On September 15, MINIMAX-W fell 3.09% in regular trading, trading at HKD 244.8/share, with turnover of HKD 1.262 billion, extending a sustained pullback throughout September.

On the news front, multiple headwinds are converging on the AI large-model sector. DeepSeek V4.1 Flash launched with aggressive pricing, and the latest global API call volume rankings show MiniMax M3 has dropped off the list, further exposing a structural loss of pricing power. JPMorgan previously noted in a research report that MiniMax was forced to permanently halve its API prices, with the cut viewed as a signal of insufficient competitiveness. Meanwhile, Anthropic CEO Dario Amodei publicly warned of AI loss-of-control risks and called on the industry to slow the pace of frontier model capability advancement, a stance endorsed by OpenAI and xAI leadership, adding regulatory uncertainty to the sector.

MINIMAX-W has now fallen over 30% cumulatively since the start of September, as profit-taking pressure from previously outsized gains resonates with deepening concerns over an industry-wide price war.

(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.)