MiniMax (0100.HK) climbed 7.6% in Monday's session in Hong Kong to HK$323.20. The AI company reported first-half 2026 revenue of $117 million, up 283% year-over-year, with open platform and enterprise services revenue surging 703% to account for 63.4% of total sales. Annualized recurring revenue in August exceeded $800 million, well above analyst expectations. Turnover reached approximately HK$1.76 billion.
Multiple brokerages issued buy ratings following the results. Citigroup maintained a HK$576 price target, CMB International raised its target to HK$580, and Guotai Haitong set a HK$700 target, with the analyst consensus at "strong buy." Separately, MiniMax increased its three-year cloud computing procurement cap with Alibaba Group by 220% to $1.2 billion, reflecting sustained growth in AI compute demand.
Southbound Connect flows have been net buyers for four consecutive sessions, accumulating more than HK$1.93 billion in net purchases.