On October 13, MINIMAX-W opened lower and fell 3.83% in regular trading, trading at 207.2 Hong Kong dollars per share, with turnover of 52.19 million Hong Kong dollars.

The decline reflected broad-based pressure across Hong Kong-listed large language model stocks, with sector peers such as Z.AI down 3.72% and HAIZHI TECH GP down 4.02%. Market participants have grown increasingly cautious toward the high-capex, high-loss business models of AI model companies. MINIMAX-W had previously surged multiple times above its IPO price and reached a peak market capitalization exceeding 400 billion Hong Kong dollars, but has since pulled back sharply amid intensifying competition and persistent profitability concerns. Its latest half-year results showed revenue growth of 283%, while adjusted net loss expanded 111% year-over-year, reinforcing wariness regarding monetization and escalating computational costs.

MiniMax Group Inc is a holding company engaged in the artificial intelligence large model business, offering AI-native products including MiniMax, Hailuo AI, MiniMax Voice, and Talkie/Xingye, with operations across domestic and overseas markets.

(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.)