Core Insights - MINIMAX-WP's stock surged over 10%, currently up 8.16% at 387.2 HKD, with a trading volume of 352 million HKD, following the announcement of its open-source evaluation benchmark for coding agents, OctoCodingBench [1] - The evaluation results indicate that some open-source models are performing exceptionally well in "process compliance," approaching or even surpassing certain closed-source models, highlighting a shift in industry focus towards "data and evaluation paradigms" in the evolution of AI towards agents [1] Company Performance - CITIC Securities reports that MINIMAX-WP is emerging from industry competition with a "counter-consensus" strategic focus on model intelligence breakthroughs, positioning itself strongly in the generative AI wave [2] - As one of the first companies in Shanghai to receive large model registration, MINIMAX-WP demonstrates strong growth potential through technological depth and commercial foresight [2] - Revenue is projected to maintain over 90% high-speed growth from 2025 to 2027, with Non-GAAP gross margin expected to rise to 55% and net loss rate continuing to narrow [2] - The company is anticipated to expand its market space in AI-native applications through optimization of reasoning costs and the implementation of next-generation multimodal models [2]

Group 1 - MINIMAX-WP (00100.HK) experienced a significant intraday surge of over 10% [2]

Group 1 - MINIMAX-WP's stock price increased by over 10%, currently trading at 387.2 HKD with a transaction volume of 352 million HKD [1] - The company announced the open-source release of its code intelligence system evaluation set, OctoCodingBench, which is the first comprehensive assessment benchmark designed for Coding Agents [1] - Evaluation results indicate that some open-source models have shown outstanding performance in the key metric of "process compliance," approaching or even surpassing certain closed-source models in specific scenarios [1] Group 2 - CITIC Securities reports that MINIMAX-WP is emerging from industry competition by focusing on model intelligence breakthroughs amid the global generative AI wave [2] - The company is one of the first in Shanghai to obtain large model registration, showcasing strong development potential through technological depth and commercial foresight [2] - Revenue is projected to maintain over 90% high growth from 2025 to 2027, with Non-GAAP gross margin expected to rise to 55% and net loss rate continuing to narrow [2]

Group 1 - Kingdee International (00268.HK) experienced a decline of 5.94% [1] - MINIMAX-WP (00100.HK) saw a drop of 5.02% [1] - Maifushi (02556.HK) fell by 4.76% [1] - Weimob Group (02013.HK) decreased by 4.25% [1]

Group 1 - Kingdee International (00268.HK) experienced a decline of 5.94% [1] - MINIMAX-WP (00100.HK) saw a drop of 5.02% [1] - Maifushi (02556.HK) fell by 4.76% [1] - Weimob Group (02013.HK) decreased by 4.25% [1]

Core Viewpoint - MINIMAX-WP (00100) announced the issuance and allocation of 4.3796 million Class A ordinary shares due to the full exercise of the over-allotment option on January 14, 2026 [1] Group 1 - The company has exercised its over-allotment option, resulting in the issuance of 4.3796 million shares [1]

智通财经APP讯，MINIMAX-WP(00100)发布公告，该公司于2026年1月14日因悉数行使超额配售权而发 行及配发A类普通股437.96万股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) FF305 備註： 已發行股份佔有關股份發行前的現有已發行股份數目百分比是依據本公司已發行股份數目總額309,255,668股(包括228,153,134 A類普通股及81,102,534 B類普通股)。 第 2 頁 共 6 頁 v 1.3.0 FF305 確認 表格類別： 股票 狀態： 新提交 公司名稱： MiniMax Group Inc. 呈交日期： 2026年1月14日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 不同投票權架構公司普通股 | | 股份類別 | A | | 於香港聯交所上市 | ...

Core Insights - The recent IPOs of domestic AI model companies, Zhipu (02513.HK) and MiniMax (00100.HK), have attracted significant investor interest, showcasing different business models and market performances [1][2] - Zhipu focuses on the B-end market with a MaaS (Model as a Service) approach, achieving a 325% year-on-year revenue increase in the first half of 2025, while MiniMax targets the C-end market with over one million paid users and more than 70% of revenue from overseas [1][2] Company Summaries - Zhipu's business model is centered around B2B and G2B services, emphasizing long-term contracts and service delivery, which aligns with stable growth and long-term value investment logic [2][5] - MiniMax's strategy involves a balanced revenue stream from both individual and enterprise clients, with a focus on high-frequency usage and user engagement, reflecting an internet product logic [3][4] Market Performance - Both companies are currently in a loss-making phase, indicating that traditional valuation metrics like PE and PB are not applicable for pricing these AI model firms [4] - The recent IPOs have catalyzed a surge in the Hong Kong AI sector, with the AI application index rising over 4% in a single day, breaking the pessimistic expectations of a "capital winter" [6][7] Future Outlook - The AI industry is expected to see continued growth driven by policy support and market demand, with a focus shifting from model strength to industrial application and value realization [7][8] - The competition in AI is viewed as a critical battleground for global technology restructuring, with the need for continuous innovation and ecosystem development to maintain a competitive edge [7][8]

Core Viewpoint - The Hong Kong stock market's AI application sector is experiencing a rebound, with notable increases in stock prices for several companies [1] Group 1: Company Performance - Zhihui (02513.HK) opened with a rise of 7.1% [1] - MINIMAX-WP (00100.HK) opened with an increase of 2.74% [1] - Other companies such as Zhixing Technology (01274.HK) and Fourth Paradigm (06682.HK) also saw their stock prices rise [1]