type: "News" locale: "en" url: "https://longbridge.com/en/news/288208982.md" description: "MINIMAX-W fell 15.06%; Zhipu fell 9.40%, with a transaction volume of HKD 1.531 billion; Dipu Technology rose 0.26%, with a transaction volume of HKD 263 million; Shenyan Intelligent fell 8.45%, with a transaction volume of HKD 124 million; Haizhi Technology Group rose 0.94%, with a market value of HKD 23.7 billion" datetime: "2026-06-01T03:42:58.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/288208982.md) - [en](https://longbridge.com/en/news/288208982.md) - [zh-HK](https://longbridge.com/zh-HK/news/288208982.md) --- # Hong Kong stock movement: MINIMAX-W down 15%: released M3 model and progress on the Sci-Tech Innovation Board, after a high opening faced fund selling **Hong Kong Stock Movement** MINIMAX-W fell 15.06%. Based on recent key news: 1. On June 1, MINIMAX-W announced the launch of its A-share Sci-Tech Innovation Board listing process and introduced the next-generation multimodal model MiniMaxM3. This news attracted market attention, but due to the general decline of large model concept stocks in the Hong Kong stock market, the stock price came under pressure. It is currently reported at HKD 715.00, having dropped over 13% during the session. 2. On May 31, MINIMAX-W announced its preliminary proposal to issue RMB shares and signed a counseling agreement with professional advisors. This news raised market interest in the company's future capital operations but also brought certain uncertainties, affecting stock price performance. 3. On June 1, MINIMAX-W officially released the next-generation general model MiniMax M3, which adopts a newly developed sparse attention architecture, significantly improving inference efficiency. Although the technological breakthrough sparked market interest, the stock price showed volatility, opening high but then falling 12.38% to HKD 736. The overall industry performance is weak, and capital flows are unstable. **Stocks with High Trading Volume in the Industry** Zhizhu fell 9.40%, with a trading volume of HKD 1.531 billion. Based on recent key news: 1. On May 29, Zhizhu's stock price surged by 20% during the session before suddenly dropping, with a trading volume reaching HKD 3.7 billion. Market concerns about its high valuation led to stock price fluctuations. Source: Daily Economic News 2. On May 30, market analysis pointed out that the sharp fluctuations in Zhizhu's stock price were mainly due to manipulation by speculators and profit-taking sell-offs. As the stock price approached HKD 2000, the high valuation raised market worries. Source: Jinshi Data 3. On June 1, Zhizhu was included in the Hang Seng Tech Index, and the market expects its stock price may be affected by index adjustments, increasing short-term volatility risks. Source: Zhitong Finance AI industry valuations are high, with significant capital inflows. Dipu Technology rose 0.26%. Based on recent key news: 1. On May 28, Dipu Technology successfully completed a new H-share placement, placing 7.942 million shares at a placement price of HKD 50.58 per share. The raised funds will be used for overseas market expansion and strategic investments, enhancing financial flexibility and driving stock price up. Source: Zhitong Finance 2. On May 29, Dipu Technology was added to the Hong Kong Stock Exchange's Tech 100 Index, increasing market attention and benefiting the stock price. Source: Viewpoint Network 3. On May 29, Dipu Technology reached a strategic cooperation with Lenovo Telecom and PCCW Solutions, focusing on the Greater Bay Area and Southeast Asian markets to promote enterprise AI applications and enhance market competitiveness. Source: Zhitong Finance Technology stocks have been active recently, with significant capital inflows. Shenyan Intelligent fell 8.45%. Based on recent key news: 1. On May 30, Shenyan Intelligent released its prospectus, showing that its net profit from 2023 to 2025 is expected to shrink by nearly 85%, with a continuous decline in gross profit margin. The company explained that the decrease in gross profit margin is mainly due to revenue contraction, while sales costs did not decrease simultaneously, affecting gross profit The cost of media resource procurement is high and uncontrolled, raising doubts about future profitability, leading the market to reprice its profitability. 2. On May 30th, DeepBrain Intelligence mentioned in its prospectus that it owed unpaid employee social insurance and housing provident fund contributions, with a cumulative unpaid amount of 32.3 million yuan over three years. Such non-compliance events have raised market concerns about corporate governance, affecting stock price performance. 3. On May 30th, the listing of DeepBrain Intelligence was seen as a sign of the commercialization of the AI industry, marking the industry's departure from the pure concept hype phase. The market has high hopes for its AI technology advantages, but its profitability remains in question in the short term. The acceleration of AI industry commercialization has drawn attention to profitability. **Stocks ranked among the top in industry market capitalization** Haizhi Technology Group, up 0.94%, with a market capitalization of HKD 23.7 billion, has had no significant news recently. The trading is active, with clear capital flows. 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