MINIMAX-WP (00100) saw its shares rise more than 14% during the trading session, reaching a high of HK$775.50, setting a new record high since its listing. At the time of writing, the stock was up 13.46%, trading at HK$771.50, with a turnover of HK$973 million.

On February 12, MiniMax launched its latest flagship programming model, MiniMax M2.5. This model is the world's first production-grade model natively designed for Agent scenarios, supporting full-stack programming development for PC, App, and cross-platform applications.

GTHT released a research report stating that it has initiated coverage on MiniMax with an "Add" rating and a target price of HK$620. The report indicated that the company's fully self-developed multimodal large model demonstrates leading performance, has a high proportion of overseas revenue, and maintains ample cash reserves. It is projected that the company will achieve revenue of $220 million by 2026, and a valuation of 113x price-to-sales ratio is applied, reflecting its growth potential as a rare global AI investment target in the Hong Kong stock market.