MINIMAX-W surged 5.09% in early trading on Monday, continuing its upward trajectory following the company's formal inclusion in the Stock Connect eligible securities list on August 6.

The rally was fueled by sustained southbound capital inflows, with the company attracting HKD 26.97 billion in net southbound capital on its first day of Stock Connect eligibility, ranking first among actively traded stocks. Analysts estimate that if southbound holdings eventually reach 20%-25%, potential incremental capital could exceed HKD 10 billion. Goldman Sachs reiterated its Buy rating with a target price of HKD 860, citing Stock Connect inclusion combined with rapid H3 open-source model deployment as key catalysts for a second-half valuation recovery.

Adding to the positive sentiment, the company announced the open-sourcing of its H3 model on August 3, with over 100 domestic and international partners completing Day-0 adaptation within 24 hours, covering chip manufacturers, cloud inference platforms, and AI application enterprises. The company's annualized recurring revenue has grown rapidly from approximately USD 100 million in December to approximately USD 430 million by April, with Token consumption increasing 152% from February to June, underscoring strong business momentum.