On September 24, MINIMAX-W rose 3.35% in regular trading, trading at 283.6 HKD/share, with turnover of 12.79 billion HKD. The rally was driven by the Alibaba Cloud Apsara Conference boosting broader AI sector sentiment, as accelerated AI infrastructure investment and rising industry growth expectations lifted AI application stocks across the board.

Beyond the sector-wide catalyst, MINIMAX-W continued to benefit from multiple company-specific developments. 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, outperforming public baselines. Internationally, three MiniMax products were integrated into Singapore Singtel AI Pass for public AI education, Saudi Arabia's HUMAIN launched an Arabic-language large model based on MiniMax M3, and the company's Japan operations commenced with a new Tokyo office. Overseas revenue accounts for approximately 60% of total revenue, underscoring the company's global expansion momentum. Goldman Sachs maintains a Buy rating with a 12-month target price of 760 HKD, citing continued ARR growth and margin improvement prospects.

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