On September 29, MINIMAX-W fell 3.04% in regular trading, trading at 241.8 HKD/share, with turnover of 712 million HKD. The stock has now declined approximately 15.8% over the past five trading sessions, extending a broader selloff across the Hong Kong-listed large model sector.

The decline comes amid sustained pressure from an escalating global AI model price war. DeepSeek recently launched its V4.1 Flash model with aggressive pricing, while OpenAI and Anthropic simultaneously released lower-cost models. Morgan Stanley characterized the current pricing trend as competitive defense rather than destructive price war, noting a dual-track strategy of expensive Pro plus cheap Flash models is becoming standard. However, market sentiment remains cautious. Short-selling data shows MINIMAX-W recorded 4.21 billion HKD in short-selling turnover on September 28, ranking third among software services stocks.

Separately, CICC previously cut its target price on MINIMAX-W by 29.1% to 786 HKD, citing concerns over M3 model coding capabilities and underappreciated multimodal value. Fresenius maintained a Buy rating with a 533 HKD target but acknowledged intensifying competition. On a positive note, a mysterious anonymous model called Space Bunny topped global API call rankings, with community speculation linking it to MiniMax M3.1.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)