MINIMAX-W shares surged 5.08% during intraday trading on Thursday, extending a strong rally as a wave of positive analyst coverage and recent corporate developments bolstered investor confidence.

The upward momentum was fueled by a series of bullish reports from major brokerages. Goldman Sachs reiterated its Buy rating with an 860 HKD target price, while Guosheng Securities highlighted the efficiency of the company's M3 model, which requires only one-twentieth of the per-token computation compared to its predecessor under one-million-context conditions. Haitong International also maintained its Outperform rating, citing the firm's deep accumulation in computing infrastructure, general model architecture, and multimodal products.

The stock's continued strength also reflects lingering bullish sentiment from the previous session's rebound of over 11%, as well as the company's recent completion of approximately 16.04 billion HKD in share placement and zero-coupon convertible bond financing, with 80% of the proceeds earmarked for AI infrastructure upgrades and model research and development.