MINIMAX-WP (00100.HK) experienced a significant intraday surge, with its stock price soaring 9.96% during Monday's trading session.

The rally is attributed to a confluence of positive catalysts. Investment bank Morgan Stanley recently raised its target price on the AI firm from HKD 990 to HKD 1,100, maintaining an Overweight rating. The upgrade highlighted that Chinese AI firms like MiniMax have significantly improved engineering efficiency, narrowing the gap with top global models. The company's MiniMax M2.7 model has been recognized as a global first-tier model, with token consumption growing 4-6 times year-over-year, driven by breakthroughs in coding and agentic workflow capabilities.

Further boosting sentiment is the expectation that MiniMax will be included in the Hang Seng Tech Index around June 8, which is estimated to trigger combined passive fund inflows of USD 1.25 to 1.75 billion alongside peer Zhipu. Analysts also note that short-selling pressure on the stock has notably receded, opening what is described as a valuation recovery window for the shares.