As of the midday close on February 10th, the share price of MiniMax (00100) surged by up to 10.7% in Hong Kong trading. This movement was primarily driven by a recent research report from JPMorgan, marking its first coverage of the company.
JPMorgan has initiated coverage on Hong Kong-listed MiniMax with an "Overweight" rating and set a target price of HK$700. This implies an approximate upside potential of 36% from the current share price. The report highlights that MiniMax, with its unique global DNA and leading technological capabilities, has become a key gateway for investors to access the global artificial intelligence market, which is projected to reach $1.4 trillion by 2030.
Since its initial public offering in early January this year, MiniMax's stock has skyrocketed over 230%, reaching an intraday high of HK$599.5.
As one of China's most distinctive independent large language model companies, MiniMax is accelerating its global business expansion. Currently, over 70% of the company's revenue originates from overseas markets, with API services experiencing rapid growth alongside the swift expansion of the global developer ecosystem. Analysts from JPMorgan, led by Olivia Xu, noted, "This highly internationalized revenue structure not only effectively diversifies revenue streams and enhances overall profit margins but also demonstrates MiniMax's genuine competitiveness within the global AI landscape."
On the technological front, MiniMax's M2.1 large model ranks among the global top tier in key metrics such as coding capabilities and agent task performance. From a business perspective, the company has established a balanced portfolio spanning consumer applications, generative media, and B2B API services, creating a multi-engine growth flywheel. Based on this, JPMorgan forecasts that MiniMax could achieve a compound annual growth rate (CAGR) as high as 138% between 2026 and 2030, reaching breakeven by 2029.
It is noteworthy that the report also compared another leading Chinese AI firm, Zhipu, projecting a CAGR of 127% for the same period, with profitability also anticipated by 2029. JPMorgan commended MiniMax for its leading advantages in terms of internationalization and the pace of commercial deployment, stating that this "not only enables revenue diversification and margin improvement but also showcases global competitiveness."
The report further indicated that China's artificial intelligence industry is transitioning from an early phase of extensive competition, often referred to as the "hundred-model war," into a new era where core competitiveness is defined by the ability to deliver commercial value, model originality, and depth of global strategic layout. Within this context, MiniMax is not merely a technology company but also a significant representative of Chinese AI's journey onto the world stage and its participation in the restructuring of the global value chain.
JPMorgan concluded, "MiniMax is one of the preferred investment targets for capturing the opportunity presented by the global AI market, estimated to be worth $1.4 trillion by 2030."