JPMIMAX@EC2610E

UBS Report: MiniMax Stock Undervalued, Target Price at HKD 1,000

Citibank first covers MINIMAX-W with a Buy rating

VP of Xiyu Technology Xu Zizhao Analyzes the Development of Large Model Industry at the Forum

JP Morgan Maintains Overweight Ratings for KNOWLEDGE ATLAS and MINIMAX-W

Macquarie Initiates Coverage of MiniMax with a Target Price

Jefferies Gives MiniMax a Buy Rating with a Target Price of HKD1,118

Morgan Stanley Sees Strong AR Growth for MiniMax-W, Maintains Overweight Rating

MiniMax Changes Open Source Agreement for MiniMax2.7 Model, Sparks Controversy

MiniMax Reports 158.9% Increase in 2025 Revenue and Launches New Products

MiniMax Launches M2.7 Model

Guosheng Securities initiates coverage of MINIMAX-W with a 'Buy' rating

MiniMax Announces the Official Launch of Cloud-based Self-Evolving AI Assistant MaxHermes

MiniMax-W Launches MiniMax Agent Desktop End Pocket and Computer Use Features

Huatai Securities First Coverage of MiniMax with Buy Rating

MiniMax M2.7 Globally Open Sourced, Multiple Vendors Complete Compatibility

MiniMax Launches Music 2.6 Music Generation Model and Launches Free Beta Testing

Zheshang Securities First Coverage of MINIMAX-W with Buy Rating

MINIMAX-W Launches MMX-CLI Command Line Tool

HSBC Global Research First Coverage and Rating of Minimax

MiniMax Launches MiniMax Token Emphasizing Cross-Platform Openness

CONTEL

ISDN HOLDINGS

APEX ACE HLDG

MOST KWAI CHUNG

SHANGSHAN GOLD

NICHE-TECH SEMI

RIZHAO PORT JR

WKK INTL (HOLD)

HINGTEX HLDGS

RICH GOLDMAN

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Hong Kong's AI sector faced notable declines in the afternoon trading session, with Zhihudropping over 10% and MINIMAX-Wfalling more than 3%. These declines indicate a broader market trend as investors respond to recent developments in the AI industry.

CoinLive

MINIMAX-W

ZHIHU-W

Zhihu

Hong Kong Stocks: AI Giants Experience Afternoon Decline

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Morgan Stanley anticipates that the annual recurring revenue (ARR) for frontier models will reach at least USD 1 billion by year-end, driven by advancements in US computing power and Chinese engineering efficiency. The firm raised price targets for MiniMax and Zhipu, forecasting significant growth in the sector. By 2026, ARR could reach USD 1 billion to USD 1.5 billion, expanding to USD 2.5 billion to USD 5 billion by 2027. Key picks include MiniMax, Zhipu, and Alibaba, with increased valuations in both bull and bear scenarios.

- Morgan Stanley's report indicates that foundation models are growing due to US computing power and China's engineering efficiency.  
- The firm anticipates annual recurring revenue (ARR) for frontier models to reach USD 1 billion to USD 1.5 billion by the end of 2026, potentially expanding to USD 2.5 billion to USD 5 billion by the end of 2027.  
- Key stock picks include MiniMax, Zhipu, and Alibaba, with upgraded target prices reflecting increased valuations in both base and bull cases.

AASTOCKS News

KNOWLEDGE ATLAS

Alibaba

BABA 2x Long Daily ETF - GraniteShares

KraneShares 2x Long BABA Daily ETF

Morgan Stanley

BABA-W

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MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

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MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

BABA-WR

Alibaba HK SDR 5to1

M Stanley Expects Frontier Models ARR to Reach at Least USD1B by Year-end, Raises TPs on MiniMax  and Zhipu

CICC's report highlights DeepSeek's launch of its V4 model series, which utilizes a hybrid attention mechanism to enhance inference efficiency. This innovation is seen as pivotal for the model industry and is expected to accelerate demand for Agentic AI. The V4 series includes two variants, V4-Pro and V4-Flash, both capable of handling ultra-long contexts of one million tokens. CICC is optimistic about the growth of domestic open-source models and is bullish on Zhipu and MiniMax as key players in this space.

CICC

DeepSeek

CICC: DeepSeek V4 Model Efficiency Optimization to Accelerate Downstream Agentic AI Demand, Bullish on Zhipu , MiniMax

Citi analyst Alicia Yap has initiated coverage of MiniMax Group, Inc (0100) with a Buy rating and a price target of HK$1,330.00. The analyst consensus for the stock is a Strong Buy, with an average price target of HK$1,163.80. Yap specializes in the Consumer Cyclical sector and has an average return of 3.6% with a 42.96% success rate on her stock recommendations.

Tip Ranks

Citigroup

JD.com

JD-SW

CITIGROUP INC 6.250 NON CUM SER II PFD WI

JD-SWR

MiniMax Group, Inc (0100) Receives a Buy from Citi

Chinese AI startup DeepSeek has launched its fourth-generation model, DeepSeek V4, with significant price cuts, offering a 75% discount on the new DeepSeek-V4-Pro model until May 5. The price reductions aim to boost adoption amid intensifying competition in the AI sector. DeepSeek's strategy includes a two-tier model to attract a broader user base. However, the aggressive pricing has raised concerns about a potential price war, negatively impacting shares of competitors Zhipu AI and MiniMax Group. The V4 model is also expected to utilize Huawei's chip technology, highlighting its strategic significance in the current market.

Invezz

Alphabet

Alphabet - C

Huawei

NVIDIA

TENCENT

OpenAI

NVIDIA Corporation

Tencent

TENCENT-R

Tencent HK SDR 10to1

Tencent Holdings Limited

DeepSeek price slash fuels competition, hits Zhipu, Minimax

UBS has upgraded MiniMax's target price to HKD1,000, citing that the market has underestimated the company's multimodal synergies and infrastructure advantages. Despite a cumulative share price increase of 371% since its listing, MiniMax's recent performance has lagged behind peers. UBS believes that ongoing model upgrades will enhance the performance of its AI agents and has assigned a "Buy" rating to the stock.

UBS Group AG

UBS Lifts MiniMax  TP to HKD1,000, Says Multimodal Synergies Underestimated by Market

Citi has initiated coverage on MiniMax-W (Xiyu Technology) with a Buy/High Risk rating and a target price of HKD1,330. The report highlights MiniMax's strengths in AI technology and its strategic multimodal approach. Citi's investment thesis is based on technological breakthroughs, a global diversification strategy, and a balanced commercialization pathway. The bank forecasts a revenue CAGR of 128% from 2025 to 2030, expecting profitability by 2H29. The target price reflects a 15% discount to the stock's two-year forward price-to-sales average.

Citi Initiates MiniMax  at Buy/High Risk, TP HKD1,330

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Leading AI companies are finding that compute costs surpass talent expenses, with compute accounting for 57% to 70% of total spending. Anthropic, Minimax, and Z.ai allocate the largest share of their budgets to compute, with Anthropic spending $9.7 billion in 2025, including $6.8 billion on compute. Despite high salaries, staff costs remain under half of total expenses. The data highlights the capital-intensive nature of developing AI models, with companies currently spending 2-3 times their revenue.

ZeroHedge

Guotai CSI Computer Theme ETF

FT Nasdq AI & Robotics

Compute Costs More Than Talent In AI

Citi's research report highlights DeepSeek's V4 model, which competes well with Claude Sonnet 4.6 while being cheaper than GPT-5.5. Despite its lower pricing, DeepSeek's reasoning capabilities lag behind closed-source models. The report values MiniMaxat HKD1,330 per share, projecting a 30x price-to-sales ratio for 2028, with a CAGR of 128% from 2025 to 2030. Citi assigns MiniMax a "Buy/High Risk" rating due to its short trading history and the evolving AI landscape.

Citi: DeepSeek V4 Further Focuses on Cost and Efficiency Trends; Values MiniMax  at HKD1,330 per Share

Reuters

BUZZ-MiniMax hits 2-month low after report US flags AI theft by Chinese firms

Hong Kong's AI stocks faced a downturn as MINIMAX-Wfell over 12% and Zhizhidropped more than 3%. According to Jin10, these fluctuations reflect broader market trends impacting AI-related equities.

Hong Kong AI Stocks Experience Decline

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The Hong Kong stock market has shown a clear divergence in the past hour, with the technology and pharmaceutical sectors performing particularly well, as funds seem to prefer high-growth small-cap stocks. The strong rise of AV CONCEPT HOLD and ZHIDA TECH has attracted considerable attention from short-term funds, resulting in a relatively active overall market sentiment. Meanwhile, underperforming stocks like ZXZN QI-HOUSE and MANYCORE TECH appear relatively weak, indicating signs of capital outflow. The overall volatility is significant, with frequent changes in short-term heat, requiring investors to remain vigilant. 

The biggest movers in the past hour include AV CONCEPT HOLD, which surged 24.64%, rapidly climbing in price under strong market demand, attracting a large influx of short-term funds and showing strong buying sentiment. ZHIDA TECH also performed well, with an increase of 23.46%, seemingly driven by market expectations for its future growth, sustaining short-term heat. 

Strong stocks:
1. PRODUCTIVE TECH: up 16.98%, with recent market attention on its technological innovations and noticeable capital inflow.
2. GUANZE MEDICAL: up 15.13%, driven by the pharmaceutical sector, showing strong stock performance and attracting many investors' attention.
3. TR INTERIORS: up 15.00%, as the automotive industry recovers, related concept stocks are in demand, with active short-term funds.
4. HAIXI PHARMA: up 14.56%, with optimistic market expectations for its R&D progress driving the stock price up

HK Movers

AV CONCEPT HOLD

ZHIDA TECH

ZXZN QI-HOUSE

PRODUCTIVE TECH

GUANZE MEDICAL

TR INTERIORS

HAIXI PHARMA

MANYCORE TECH

MONTAGE TECH

WELLCELL HOLD

GOLDWIND

BITSTRAT HLDGS

EXTREME VISION

Hong Kong Stock Movement Quick Report: Technology stocks rebound strongly, AV CONCEPT HOLD and ZHIDA TECH rise over 23%  
ZXZN QI-HOUSE plummets 18%, short-term funds remain cautiously on the sidelines

MINIMAX-W fell 12.22%; Zhipu fell 3.10%, with a transaction volume of HKD 388 million; Dipu Technology rose 0.72%, with a transaction volume of HKD 54.32 million; Jishijiao fell 10.29%, with a transaction volume of HKD 36.9 million; Haizhi Technology Group fell 4.84%, with a market value of HKD 19.7 billion

Hong Kong stock movement: MiniMax-W fell 12.22%, market reacts lukewarm to intensified competition in the AI industry and new model releases?

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HUA HONG SEMI(01347) rose 15.18%, with a trading turnover 8.5 Billion HKD, and a year-to-date rose 45.5%. SMIC(00981) rose 10.01%, with a trading turnover 12.4 Billion HKD, and a year-to-date fell 10%. MINIMAX-W(00100) fell 9.44%, with a trading turnover 2.0 Billion HKD, and a year-to-date rose 371.2%. KNOWLEDGE ATLAS(02513) fell 9.05%, with a trading turnover 3.0 Billion HKD, and a year-to-date rose 704.6%.

- The Hang Seng Index rose by 0.24%, with a year-to-date gain of 1.4%, while the Hang Seng Tech Index increased by 0.75%, but is down 11.1% for the year.  
- Hua Hong Semiconductor (01347) saw a significant increase of 15.18%, with a trading volume of HKD 84.7 billion and a year-to-date gain of 45.5%.  
- In contrast, MINIMAX-W (00100) fell by 9.44% despite a remarkable year-to-date gain of 371.2%, while SMIC (00981) dropped by 10% year-to-date, marking a 10.01% increase today.

Daily Top

HUA HONG SEMI

SMIC

ILUVATAR COREX

GANFENGLITHIUM

OMNIVISION

YOFC

LI AUTO-W

DONGFANG ELEC

Top 5 HK Stock Gainers/Losers (>100B) (4.24)

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WELLCELL HOLD(02940) fell 55.82%, with a trading turnover 1.6 Billion HKD, and a year-to-date fell 28.7%. XUNCE(03317) fell 15.98%, with a trading turnover 1.3 Billion HKD, and a year-to-date rose 468.3%. WOER(09981) fell 14.19%, with a trading turnover 202.4 Million HKD, and a year-to-date fell 12.1%.

XUNCE

WOER

NUOBIKAN

FIBOCOM

JIAXIN INTL RES

HANXBIO-B

Top 10 HK Stock Losers (4.24)

$MINIMAX-W(00100.HK)how low will it goes?

Today’s Key News Recap

0413 | Dolphin Focus — 🐬 Macro/Industry. 1) Trump announced that, after US-Iran talks in Pakistan collapsed, the US military will at 10:00 ET on Apr 13 (10pm Beijing time tonight) impose a full blockade of Iranian ports and the Strait of Hormuz.It will intercept all vessels to and from Iran and cut off its oil exports. Iran's military issued a hardline response, stating any US approach will be treated as a provocation and met with firm retaliation.This would sharply elevate geopolitical risk and disrupt shipping, chemicals and related supply chains. It would also reinforce expectations that the Fed keeps rates higher for longer, putting near-term pressure on HK stocks and growth names.

Apple

HORIZONROBOT-W

HorizonRobo HK SDR1to1

MIXUE GROUP

YieldMax BABA Option Income Strategy ETF

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

MiniMax M2.7 open-sourced globally; AAPL's first foldable slated for Fall 2026 | Daily News Recap

智谱

Financial Analysis

Up 6x in a single quarter, the investor darling and foundation-model poster child—Zhipu—has reported as well.Against such a parabolic stock move, 2H25 performance looks much calmer—but does it even matter?Straight to the point: 1) Revenue: API biz ARR reached RMB 250 mn in Mar.Everything else is minor.Among domestic independent model vendors, $KNOWLEDGE ATLAS(02513.HK) is a pure homegrown LLM player, with talent anchored in universities and a client base largely comprising the Gov. and SOEs on the B2B side.Execution is heavy on on-prem deployment and delivery...

Minim

FiEE

Zhipu: RMB 700mn profit vs. RMB 3.2bn loss? Dream first—fretting over losses is small-minded

MiniMax

Deep Research

In the business-model analysis 'Deep Dive into MiniMax and Zhipu: Are Foundation Models, Compute Intensity and Financing Stamina the Decider?', Dolphin Research argued that amid high costs and rapid iteration, the foundation-model industry has turned into a brutal test of financing endurance. But the true core of that money magnetism rests on two fundamentals for model companies: 1) model capability; 2) product and commercial execution. This piece focuses on how $MINIMAX-W(00100.HK) performs on those two fronts...

Destiny Tech100

MiniMax’s sky‑high valuation: bubble or the future?

美图公司

Beijing time on Mar 27, after the HK close and before the US open, $MEITU(01357.HK) released its FY25 results. The 2H25 read-through was weak, with revenue below expectations and a sizable GP miss.Expense control beat by a wide margin, keeping OP roughly in line. That said, the subscription user ecosystem that underpins recurring revenue is under heavy pressure, so Dolphin Research’s overall take is negative.On the earnings call, management addressed the 'AI will eat software' narrative, stressing that models are infrastructure while applications are the value-delivery layer. The two are complementary rather than substitutes...

MEITU

Meitu: AI Agent Era — Can Niche SaaS Survive?

Xiaomi

Conference Minutes

XIAOMI

NewUser_ILpXjN

1) Xiaomi Spring Launch: Key Points. $XIAOMI-W(01810.HK) The event's highlights were the SU7 refresh and progress on its AI foundation model. a) New-gen SU7: essentially a mid-cycle refresh. Exterior changes are minor, with the focus on hardware upgrades and a small price bump. On configs, the update favors the Standard and Pro trims. Across the lineup, standard kit now includes the V6s Plus super e-motor, lidar and 4D mmWave radar, NVIDIA Thor-U, the Jiaolong chassis, and front four-piston fixed calipers. Pricing-wise...

ePlus

Xiaomi (Spring Launch): SU7 gets a quiet refresh; MiMo free for a limited time to climb the charts

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JPMIMAX@EC2610E(28572.HK)

Hong Kong Stocks: AI Giants Experience Afternoon Decline

M Stanley Expects Frontier Models ARR to Reach at Least USD1B by Year-end, Raises TPs on MiniMax and Zhipu

CICC: DeepSeek V4 Model Efficiency Optimization to Accelerate Downstream Agentic AI Demand, Bullish on Zhipu , MiniMax

MiniMax Group, Inc (0100) Receives a Buy from Citi

DeepSeek price slash fuels competition, hits Zhipu, Minimax