MINIMAX-WP's stock surged 5.09% during intraday trading on Wednesday, marking a significant rebound after recent declines.

The sharp rise follows JPMorgan's publication of an Overweight rating for the company with a target price of HK$1,100. The bank highlighted that the newly released M3 model represents a strategic transformation toward a higher-end coding and agent model strategy, noting that the significant premium in M3 API pricing reflects the company's belief in the model's superior capabilities.

MiniMax's M3 model features a novel sparse attention architecture supporting 1 million tokens of ultra-long context, native multimodal capabilities, and frontier-level coding performance. The company stated it is the first domestic model to combine all these advanced elements. This positive development comes after the stock experienced pressure from A-share IPO dilution concerns and profit-taking following substantial gains since its initial public offering.