BPMIMAX@EC2610B

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

Morgan Stanley Upgrades MINIMAX to Overweight

MiniMax and MiMo Release AI Models, Pricing and Performance Comparison

Hong Kong AI Model Stocks Drop; Zhipu Falls Over 7%, Minimax Drops More Than 5%

MINIMAX Reaches Revenue Threshold and Approved as a Commercialized Company by the Exchange

FINELAND LIVING

GPIXEL

WK GROUP

MAX SIGHT GROUP

I.CENTURY HLDG

HAO BAI INTL

TEAMWAY INTL GP

GEMILANG INTL

DAISHOMICROLINE

02513

00100

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

KNOWLEDGE ATLAS

MINIMAX-W

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%.

Top Gainers & Losers

COSCO SHIP ENGY

NONGFU SPRING

HUA HONG SEMI

CHALCO

CHINA COAL

PETROCHINA

MUYUAN

JD LOGISTICS

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

00HSI

STECH

06651

02589

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%

Wallstreetcn

Hang Seng Index

Hang Seng TECH Index

51WORLD

AUNTEA JENNY

BLOKS

Hua Hong

GDS-SW

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

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36Kr learned that the Hang Seng Index rose 0.82% during the midday break, and the Hang Seng TECH Index rose 0.78%; GEO and photovoltaic concepts led the gains, with KNOWLEDGE ATLAS rising over 10%, XINYI SOLAR rising over 6%, and MINIMAX-WP rising over 3%; coal and oil stocks saw the largest declines, with China Petroleum & Chemical Corporation and China Coal Energy falling over 2%; southbound funds had a net purchase of HKD 547 million

36Kr

XINYI SOLAR

HSTECH ETF

GX HS TECH

CSOP HS TECH

CAM HS TECH

GEO Holdings Corporation

China Coal Energy

PetroCN HK SDR 1to2

The Hang Seng Index rose 0.82% at midday, and the Hang Seng TECH Index rose 0.78%

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

Guosheng Securities analyst maintained a Buy rating on MiniMax Group, Inc yesterday and set a price target of HK$1,317.00. The company’s shares closed yesterday at HK$859.00.Claim 30% Off TipRanksUnlock hedge fund-level data and powerful investing tools for smarter, sharper decisions Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks Currently, the analyst consensus on MiniMax Group, Inc is a Strong Buy with an average price target of HK$1,133.38.

Tip Ranks

GUOSHENG SECURITIES

New Buy Rating for MiniMax Group, Inc (0100), the Technology Giant

MiniMax announced on April 17th the launch of the world's first cloud-based self-evolving AI assistant, MaxHermes. This assistant is built on the Hermes Agent and features a unique learning feedback loop mechanism that allows it to autonomously generate and iterate skills. MaxHermes supports zero-threshold access through IM channels such as Feishu, DingTalk, and WeChat Work, providing 24/7 real-time responses. Future plans include connecting to the Skillhub skill library to reduce the cost for users to obtain personalized intelligent agents

PingWest

MiniMax launches MaxHermes, achieving autonomous evolution of AI assistant skills

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160 HEALTH(02656) fell 13.06%, with a trading turnover 84.3 Million HKD, and a year-to-date fell 35.6%. GD-HKGBA HLDGS(01396) fell 11.46%, with a trading turnover 69.8 Million HKD, and a year-to-date rose 39.6%. UNISOUND(09678) fell 11.18%, with a trading turnover 511.1 Million HKD, and a year-to-date fell 17.9%.

160 HEALTH

GD-HKGBA HLDGS

UNISOUND

XUNCE

EPIWORLD

ZHIDA TECH

FOURSEMI

AXERA

Top 10 HK Stock Losers (4.15)

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SKB BIO(06990) rose 6.97%, with a trading turnover 458.1 Million HKD, and a year-to-date rose 32.3%. AKESO(09926) rose 6.89%, with a trading turnover 1.7 Billion HKD, and a year-to-date rose 30.4%. MINIMAX-W(00100) fell 10.88%, with a trading turnover 1.9 Billion HKD, and a year-to-date rose 413.6%. KNOWLEDGE ATLAS(02513) fell 8.54%, with a trading turnover 1.9 Billion HKD, and a year-to-date rose 646.1%.

SKB BIO

AKESO

LAOPU GOLD

INNOVENT BIO

SBP GROUP

YOFC

GANFENGLITHIUM

Top 5 HK Stock Gainers/Losers (>100B) (4.15)

Several stocks in Hong Kong's AI application sector have declined, with Zhipufalling over 10%, MINIMAX-Wdropping more than 8%, and Xuncedecreasing over 6%. This trend indicates a broader market reassessment of AI-related stocks by investors.

CoinLive

Hong Kong AI Application Stocks Decline as Zhipu and MINIMAX-W Experience Losses

MiniMax M2.7 has emerged as a strong competitor to Claude Opus on fundamental coding evaluations, showcasing exceptional performance. However, following the release of the weights on Hugging Face, a Chinese AI lab promptly modified their commercial terms.

Unusual Whales

MiniMax releases advanced AI model MiniMax M2.7, competing with Claude Opus. Commercial terms updated post-release.

NVDA

09988

BABA

89988

AAPL

09660

HHZD

HBBD

HUAWEI

02097

KBAB

BABO

BABX

NVDL

07788

07388

NVDY

NVDD

NVDX

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

Today’s Key News Recap

NVIDIA

Apple

HORIZONROBOT-W

HorizonRobo HK SDR1to1

Huawei

MIXUE GROUP

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

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

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...

ZHIHU-W

Zhihu

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

BPMIMAX@EC2610B(28439.HK)

BPMIMAX@EC2610B Stock Performance Chart

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

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

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

The Hang Seng Index rose 0.82% at midday, and the Hang Seng TECH Index rose 0.78%

AI’s token economy revolution creates new China tech winners