--- type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/41081450.md" description: "Minimax-W surged to HK$768.50 with a large bullish candlestick last Friday, with an intraday amplitude of 22.7%. Let's still look at this stock within the framework of technical analysis (although such a large amplitude is hardly a suitable state for pure technical analysis 😸).First, the fundamental background:MINIMAX-W is the Hong Kong-listed entity of MiniMax (Xiyu Technology), which IPO'd between 2025-2026, focusing on Chinese large language models. Its main products are C-end + B-end AI applications like Conch AI, Xingye, and Talkie. Static EPS is -HK$46.44/share, completely unprofitable. Its valuation relies on the "AI large model platform + user growth + commercialization expectations," competing in the same arena as Zhipu, Moonshot AI, and DeepSeek.On May 22nd, Hong Kong Exchanges and Clearing announced quarterly adjustments to the Hang Seng Index, with MiniMax expected to be included in the Hang Seng TECH Index. On the same day, Goldman Sachs issued a research report optimistic about a valuation re-rating. The combination of these two events led to a +20% large bullish candlestick, followed by profit-taking selling pressure pulling the price back to close at +15.9%.Candlestick Pattern: Large Bullish Candle + Long Upper Shadow at High LevelOpened low at -2% to HK$651 → surged rapidly to HK$798.50 (+20%) → fell back to HK$768.50 (+15.9%). This is a typical "good news realization + long upper shadow at high level." The 30 HKD upper shadow (about 4% retracement) indicates heavy profit-taking selling pressure at the +20% level.Technically speaking, two common price movements follow this kind of candlestick: 1) Good news continues to ferment → breaks above the HK$798 high to continue the uptrend; 2) Good news is fully digested → price falls back to fill the gap, dropping below HK$700 to consolidate. Which scenario is more likely doesn't depend on the candlestick itself, but on the time window for the formal inclusion in the Hang Seng TECH Index and subsequent fundamental catalysts.Moving Average Perspective (MA System)Since this stock is a newly listed Hong Kong stock (IPO in 2026), the reference value of long-term moving averages (MA60/MA120/MA200) is limited due to insufficient data points. In the short term, MA5/MA10 will turn upward after the large bullish candle. However, this kind of "event-driven large bullish candle" usually severely disrupts the moving average system. In the following 2-3 weeks, there's a high probability of an unstable state where "price is above the MA but the MA can't keep up." In this state, one cannot simply interpret "price above the MA = bullish."Support and Resistance Levels- HK$798.50: The intraday high on 5/22 + the psychological round number HK$800, is the first resistance level above.- HK$768.50: Current price = 5/22 closing price.- HK$700: Psychological round number + the upper edge of intraday volatility on 5/22, is a switching point between support above and resistance below.- HK$663: 5/21 closing price = the lower edge of the gap on 5/22. A break below this level would fill the gap.- HK$600: A denser transaction support level further below.Volume-Price RelationshipOn 5/22, trading volume was 3.75 million shares / value HK$2.78 billion. For a stock with a Lot Size of 20 and 216 million circulating shares, this represents an extremely high trading volume (estimated at 5-10 times the usual daily volume). A large bullish candle with high volume is usually a signal of "main force entry" in technical analysis. However, high volume driven by an event does not equate to trend initiation; it often indicates "event realization + short-term speculative capital entering the market." The higher the subsequent volume, the heavier the profit-taking selling pressure.Specific Operational Ideas1) For those already holding: You can reduce your position by 1/3 to 1/2 in batches above HK$800 to lock in profits. The probability of a short-term pullback after an event-realization large bullish candle is high. Keep a core position to bet on the subsequent formal inclusion in the Hang Seng TECH Index.2) For those wanting to open a new position: Do not chase at this price level. Wait for one of two scenarios: (a) The price falls back to the gap area near HK$650-700, stabilizes, and then enter; (b) After breaking above HK$800, wait for a pullback that doesn't break below that level before chasing.3) For pure technical analysts (myself): Wait until after the formal adjustment of the Hang Seng TECH Index takes effect in June and fundamental catalysts are fully digested, then use technical analysis to assess the trend. Looking at candlesticks now is useless.4) For the long-term view: If you believe in the Chinese large language model theme and MiniMax's commercialization path, a 2-year holding period is feasible. However, strictly control the position size to ≤ 2% of the total portfolio, as the volatility of such newly listed AI stocks will remain higher than the market." datetime: "2026-05-25T10:12:07.000Z" locales: - [en](https://longbridge.com/en/topics/41081450.md) - [zh-CN](https://longbridge.com/zh-CN/topics/41081450.md) - [zh-HK](https://longbridge.com/zh-HK/topics/41081450.md) author: "[水天异色3](https://longbridge.com/en/profiles/27514818.md)" --- # Minimax-W surged to HK$768.50 with a large bullish… ### Related Stocks - [00100.HK](https://longbridge.com/en/quote/00100.HK.md) - [STECH.HK](https://longbridge.com/en/quote/STECH.HK.md) - [07552.HK](https://longbridge.com/en/quote/07552.HK.md) - [00HSI.HK](https://longbridge.com/en/quote/00HSI.HK.md) - [02513.HK](https://longbridge.com/en/quote/02513.HK.md) - [00388.HK](https://longbridge.com/en/quote/00388.HK.md) - [80388.HK](https://longbridge.com/en/quote/80388.HK.md) - [HKXCY.US](https://longbridge.com/en/quote/HKXCY.US.md)