MINIMAX-W rose about 7% in Hong Kong market. The stock has now posted gains for three consecutive trading sessions, extending its technical recovery from a sharp selloff earlier this month.

The rebound follows a steep decline of over 13% across September 14-15, driven by a convergence of negative catalysts including AI safety warnings from Anthropic CEO Dario Amodei — endorsed by Elon Musk and Sam Altman — DeepSeek V4.1 Flash's aggressive pricing strategy that pressured MiniMax's API competitiveness, and Zhipu's approximately $5 billion fundraising that raised industry dilution concerns. By mid-September, the stock had retreated over 30% from its monthly highs.

Fundamentally, the company's commercial trajectory remains robust. August ARR surpassed $800 million, up sharply from $150 million in February. First-half revenue reached $117 million, a 283.1% year-over-year increase, with B-end revenue surging 703.1% to account for 63.4% of total revenue. Multiple brokerages maintain bullish ratings, with Goldman Sachs reiterating a Buy rating and a 12-month target price of 760 HKD, while Futu Securities holds a Buy rating with a 533 HKD target.