---
title: "MINIMAX-W  Slumps 13%; Z.AI Falls Nearly 5% as Moonshot AI Launches Kimi K3.1 Pro, Most Powerful 3-Trillion-Parameter Model"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/303017963.md"
description: "Hong Kong-listed AI stocks MINIMAX-W and Z.AI slumped 13% and nearly 5% respectively, driven by Moonshot AI's launch of Kimi K3.1 Pro. The new 3-trillion-parameter model, supporting 1 million tokens, enhanced capabilities in coding and financial research. MINIMAX-W fell below its IPO price with significant short selling pressure, while Z.AI also saw notable declines despite the positive industry development from Moonshot AI."
datetime: "2026-10-26T02:58:42.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/303017963.md)
  - [en](https://longbridge.com/en/news/303017963.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/303017963.md)
generator: "portal-rs"
---

# MINIMAX-W  Slumps 13%; Z.AI Falls Nearly 5% as Moonshot AI Launches Kimi K3.1 Pro, Most Powerful 3-Trillion-Parameter Model

Hong Kong's two major AI large model stocks came under significant pressure this morning (26th). MINIMAX-W (00100.HK) -19.700 (-10.501%) Short selling $337.89M; Ratio 7.832% opened down 1.8% before losses widened sharply. The stock again fell below its IPO price of HKD165, hitting a low of HKD160.6, and was last reported at HKD162.6, down 13.33%. Turnover amounted to HKD1.315 billion. Z.AI (02513.HK) -14.400 (-2.886%) Short selling $1.35B; Ratio 18.246% fell 4.73% to HKD475.4, with turnover of HKD1.018 billion.

Moonshot AI announced the official launch of Kimi K3.1 Pro, the first model in the K3.1 series and the company's most capable 3-trillion-parameter model to date, supporting 1 million tokens of context. Kimi K3.1 Pro showed particularly notable improvements in coding, 3D creation, financial research and other long-context agent capabilities. (ha/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-10-23 16:25.)

### Related Stocks

- [00100.HK](https://longbridge.com/en/quote/00100.HK.md)
- [02513.HK](https://longbridge.com/en/quote/02513.HK.md)

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**