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2026-06-04 11:04:37 HSBC Global Investment Research issued a report on MINIMAX-W (00100.HK), which launched its new-generation general model, MiniMax M3. Compared with the previous generation, the single-token computing cost of M3 is only one-twentieth, with prefill speed 9.7x faster and decoding speed 15.6x faster. The broker cut the company's TP from HKD1,000 to HKD760 and maintained a Hold rating. The broker mentioned several catalysts and risks. The company indicated it is exploring a listing plan on the STAR Market in A shares. It will be included in the HSTECH from June 8, and the broker expected it to be added to Southbound Stock Connect in early August. Meanwhile, 46% of shares will be unlocked in early July, followed by another 12% from late August to early October, and a further 8% in January next year. In addition, IPO plans by other frontier AI labs (including OpenAI, Anthropic and Moonshot AI) may reduce MiniMax's scarcity premium and intensify competition. On the positive side, the broker expected updates on ARR/token growth following the M3 launch, the rollout of Hailuo 3.0 next week, and the launch of a trillion-parameter model before the end of August to serve as positive catalysts. ~ AASTOCKS Financial News Website: www.aastocks.com | |