MINIMAX-WP Shifts from Large Model to AI Platform Company with February's ARR Exceeding USD 150M
Company Performance: Yan Junjie, CEO of MINIMAX-WP, announced that the company's Annual Recurring Revenue (ARR) surpassed USD 150 million as of February 2026, with new registered users increasing over fourfold since December 2025.
Strategic Transition: MINIMAX-WP plans to evolve from a large model company to a platform company in the AI era, emphasizing the importance of "intelligent density x token throughput" in defining the value of its AI platform.
Future Competition: The CEO highlighted that the core competition in the AI industry will revolve around defining the "intelligent boundary," which, when crossed, could lead to new scenarios, users, and commercialization opportunities.
Market Outlook: Guosen Securities has maintained an "Outperform" rating on MINIMAX-WP following the recent release of MiniMax 2.5, indicating positive market sentiment towards the company's future prospects.
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HSI Declines by 488 Points as Commodity Stocks Fall; CHIFENG GOLD Drops 19%
Market Opening: The HSI opened 1.9% lower at 24,789, with the HSCEI down 1.6% at 8,433 and HSTECH down 1.9% at 4,780.
Tech Stock Performance: Major tech stocks like TENCENT, BABA-W, and JD-SW experienced declines, with short selling ratios indicating significant market pressure.
Commodities Stocks Decline: Commodities stocks, including ZHAOJIN MINING and CHINAGOLDINTL, saw notable decreases, despite some companies reporting increased profits.
Short Selling Trends: A variety of stocks faced heavy short selling, with ratios for several companies exceeding 15%, reflecting bearish sentiment in the market.
HSI Declines by 29 Points as Banking and Gold Stocks Struggle
Market Overview: The HSI opened slightly lower at 25,436, while the HSCEI and HSTECH saw minor gains, indicating mixed market sentiment.
Bank Performance: Major banks like HSBC and Standard Chartered experienced declines, with HSBC down 2.7% and Standard Chartered down 1.3%, amidst significant short selling activity.
Gold and Mining Stocks: Spot gold prices fell below USD 5,000, leading to losses in gold mining stocks such as Lingbao Gold and Zijin Mining, which dropped between 1.8% and 4.6%.
Tech Stock Movements: Tech stocks showed varied performance, with Tencent and Meituan gaining, while Baidu and Bilibili saw slight declines, reflecting a mixed outlook in the technology sector.
HSI Declines 123 Points at Noon; SWIRE PACIFIC A Increases by 5%; MTR CORPORATION Drops Over 6%
Market Performance: The HSI closed down 123 points (0.5%) at 25,593, with significant declines in major financial stocks like HSBC and Standard Chartered, while the total market turnover reached HKD126.059 billion.
Sector Movements: Oil stocks like PetroChina and CNOOC saw gains due to rising oil prices, while gold stocks and airlines experienced declines amid fluctuating market conditions.
Corporate Developments: Swire Group plans to raise HKD1.79 billion by selling a stake in Cathay Pacific, which saw a drop in its stock price, while Swire Pacific A's stock rose after announcing an increased dividend.
Tech Stock Trends: Major tech companies like Tencent and Alibaba saw slight increases, while others like Meituan and Kuaishou experienced minor declines, reflecting mixed performance in the tech sector.
Haitong International Begins Coverage of KNOWLEDGE ATLAS/MINIMAX-WP with an Outperform Rating
Changing Competitive Landscape: The tech model landscape is evolving rapidly, with model rankings shifting quarterly, indicating a fast-paced environment according to Haitong International's research report.
Stabilization of Market Participants: Unlike the initial surge of LLM startups during the rise of ChatGPT, the current market participants are more stable, suggesting a maturation of the competitive environment.
Potential for Growth: Haitong International believes that a more predictable competitive environment will enhance the prospects for companies like MINIMAX-WP and KNOWLEDGE ATLAS to thrive and potentially play significant roles in the AI era.
Broker Coverage Initiation: The broker has initiated coverage on KNOWLEDGE ATLAS and MINIMAX-WP with an Outperform rating, setting target prices of HKD860 and HKD1,400 respectively.
HSI Declines by 133 Points; OOIL Drops 3% After Earnings Report; Oil and Coal Prices Rise
Market Opening: The Hong Kong bourse opened lower, with the HSI down 0.5% at 25,583, influenced by Iran's continued shutdown of the Strait of Hormuz.
Tech Sector Performance: Major tech stocks like TENCENT and BABA-W opened flat or slightly lower, while NTES-S saw a 1.9% increase.
Commodity Prices: Brent oil futures rose above USD100, with PETROCHINA and CNOOC opening higher, while gold prices dropped by 1% due to weakened expectations for interest rate cuts.
Company Earnings: OOIL reported a significant drop in net profit by 41%, leading to a 3.4% decline in its stock price, while POP MART's collaboration with Sanrio sold out quickly, impacting its stock negatively.
HSI Closes Down 182 Points, While Energy and Aluminum Stocks Rise; AI Stocks Decline
Market Performance: The HSI fell by 182 points (0.7%) to close at 25,716, with total market turnover at $242.18 billion. The HSCEI and HSTECH also experienced slight declines.
Stock Highlights: KUNLUN ENERGY and CNOOC saw gains of 2.4% and 3.7% respectively, while coal stocks YANKUANG ENERGY and CHINA COAL surged by 8.3% and 4.9%.
Sector Movements: New energy stocks like DATANG RENEW and GOLDWIND rose by 8.2% and 7.2%, while traditional power utility DATANG POWER increased by 5.1%.
Tech Sector Trends: Major tech stocks like TENCENT and BABA-W declined, with TENCENT dropping 0.996%. In contrast, JD-SW gained 0.8%, while AI stocks faced significant losses, with KNOWLEDGE ATLAS plunging 8.9%.
HSI Declines by 488 Points as Commodity Stocks Fall; CHIFENG GOLD Drops 19%
Market Opening: The HSI opened 1.9% lower at 24,789, with the HSCEI down 1.6% at 8,433 and HSTECH down 1.9% at 4,780.
Tech Stock Performance: Major tech stocks like TENCENT, BABA-W, and JD-SW experienced declines, with short selling ratios indicating significant market pressure.
Commodities Stocks Decline: Commodities stocks, including ZHAOJIN MINING and CHINAGOLDINTL, saw notable decreases, despite some companies reporting increased profits.
Short Selling Trends: A variety of stocks faced heavy short selling, with ratios for several companies exceeding 15%, reflecting bearish sentiment in the market.
HSI Declines by 29 Points as Banking and Gold Stocks Struggle
Market Overview: The HSI opened slightly lower at 25,436, while the HSCEI and HSTECH saw minor gains, indicating mixed market sentiment.
Bank Performance: Major banks like HSBC and Standard Chartered experienced declines, with HSBC down 2.7% and Standard Chartered down 1.3%, amidst significant short selling activity.
Gold and Mining Stocks: Spot gold prices fell below USD 5,000, leading to losses in gold mining stocks such as Lingbao Gold and Zijin Mining, which dropped between 1.8% and 4.6%.
Tech Stock Movements: Tech stocks showed varied performance, with Tencent and Meituan gaining, while Baidu and Bilibili saw slight declines, reflecting a mixed outlook in the technology sector.
HSI Declines 123 Points at Noon; SWIRE PACIFIC A Increases by 5%; MTR CORPORATION Drops Over 6%
Market Performance: The HSI closed down 123 points (0.5%) at 25,593, with significant declines in major financial stocks like HSBC and Standard Chartered, while the total market turnover reached HKD126.059 billion.
Sector Movements: Oil stocks like PetroChina and CNOOC saw gains due to rising oil prices, while gold stocks and airlines experienced declines amid fluctuating market conditions.
Corporate Developments: Swire Group plans to raise HKD1.79 billion by selling a stake in Cathay Pacific, which saw a drop in its stock price, while Swire Pacific A's stock rose after announcing an increased dividend.
Tech Stock Trends: Major tech companies like Tencent and Alibaba saw slight increases, while others like Meituan and Kuaishou experienced minor declines, reflecting mixed performance in the tech sector.
Haitong International Begins Coverage of KNOWLEDGE ATLAS/MINIMAX-WP with an Outperform Rating
Changing Competitive Landscape: The tech model landscape is evolving rapidly, with model rankings shifting quarterly, indicating a fast-paced environment according to Haitong International's research report.
Stabilization of Market Participants: Unlike the initial surge of LLM startups during the rise of ChatGPT, the current market participants are more stable, suggesting a maturation of the competitive environment.
Potential for Growth: Haitong International believes that a more predictable competitive environment will enhance the prospects for companies like MINIMAX-WP and KNOWLEDGE ATLAS to thrive and potentially play significant roles in the AI era.
Broker Coverage Initiation: The broker has initiated coverage on KNOWLEDGE ATLAS and MINIMAX-WP with an Outperform rating, setting target prices of HKD860 and HKD1,400 respectively.
HSI Declines by 133 Points; OOIL Drops 3% After Earnings Report; Oil and Coal Prices Rise
Market Opening: The Hong Kong bourse opened lower, with the HSI down 0.5% at 25,583, influenced by Iran's continued shutdown of the Strait of Hormuz.
Tech Sector Performance: Major tech stocks like TENCENT and BABA-W opened flat or slightly lower, while NTES-S saw a 1.9% increase.
Commodity Prices: Brent oil futures rose above USD100, with PETROCHINA and CNOOC opening higher, while gold prices dropped by 1% due to weakened expectations for interest rate cuts.
Company Earnings: OOIL reported a significant drop in net profit by 41%, leading to a 3.4% decline in its stock price, while POP MART's collaboration with Sanrio sold out quickly, impacting its stock negatively.
HSI Closes Down 182 Points, While Energy and Aluminum Stocks Rise; AI Stocks Decline
Market Performance: The HSI fell by 182 points (0.7%) to close at 25,716, with total market turnover at $242.18 billion. The HSCEI and HSTECH also experienced slight declines.
Stock Highlights: KUNLUN ENERGY and CNOOC saw gains of 2.4% and 3.7% respectively, while coal stocks YANKUANG ENERGY and CHINA COAL surged by 8.3% and 4.9%.
Sector Movements: New energy stocks like DATANG RENEW and GOLDWIND rose by 8.2% and 7.2%, while traditional power utility DATANG POWER increased by 5.1%.
Tech Sector Trends: Major tech stocks like TENCENT and BABA-W declined, with TENCENT dropping 0.996%. In contrast, JD-SW gained 0.8%, while AI stocks faced significant losses, with KNOWLEDGE ATLAS plunging 8.9%.
