MINIMAX-W (100.HK) climbed 3.7% in Hong Kong trading to HK$310.80.

Short interest in the AI model developer has risen to 20% of its free float, according to S&P Global data, placing it among the most heavily shorted names alongside Z.AI and other artificial-intelligence peers. The stock has shed roughly half its value from a recent high.

Despite the bearish positioning, mainland investors continue to accumulate. Stock Connect data showed southbound funds ranked among the top net buyers of MINIMAX shares over the past five trading sessions, signaling sustained demand from Chinese investors.