minimax

According to Gate Market, Hong Kong stock large model stocks fell, Zhipu (02513.HK) and MINIMAX-W (00100.HK) both dropped over 10%.

On the eve of Double 11, the domestic large model manufacturer MiniMax officially settled in Tmall, opening its first brand official flagship store. The store has launched the M Plan subscription package, divided into three tiers: Go, Explore, and Build, supporting monthly and annual purchases.From now until October 14, consumers who purchase the above packages can enjoy a 50% discount on their first order for a limited time. Before this year's Double 11, Zhipu, Alibaba Cloud, and Qianwen Office have also opened stores on Tmall. Tmall has also launched the Token Recharge Center AI Space Station, consolidating multiple large model subscription services into a single entry point.

According to First Financial, the artificial intelligence company MiniMax has launched the text model M3.1-Flash-Preview and started public testing. MiniMax stated that this model supports native multimodal capabilities and a million-context window, enabling tasks such as bug fixing and complete feature development, as well as participating in problem localization, code implementation, and testing verification.After the launch of M3.1-Flash-Preview, some developers linked it with the anonymous model Space Bunny. This model, known as "Space Bunny," was launched on September 23 and topped the daily usage charts on the model aggregation platform OpenRouter and the programming platform OpenCode during the Mid-Autumn Festival.

According to the official announcement, Gate ETF will launch MINIMAX3L/USDT, MINIMAX3S/USDT, CRWV3L/USDT, CRWV3S/USDT, AAOI3L/USDT, AAOI3S/USDT, KORU3L/USDT, and KORU3S/USDT at 16:00 (UTC+8) on September 9, supporting 3 times leverage for long or short positions on MiniMax, CoreWeave, Applied Optoelectronics AAOI, and the daily MSCI Korea 3 times bullish ETF KORU. Gate ETF currently supports trading of 420 types of tokens.Gate ETF has also launched a new trading challenge activity. Users participating in the above 3 times ETF trading can share a reward of 60,000 USDT. During the event, the first trade volume of no less than 200 USDT can receive a 10 USDT ETF transaction fee cashback voucher, limited to the first 1,000 participants; a daily trading volume of no less than 1,000 USDT can complete a check-in, with a maximum cumulative reward of 100 USDT; the total cumulative trading volume of all participants reaching the corresponding tier can unlock a maximum prize pool of 30,000 USDT, shared by eligible users based on their trading volume ratio, with a maximum of 200 USDT per person. Invite friends to participate in trading, with a total invitation prize pool of 10,000 USDT.

The National Security Agency, FBI, and CISA of the United States released a joint report, naming DeepSeek, Dark Side of the Moon, Alibaba, MiniMax, Leap Star, and Zhipu. The U.S. side accuses the aforementioned companies of batch calling the outputs of Claude, GPT, Gemini, and Grok to train their own models since at least the end of 2024, involving millions of requests and billions of tokens.The report lists specific models, with DeepSeek accused of using multiple versions of Claude, GPT, Gemini, and Grok to generate training data for R1 and V3; Dark Side of the Moon is accused of using Claude Fable 5 data to train Kimi K3 and GPT-4o data to train Kimi K2. The U.S. claims these companies also bypass regional restrictions through numerous accounts, third-party API aggregators, and gray intermediaries, and attempt to extract the hidden reasoning processes of the models using prompts, labeling such behavior as malicious distillation.

On Thursday, the Saudi Arabian artificial intelligence company Humain launched a national AI platform and introduced the Arabic model humain-m3. This model is based on the open-source model M3 from the Chinese laboratory MiniMax Group Inc. Humain is supported by the Public Investment Fund and has invested in data centers and chips to enhance Saudi Arabia's competitiveness in the global AI field.Humain stated that its commissioning of the model aims to strengthen the Arabic AI ecosystem while contributing to the global advancement of cutting-edge intelligence. The company thus joins the ranks of nations seeking to strengthen control over this increasingly important technology.

According to Bloomberg, AI model developer MiniMax Group Inc. became the most popular Hong Kong-listed stock among mainland investors last month. Mainland investors bought MiniMax shares worth HKD 10.6 billion (approximately USD 1.4 billion) through the Stock Connect in August, surpassing Alibaba Group Holding Limited and Tencent Holdings Limited.Since the stock became eligible for trading under the Shanghai-Shenzhen-Hong Kong Stock Connect on August 6, southbound investors have accumulated a 9.7% stake in this AI startup.

Robonomics author FD published the China Open-Source LLM Tracker on September 1, 2026, stating that the total ARR of China's open-source large models is approximately $10-15 billion, with core LLM revenue around $6-8 billion after excluding ByteDance / Seedance. Growth has not relied on price wars; after DeepSeek raised prices by about 3-12 times, usage still increased, and the average price of the Zhipu API rose by 101% while token usage exceeded 40 times within the year. The best estimate for overseas revenue is approximately $2 billion.Zhipu MaaS ARR increased from about $250 million in March to an annualized monthly rate of about $1.6 billion in August, with a weekly annualized rate of $2 billion. August revenue has already surpassed its API revenue for the first half of the year; the API gross margin is 24.6%, and inference costs per token decreased by 80%. MiniMax ARR rose from about $100 million in December 2025 to over $800 million in annualized weekly revenue by August 2026, with B2B accounting for about 80%. Kimi ARR increased from about $100 million in March to about $300 million by mid-June. DeepSeek's revenue from January to July was approximately $70 million, with the latest ARR estimated at about $1.2 billion.ByteDance's annualized AI revenue is approximately $4 billion, of which Seedance accounts for about $2 billion.

MiniMax's stock price surged over 19% today, currently quoted at 357.8 HKD, with a total market value rising to 124.956 billion HKD. Since its stock price fell to a low of 186.2 HKD on July 27, it has now increased by 92.15%, taking about 1 month.According to previous reports, MiniMax disclosed at the mid-year performance meeting in 2026 that the Token consumption in July had reached 20 times that of January, with Q2 revenue growing by 81.8% compared to Q1, and the ARR in August further increased to over 800 million USD. MiniMax's revenue in the first half of the year was 117 million USD, a year-on-year increase of 283.1%, with half-year revenue already exceeding last year's total.

According to Gate market data, as of the close of the Hong Kong stock market, the Hong Kong Hang Seng Index rose by 0.07%, while the Hang Seng Tech Index fell by 0.33%. Domestic property stocks led the gains, with Sunac China rising over 10%, CIFI Holdings Group rising over 5%, and Country Garden and Vanke Enterprises rising over 2%.The non-ferrous metals sector rose, with China Nonferrous Mining rising over 4%, Tianqi Lithium rising over 3%, and China Aluminum rising over 3%. The PCB and storage concepts weakened, with Shenghong Technology falling nearly 13%, Chipbond Technology falling over 8%, and Zhaoyi Innovation and Lattice Semiconductor falling over 5%.Large model concept stocks declined, with Zhiyu falling over 6% and MINIMAX-W falling over 4%.

MiniMax disclosed at its mid-2026 performance meeting that the company's annual recurring revenue (ARR) in August has exceeded $800 million, with second-quarter revenue increasing by 81.8% compared to the first quarter. The token consumption in July has reached 20 times that of January, and the contribution of the B-end business to the overall ARR has exceeded 80%.MiniMax stated that in terms of computing power, the company is one of the first two independent large model companies in the country to establish a large-scale, long-term stable infrastructure system. The infrastructure is now capable of independently supporting the largest training tasks, and the Effective Training Time Ratio (ETTR) has reached 97%.

MiniMax Group Inc. (Stock Code: 0100) announced its unaudited interim results for the six months ended June 30, 2026. During the reporting period, the group's total revenue was $116.6 million, an increase of 283.1% year-on-year; gross profit was $20.813 million, an increase of 464.8% year-on-year; the loss for the period was $358 million, a narrowing of 11.0% year-on-year; and the adjusted net loss was $293 million, an increase of 111.2% year-on-year.In terms of revenue structure, revenue from open platforms and other AI-based enterprise services was $73.929 million, an increase of 703.1% year-on-year, accounting for 63.4% of total revenue; revenue from AI-native products was $42.644 million, an increase of 100.9% year-on-year. By region, revenue from mainland China accounted for 39.2%, while other regions accounted for 60.8%. Research and development expenses were $296.9 million, an increase of 138.8% year-on-year. Products and services have covered over 230 countries and regions.In terms of business progress, during the reporting period, the company launched MiniMax M3 and upgraded its core model products, followed by the release of MiniMax H3 with open-source weights. The company stated that it will continue to expand model performance and cost boundaries and strengthen the construction of open platforms.

According to Bloomberg, the Chinese AI model company Z.AI (智谱, 2513:HK) listed in Hong Kong and MiniMax Group (100:HK) are facing record short-selling bets. Data shows that MiniMax's short position has accounted for about 20% of its free float, while Z.AI is around 6%. These positions have risen to high levels ahead of the two companies' upcoming earnings reports, reflecting investors' increasing concerns about the intense competition in the Chinese AI sector.After both companies completed high-profile listings earlier this year, their stock prices have retreated from historical highs, but short-selling activity has further intensified. Market attention is focused on the escalating competition among domestic large model manufacturers and the resulting pressure on profit prospects and valuations.

MiniMax officially launched the AI video creation tool MiniMax Design today, a Harness product built on the native multimodal video model H3. Users only need to present their creative requirements, and the system can understand the goals, break down tasks, call relevant models and Skills, and complete the entire video production process from material processing and generation editing to final delivery, without the need to switch repeatedly between multiple professional tools.MiniMax Design features a built-in Agent 3D director's platform, where users can describe scene and shot requirements in natural language, and the system can preview composition and character relationships in 3D space. After confirmation, it hands over to H3 to generate the video, moving trial and error to the storyboard phase. This product is aimed at commercial content scenarios such as brand creative testing, knowledge video production, PV/MV, etc., and can iteratively generate multiple versions in batches. Creators can also connect their local ComfyUI workflows to MiniMax Design, with the Agent assisting in adjusting nodes and parameters.

According to Gate market data, the Hong Kong Hang Seng Tech Index rose over 3% during the trading session, and the Hang Seng Index increased by 1.66%. MiniMax (00100.HK) rose over 12%, Li Auto (02015.HK) rose over 10.5%, Xiaomi Group (01810.HK) and Leapmotor (09863.HK) both rose over 8%, and Tencent Holdings (00700.HK) rose over 4.5%.

According to Gate market data, the Hong Kong stock market closed with the Hang Seng Index rising by 0.98% and the Technology Index rising by 1.57%. MiniMax (00100.HK) rose by more than 17%, and Xiaomi Group (01810.HK) rose by more than 7.3%.

Bitget announced the launch of the MINIMAX Quanto perpetual contract MINIMAXHKDUSDT, supporting up to 20 times leverage and 24/7 trading. As the industry's first TradFi Quanto perpetual contract, this product allows users to trade Hong Kong stocks and other overseas stocks priced in currencies other than the US dollar directly using USDT, without the need to exchange foreign currency throughout the process. The contract itself is quoted in Hong Kong dollars, while margin deposits and profit and loss settlements are completed in USDT, effectively avoiding the additional risks brought by exchange rate fluctuations while simplifying the trading process.According to the TokenInsight Q2 2026 report, TradFi perpetual contracts have become the fastest-growing sector, with monthly trading volume surging from approximately $52 billion in January to $268 billion in June, an increase of 5 times. Against this backdrop, Bitget's Q2 TradFi contract trading volume was approximately $69 billion, ranking second in the industry with an 11.01% market share.

Recently, Zhipu and MiniMax have plummeted, leading to an increase in trading activity of related stock derivatives. According to the RootData Pro data panel, there are significant differences in trading conditions across platforms.From the perspective of Open Interest (OI), Zhipu contracts show Binance at $1.79 million as the highest, followed by Bitget at $780,100, and OKX at $243,700; in the MINIMAX contracts, Binance is highest at $606,700, followed by Bitget at $510,700.From the liquidity perspective, Zhipu contracts show Bitget at $142,600 as the highest, with the strongest capacity for large order execution; in the MINIMAX contracts, Bitget is highest at $130,000, followed by Binance at $60,600. HTX has insufficient liquidity at $2,700, with high slippage risk for large orders.From the price difference perspective, Zhipu contracts show Bitget with the lowest (0.0604%), resulting in the smallest entry cost; OKX follows (0.0776%). In the MINIMAX contracts, Bitget has the lowest (0.0315%), resulting in the optimal entry cost. HTX has price differences exceeding 0.18% for both contracts, and Aster exceeds 0.58%, indicating significantly higher entry costs.From the funding rate perspective, both contracts on HTX are at the lowest of 0.0013%, resulting in the smallest long-term holding cost, but with a high price difference; both contracts on Aster have rates below 0.3%, while also having a high price difference.In summary, Binance has the highest OI, suitable for capital accumulation; Bitget excels in both price difference and liquidity, resulting in the lowest overall entry cost. HTX has a high price difference and weak liquidity, leading to significantly higher entry costs compared to other platforms.

According to market news, Goldman Sachs reported on July 18 that the Dark Side of the Moon released the Kimi K3 model, with 28 trillion parameters, surpassing Claude Fable 5 and GPT-5.6 Sol on the Arena.ai programming leaderboard, reaching a new high for Chinese models with an API pricing of $2.3 per million tokens. Two days after the release, Zhiyu fell by 28%, MiniMax dropped by 16%, the Nasdaq 100 index futures fell by more than 1.8%, and the Philadelphia Semiconductor Index has cumulatively dropped by more than 18% from its peak.Goldman Sachs believes that Kimi K3 marks a turning point: a Chinese laboratory that cannot match the largest pre-trained computing power in the West has rapidly narrowed the gap with top American models through architectural innovation and reinforcement learning, proving that "scaling" is no longer the only winning path. Goldman Sachs warns that the "era of computing power expansion" may be coming to an end, and the investment logic for AI infrastructure built around "the more computing power, the better" needs to be rewritten. Goldman Sachs maintains a buy rating on MiniMax and a neutral rating on Zhiyu. Future attention will focus on the intensive release of 20-50 trillion parameter models such as Zhiyu GLM, Alibaba Qwen, and MiniMax M3 Pro.

According to the official announcement, the Binance futures platform will launch the MINIMAX USDT perpetual contract at 11:00 on July 17, the ZHIPU USDT perpetual contract at 11:05, the HK0700 USDT Quanto perpetual contract at 11:10, the HK1810 USDT Quanto perpetual contract at 11:15, and the TENCENT USDT perpetual contract at 13:00.