minimax

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.

MINIMAX (00100.HK) announced that it will raise approximately HKD 16.041 billion through the placement of new shares and the issuance of zero-coupon convertible bonds. According to the announcement, the company will place 35.6 million new Class A shares at HKD 268 per share (approximately a 9.89% discount to the closing price of the previous trading day), expecting to raise about HKD 9.541 billion; at the same time, it plans to issue zero-coupon secured convertible bonds with a total principal amount of HKD 6.5 billion due in 2027, with an initial conversion price of HKD 335 per share (approximately a 12.64% premium to the closing price). Morgan Stanley and UBS are acting as arrangers for this transaction, and the placement and bond issuance are independent of each other and not conditional upon one another. If all the bonds are ultimately converted into shares, the two transactions will add up to approximately 55 million shares, accounting for nearly 15% of the company's expanded total share capital. Regarding the use of funds, MINIMAX stated that about 80% of the net proceeds are intended to strengthen AI infrastructure and model development, 10% to accelerate the global commercialization of products, and the remaining 10% for working capital and general corporate purposes.

According to the Science and Technology Innovation Board Daily, MiniMax founder and CEO Yan Junjie issued an internal letter to all employees, responding to recent market fluctuations and emphasizing that the company's long-term direction remains unchanged. In the letter, Yan Junjie announced that starting today, until the day the company achieves AGI, he will no longer receive any salary from the company. Over the next four years, he will allocate personal shares equivalent to 4% of the company's total equity to incentivize team members who work alongside the company to create value together; at the same time, he will set aside 1% of the shares to establish a special fund to continuously support the development of relevant open-source communities.

According to Jinshi reports, Goldman Sachs maintains a "Buy" rating for MiniMax Group, with a target price of 860 HKD.The report shows that the MiniMax M3 model is priced the same as the M2.7, and through upgrades in training and inference architecture, inference efficiency has improved by more than 2 times, enough to offset the cost increase brought by the doubling of model parameters. This week, DeepSeek announced that the official version of V4 is scheduled to launch in mid-July, and a time-based pricing mechanism will be implemented simultaneously, with peak period calling prices being 2 times the usual rate.Goldman Sachs believes that DeepSeek's price increase indirectly confirms the high cost-performance ratio of the MiniMax M3. The upcoming larger version of the M3 series and the H3 video model are also seen as catalysts for the next phase.

The AI infrastructure platform B.AI disclosed its latest operational data on June 25. The data shows that the platform's daily token throughput has reached 15.37 billion, maintaining a high-load inference operation status for several consecutive days.In addition, the platform's API call proportion has risen to 99.6%, primarily supporting large-scale AI agents, automated processes, and enterprise-level core system applications. In terms of specific model ecosystem performance, the MiniMax M3 large model continues to rank first in call popularity.

According to the official announcement, Bitget has launched perpetual contracts for two stocks: ZHIPU (ZhiPu AI) and MINIMAX (MiniMax).

The Sun Wukong Ecology announced that it will hold a roundtable discussion today at 20:00 Beijing time at X Space, themed "High-Performance Open Source Model M3 Free Access! B.AI partners with MiniMax for exclusive full subsidies to accelerate the implementation of the Agent economy."It is reported that this event will feature special guests from MiniMax and industry KOLs, who will delve into how the exclusive subsidy program launched by B.AI in collaboration with MiniMax empowers complex Agent scenarios. Participants will focus on the dual reduction trend in development thresholds and costs for AI Agents under the "free access" model, analyzing its role in promoting the large-scale practical application of the Agent economy.

According to a report by Cai Lian She, AI company MiniMax (0100.HK) will see the first batch of shares unlocked after its Hong Kong stock listing on July 9, 2026. Before this date, its two core strategic investors, Alibaba and miHoYo, have both expressed their long-term optimism about the general artificial intelligence industry and MiniMax's development prospects, stating they will continue to accompany the company's growth and deepen ecological collaboration in areas such as cloud computing and enterprise services.It is reported that the founding team of MiniMax had previously voluntarily set a lock-up period of 12 months, so this first batch of unlocks does not involve the founding team or employee stock holdings. Public information shows that MiniMax was listed on the Hong Kong Stock Exchange in January this year, with a global user base of approximately 300 million and over 1 million enterprise and developer clients. The company released its new generation flagship model M3 this month and officially launched the IPO counseling process for the A-share Sci-Tech Innovation Board in May.

The MiniMax M 3.0 free computing power event launched by the B.AI platform on June 18 is now in the countdown phase and will end in 3 days. It is reported that new users who log in to the platform for the first time through Binance Wallet or Bitget Wallet can receive a reward of 1 million free Credits.In addition, during the event, the platform offers a recharge cashback mechanism. Users can receive a 1:1 equivalent Credits bonus for recharging on the BNB Chain, and a 1:0.5 ratio bonus for recharging on other public chains, with a maximum cumulative bonus limit of 100 USD equivalent per user. According to the information, the MiniMax M 3.0 model previously ranked first in the Artificial Analysis open-source model leaderboard.