Key Takeaways:
MINIMAX-W (00100.HK) fell 3.5 percent after HSBC Research cut its target price nearly 57 percent to HKD330, citing higher investment requirements despite annual recurring revenue beating expectations.
"Enhancing the intelligence, rather than proliferation, of large AI models is the company's top priority," Yeyi Yun, co-founder and president of MiniMax, said. Yun said she is increasingly confident of achieving the company's target of USD1 billion in annual recurring revenue by year-end.
HSBC Research said MINIMAX-W's ARR beats expectations but requires higher investment, justifying the target cut. The stock fell 12.200 HKD, with short selling volume of $621.34 million at a 6.668 percent ratio. MiniMax reported first-half 2026 revenue of approximately $117 million, up 283 percent year-over-year, with open platform services contributing $74 million, up 703 percent from the prior-year period.
The target cut signals HSBC expects margin pressure from AI infrastructure spending to persist. Yun defined the AGI milestone as the capability to autonomously generate 1 percent of global GDP, roughly $1.1 trillion, and said the company prioritizes model intelligence over raw expansion.
MiniMax listed on the Hong Kong Stock Exchange in January 2026 under ticker 0100, raising about $619 million in its IPO. Shares surged 109 percent on debut day. By the end of 2025, the company had accumulated over 236 million users across more than 200 countries, spanning its multimodal AI models that process text, vision, and audio.
Yun, speaking at the Goldman Sachs Asia Leadership Conference in Hong Kong on Sept. 1, said the real milestone for AGI will arrive when AI can autonomously generate 1 percent of global GDP. Global GDP currently hovers around $110 trillion, making 1 percent roughly $1.1 trillion, or about the entire annual output of Mexico. She pointed to autonomous capabilities — planning, execution, and self-assessment — as early indicators the industry is heading in that direction.
The stock's decline puts it at risk of testing lower support levels as short sellers maintain active positioning. The year-end ARR target is the next event to watch for MINIMAX-W, with Yun's confidence suggesting the company may provide updated guidance in upcoming earnings. The HSBC target cut, while severe, does not change the underlying revenue trajectory — the question is whether the investment required to sustain that growth will compress margins more than the market currently prices.
This article is for informational purposes only and does not constitute investment advice.
