MINIMAX-WP (00100) and KNOWLEDGE ATLAS (02513) experienced substantial gains in the Hong Kong stock market. This surge followed a research report from JPMorgan strongly recommending investors purchase shares in these two emerging artificial intelligence model developers. Specifically, shares of KNOWLEDGE ATLAS soared as much as 24% intraday, while MINIMAX-WP also recorded an 11% increase.

A key point of interest is that a team of analysts at JPMorgan, led by Olivia Xu, initiated coverage on both companies for the first time, assigning an "Overweight" rating to each. These two firms are the latest standout companies to emerge from the Chinese tech fervor triggered by DeepSeek's technological breakthroughs over the past year. Having listed on the Hong Kong stock exchange earlier this year, both have ridden the wave of a strong AI investment trend, resulting in dramatic stock price increases—MINIMAX-WP surged approximately 230% in just over a month, while KNOWLEDGE ATLAS saw gains exceeding 170% during the same period.

In their latest report, JPMorgan analysts emphasized that MINIMAX-WP and KNOWLEDGE ATLAS are "core investment targets for capturing the next wave of global AI value creation." The report noted that as the most recognizable independent large language model developers, both companies are accelerating their global business expansion. JPMorgan's "Overweight" ratings mark one of Wall Street's first authoritative responses to the new wave of Chinese AI company listings.

It is also noteworthy that Goldman Sachs Group concurrently initiated coverage this week, assigning "Buy" ratings for the first time to chip designers Shanghai Biren Technology (06082) and MetaX (688802.SH), with the core investment thesis similarly pointing to the AI industry's robust growth prospects.

According to JPMorgan's estimates, MINIMAX-WP's revenue growth trajectory is particularly steep, with the majority of its sales already originating from overseas markets. The firm is projected to expand at a compound annual growth rate of 138% between 2025 and 2030. KNOWLEDGE ATLAS is expected to achieve sales growth of 127% over the same period, with both companies anticipated to reach an inflection point toward profitability by 2029.