DSMIMAX@EC2610A

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

MiniMax Establishes National Smart Hardware Manufacturing Headquarters in Guangzhou Development Zone

Minimax Announces Upgrade of Coding Plan to Token Plan

MiniMax's AI Agent Product MaxClaw Supports Personal WeChat

QINGDAO HLDGS

QIANHAI HEALTH

GUOXIA TECH

BITSTRAT HLDGS

KIN SHING HLDGS

AV CONCEPT HOLD

DATRONIX HOLD

HAITIAN ANTENNA

PRODUCTIVE TECH

INVESTECH HLDGS

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02513

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02015

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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 increased by 0.24%, with a year-to-date gain of 1.4%, while the Hang Seng Tech Index rose by 0.75% but has seen an 11.1% decline this year.  
- Hua Hong Semiconductor (01347) surged by 15.18% with a trading volume of HKD 8.47 billion, marking a 45.5% increase year-to-date, while SMIC (00981) rose by 10.01% with a volume of HKD 12.41 billion, resulting in a 10% decline for the year.  
- Conversely, MINIMAX-W (00100) fell by 9.44%, trading at HKD 2.03 billion, but has increased 371.2% year-to-date, and Zhipu (02513) decreased by 9.05% with a volume of HKD 2.96 billion, despite a remarkable 704.6% gain this year.

Top Gainers & Losers

HUA HONG SEMI

SMIC

ILUVATAR COREX

GANFENGLITHIUM

OMNIVISION

MINIMAX-W

KNOWLEDGE ATLAS

YOFC

LI AUTO-W

DONGFANG ELEC

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

02940

03317

09981

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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%.

WELLCELL HOLD

XUNCE

WOER

NUOBIKAN

FIBOCOM

JIAXIN INTL RES

HANXBIO-B

Top 10 HK Stock Losers (4.24)

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01710

Hong Kong stock market overview in the past hour The market showed a clear divergence in this hour, with some stocks performing strongly, especially small-cap and technology stocks favored by funds. The strong rise of Dongjian International and Flowing Cloud seems to have attracted more short-term funds' attention, boosting the overall market activity. Meanwhile, the decline of ZHIDA TECH and CPM GROUP indicates a cautious market sentiment, with a noticeable switch of funds between strong and weak stocks. Overall, short-term enthusiasm has increased, volatility has intensified, and the market pace is relatively fast. The stocks with the largest movements in the past hour Dongjian International surged 21.57%, attracting a large inflow of funds in a short time, showing strong buying sentiment. Flowing Cloud also performed well, with an increase of 20.29%, as the market is optimistic about its future development, leading to active short-term trading. Strong stocks 1. ZHIDA TECH: up 17.46%, recent market attention on its technological innovation has increased, with significant fund inflow. 2. AV CONCEPT HOLD: up 16.04%, its competitive advantage in the industry has made it favored by investors, with active short-term fund involvement. 3. E&P GLOBAL: up 16.00%, benefiting from the overall recovery of the energy sector, with optimistic market sentiment. 4. DELTON: up 10.34%, breaking through on the technical front, attracting attention from many short-term funds. 5. SMIC: up 10.09%, as the semiconductor industry recovers, the market is optimistic about its prospects, with accelerated fund inflow

- In the last hour, the Hong Kong stock market showed significant divergence, with small-cap and tech stocks attracting strong buying interest.  
- Notably, Dongjian International surged by 21.57% and Feitian Yundong rose by 20.29%, reflecting increased short-term trading activity, while Zhifeng Industrial Electronics and China Paint Group faced declines, indicating cautious market sentiment.  
- Overall, the market exhibited heightened short-term momentum and increased volatility, highlighting investors' shifting preferences between strong and weak performers.

HK Stock Movers Tracker

OCI INTL

FLOWING CLOUD

TRIO IND ELEC

ZHIDA TECH

CPM GROUP

E&P GLOBAL

GAOYU FINANCE

DELTON

Hong Kong Stock Movement Update: Technology stocks rebound strongly, Dongjian International and Flowing Cloud rise over 20%

MINIMAX-W fell 10.48%; Zhipu fell 11.38%, with a transaction volume of HKD 2.392 billion; Dipu Technology fell 4.11%, with a transaction volume of HKD 868 million; Jishijiao fell 0.50%, with a transaction volume of HKD 66.63 million; Haizhi Technology Group fell 1.36%, with a market value of HKD 20.4 billion

Hong Kong stock movement: MiniMax-W fell by 10.48%, as the market reacted strongly to intensified AI competition and valuation risks!

Afternoon selling pressure intensified for Hong Kong-listed large model concept stocks Zhipu AI and Minimax, with Zhipu AI falling more than 9% and Minimax dropping over 4%, following the release of the DeepSeek V4 preview version

Wallstreetcn

Hong Kong's stock market witnessed a significant downturn in AI concept stocks. According to Jin10, MINIMAX-Wsaw a sharp drop of nearly 5%, while Zhipuexperienced a decline of over 7% at one point.

CoinLive

AI TRENDS | Hong Kong AI Stocks Experience Sharp Decline

JP Morgan maintains an Overweight rating on KNOWLEDGE ATLASand MINIMAX-W, viewing them as structural beneficiaries of China's AI adoption cycle. KNOWLEDGE ATLAS shows a clearer monetization path with a potential ARR of USD1 billion, while MINIMAX-W has greater upside potential. Key risks include competitive dynamics and technological gaps. JP Morgan suggests using pullbacks to increase exposure, with target prices set at HKD950 for KNOWLEDGE ATLAS and HKD1,100 for MINIMAX-W.

AASTOCKS News

JPMorgan Chase

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

JPM Continues to View KNOWLEDGE ATLAS, MINIMAX-W as Structural Beneficiaries of CN AI Adoption Cycle, Reiterates Overweight

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KB LAMINATES(01888) rose 10.63%, with a trading turnover 1.8 Billion HKD, and a year-to-date rose 158.8%. WEICHAI POWER(02338) rose 6.76%, with a trading turnover 1.1 Billion HKD, and a year-to-date rose 87.6%. AKESO(09926) fell 12.66%, with a trading turnover 3.1 Billion HKD, and a year-to-date rose 15.4%. MINIMAX-W(00100) fell 7.49%, with a trading turnover 1.5 Billion HKD, and a year-to-date rose 420.3%.

- The Hang Seng Index fell by 0.95%, with a year-to-date increase of 1.1%, while the Hang Seng Tech Index decreased by 1.98%, down 11.8% for the year.  
- Jian Tao Jici Ban (01888) rose by 10.63% with a trading volume of 1.76 billion HKD, marking a 158.8% year-to-date increase.  
- Weichai Power (02338) increased by 6.76% with a trading volume of 1.06 billion HKD, showing a 87.6% year-to-date rise, whereas Kangfang Biotech (09926) declined by 12.66%.

KB LAMINATES

WEICHAI POWER

YANKUANG ENERGY

PETROCHINA

AKESO

BIREN TECH

XPENG-W

INNOVENT BIO

Top 5 HK Stock Gainers/Losers (>100B) (4.23)

Jefferies has issued a research report on MiniMax, highlighting its multimodal model's potential to enhance intelligence and creativity, aiming for Artificial General Intelligence (AGI). The report anticipates the launch of new models, M3.0 and Hailuo 3.0, mid-year. Jefferies rates the stock as a Buy with a target price of HKD1118, citing strong execution capabilities and a synergistic approach that captures valuable user feedback.

Jefferies Financial

Jefferies: MiniMax  Multimodal Model Enhances Intelligence, Buy with TP HKD1118

JPMorgan Chase believes that current valuations not only reflect a path for both companies to achieve approximately $1 billion in year-end ARR (Annual Recurring Revenue), but also implicitly bet on them replicating Anthropic's growth miracle of 'scaling ARR from $1 billion to $5 billion in six months'. In the more competitive Chinese market, this expectation is not low

Soaring 5-8 Times Upon Listing: Are KNOWLEDGE ATLAS and MiniMax Too Expensive Now?

Morgan Stanley maintains an Overweight rating on MiniMax with a target price of HKD 990, implying approximately 10% upside from current levels. The report highlights that the market systematically underestimates its multimodal commercial value—generating roughly USD 1 per minute in revenue per inference server at a cost of less than USD 0.3, far exceeding industry averages. Multiple catalysts, including the M3 model launch, API price hikes, and potential inclusion in stock indices, are expected to materialize densely over the next two to three months, potentially offsetting selling pressure as the July lock-up period expires

- Morgan Stanley indicates that the market has overly conservative expectations for MiniMax's Annual Recurring Revenue (ARR) growth, suggesting its potential is on par or stronger than competitors.  
- The report maintains an "overweight" rating for MiniMax with a target price of HKD 990, forecasting it could reach USD 1 billion in ARR by the end of 2026.  
- MiniMax is seen as benefiting from significant infrastructure advantages and a series of upcoming catalysts, which could mitigate shareholder concerns related to upcoming lock-up expirations.

Morgan Stanley

Hang Seng Composite Index

Hang Seng TECH Index

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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

Morgan Stanley: MiniMax's Short-Term ARR Potential Underestimated; Multiple Catalysts to Materialize in Coming Three Months

China's AI market is shifting towards token-driven models, with valuations of startups like MiniMax Group and Zhipu exceeding $40 billion. Zhipu's shares surged 750% since its Hong Kong listing, while MiniMax rose 440%. This trend reflects a move from AI development to monetization, supported by China's cost advantages in infrastructure. Despite concerns over valuation growth outpacing revenue, the increasing global demand for AI tokens and competitive pricing may bolster adoption and support the ecosystem's expansion.

GuruFocus

Baidu

BIDU-SW

KUAISHOU-W

Alibaba

BABA-W

Tencent

TENCENT

Xiaomi Corporation

XIAOMI-W

DeepSeek

Alphabet - C

Alphabet

OpenAI

BIDU-SWR

KUAISHOU-WR

BABA-WR

Alibaba HK SDR 5to1

TENCENT-R

Tencent HK SDR 10to1

Tencent Holdings Limited

XIAOMI-WR

Xiaomi HK SDR 2to1

China AI Startups Surge Up To 750% As Token Demand Drives $40 Billion Valuations

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KNOWLEDGE ATLAS(02513) rose 9.43%, with a trading turnover 2.0 Billion HKD, and a year-to-date rose 739.1%. COSCO SHIP ENGY(01138) rose 6.99%, with a trading turnover 605.9 Million HKD, and a year-to-date rose 100.9%. CHALCO(02600) fell 4.58%, with a trading turnover 375.3 Million HKD, and a year-to-date rose 1.1%. CHINA COAL(01898) fell 4.11%, with a trading turnover 548.7 Million HKD, and a year-to-date rose 29%.

- The Hang Seng Index increased by 0.77%, with a year-to-date gain of 2.9%.  
- The Hang Seng Technology Index rose by 0.46%, but it has a year-to-date decline of 8.2%.  
- Notable company performances include Zhihu (02513) up 9.43% with a total transaction volume of HKD 2.01 billion and a year-to-date rise of 739.1%, while China Aluminum (02600) fell by 4.58%.

COSCO SHIP ENGY

NONGFU SPRING

CHALCO

CHINA COAL

MUYUAN

JD LOGISTICS

Top 5 HK Stock Gainers/Losers (>100B) (4.20)

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STECH

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The Hang Seng TECH Index rose 0.46%. 51WORLD gained approximately 5%, KNOWLEDGE ATLAS rose about 9%, AUNTEA JENNY increased around 9%, Buluke surged roughly 8%, MINIMAX climbed approximately 6%, HUA HONG SEMI advanced by 4%, and GDS Holdings rose about 5%

Hang Seng Index

51WORLD

AUNTEA JENNY

BLOKS

Hua Hong

GDS-SW

Hang Seng Index Closes Up 0.77%, Qunhe Technology Surges Approximately 101%

China's AI models are attracting global users, creating new stock market winners. Startups like MiniMax and Zhipu have surpassed established firms like Baidu, with market values over $40 billion. Investors see a shift towards AI-focused companies due to visible token consumption and pricing power. China's cost efficiency in building data centers gives it a competitive edge. MiniMax and Zhipu, both listed in Hong Kong, have seen significant share price increases, while larger firms like Alibaba and Tencent struggle. The market remains competitive, with more startups expected to launch IPOs.

Businesstimes News

AI’s token economy revolution creates new China tech winners

$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.

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

DSMIMAX@EC2610A(28352.HK)

DSMIMAX@EC2610A Stock Performance Chart

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

Top 10 HK Stock Losers (4.24)

Hong Kong Stock Movement Update: Technology stocks rebound strongly, Dongjian International and Flowing Cloud rise over 20%

Hong Kong stock movement: MiniMax-W fell by 10.48%, as the market reacted strongly to intensified AI competition and valuation risks!

Afternoon selling pressure intensified for Hong Kong-listed large model concept stocks Zhipu AI and Minimax, with Zhipu AI falling more than 9% and Minimax dropping over 4%, following the release of the DeepSeek V4 preview version