On June 3, MINIMAX-WP rose 3.6% in regular trading, trading at HK$695.0/share, with trading volume of HK$182 million, showing stabilization after two consecutive sessions of sharp correction.

On the news front, JPMorgan published a research report assigning the company an Overweight rating with a target price of HK$1,100, stating that the M3 model released on June 1 represents a strategic transformation toward a higher-end coding and agent model strategy. JPMorgan noted the strongest signal comes from pricing, as M3 API prices are significantly higher than M2.7 and M2.5, reflecting the company's belief that the model warrants a capability premium. However, the bank acknowledged that the premium still requires broader developer feedback for validation given low switching costs.

The M3 model features a novel sparse attention architecture supporting 1M ultra-long context, native multimodal capabilities, and frontier-level coding performance. MiniMax stated it is the first domestic model to combine all these elements and the only open-source model to do so. The stock had previously dropped over 15% on June 1 and continued declining on June 2 amid A-share IPO dilution concerns and profit-taking after a cumulative 400%+ gain from its IPO price.

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