The stock price of MiniMax on the Hong Kong Stock Exchange has slipped beneath its initial public offering (IPO) price, experiencing a maximum decline of 88% from its peak of HKD 1,330 earlier in the year. Presently, its market capitalization hovers around HKD 56.3 billion. This drop below the IPO price is mainly due to fund-related disruptions stemming from the large-scale lifting of share restrictions and an increase in share supply through new share placements.

Simultaneously, as the number of global AI investment targets rises, Hong Kong stock funds have become less inclined to take risks on high-loss growth stocks. Consequently, market expectations regarding MiniMax's fundamentals have been adjusted. Despite MiniMax's impressive revenue growth—where revenue in the first half of 2026 outstripped that of the entire year of 2025—and the outstanding performance and cost-effectiveness of its newly launched M3.1 Flash model, along with rapid growth in Annual Recurring Revenue (ARR), the B-side market segment poses significant challenges. This segment, characterized by low-priced API sales and fierce competition, makes customer retention a daunting task.

Moreover, the company's ongoing substantial increases in research and development (R&D) and computing power investments have resulted in widening losses. At present, MiniMax faces an urgent need to strike a balance between its long-term investments in Artificial General Intelligence (AGI) technology and its short-term commercial returns.