On September 17, MINIMAX-W rose 3.19% in regular trading, trading at HKD 245.6 per share, with turnover of HKD 264 million, extending the rebound that began in the prior session.

The stock is recovering from a sharp two-day selloff on September 14-15 that saw a cumulative decline exceeding 13%, driven by a convergence of negative catalysts: Anthropic CEO Dario Amodei's call — supported by Elon Musk and Sam Altman — to slow frontier AI development, Zhipu's approximately USD 5 billion financing round sparking sector dilution concerns, and DeepSeek V4.1 Flash's aggressive pricing pressuring the competitive landscape. The September cumulative pullback had at one point exceeded 30%.

On the fundamental side, management disclosed that August annualized recurring revenue surpassed USD 800 million, up significantly from USD 150 million in February. First-half revenue reached approximately USD 117 million, up 283.1% year-over-year, with enterprise (B-end) revenue surging 703.1% to account for 63.4% of total revenue. Multiple brokerages including Goldman Sachs, Citi, and Jefferies maintain Buy ratings on the stock.

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