MINIMAX-W rose over 12% in regular trading, trading at HKD 334.8/share.

The stock continues to attract strong southbound capital inflows following its formal inclusion in both Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect on August 6. On the first day of inclusion, MINIMAX-W received net buying of HKD 26.96 billion from mainland investors, demonstrating significant incremental capital effects. Goldman Sachs reiterated its Buy rating with a target price of HKD 860, citing the Stock Connect inclusion combined with the rapid ecosystem deployment of its open-source H3 multimodal model as key catalysts for a second-half valuation recovery. Management has expressed confidence in achieving at least USD 1 billion in annual recurring revenue by year-end.

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