On September 22, MINIMAX-W rose 3.29% in regular trading, trading at 305.2 HKD/share, with turnover of HKD 687 million. The stock continued to gain momentum following a series of positive developments in recent sessions.

On the product front, MiniMax Code CLI v0.4.12 was officially open-sourced under an MIT license on September 18, achieving a 76.7% task pass rate in the FrontierHarness Eval benchmark with a median completion time of 4 minutes 33 seconds — both metrics outperforming publicly listed baselines. The launch triggered a sharp rally of over 18% on that day.

Meanwhile, global partnerships are accelerating. Three MiniMax products — MiniMax Agent, Hailuo AI, and MiniMax Audio — have been integrated into Singapore Singtel AI Pass as part of a government-backed AI skills training initiative. Saudi AI firm HUMAIN launched an Arabic large language model based on MiniMax M3, and the company formally commenced Japan operations with a new Tokyo office. Overseas revenue accounted for approximately 60% of total revenue in the first half of the year.

Goldman Sachs maintains a Buy rating with a 12-month target price of HKD 760, citing continued ARR growth and margin improvement potential driven by inference optimization and model efficiency gains.

(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.)