On October 2, MINIMAX-W fell 4% in regular trading, trading at HK$241.4/share, with turnover of HK$81.85 million. The stock has weakened notably in recent sessions, with cumulative losses already significant heading into this session.

On the news front, the global large language model price war continues to escalate. OpenAI, Anthropic, and DeepSeek have each recently launched low-cost new models or sharply reduced API pricing, further intensifying the competitive landscape. CICC had previously cut its target price for MINIMAX-W by 29.1% to HK$786, flagging market concerns over M3 coding capabilities and multimodal monetization potential. Short-selling activity also remains elevated, with MINIMAX-W recording HK$421 million in short-selling turnover recently, ranking third in the software services sector.

Additionally, the company disclosed an issuance of 3,244,875 new Class A ordinary shares in September under its equity incentive plan, contributing to potential dilution concerns. The broader Hong Kong-listed AI model sector remains under pressure, with cautious fund sentiment prevailing as the industry enters a phase of aggressive pricing competition amid narrowing technical differentiation.

(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.)