A number of top investment banks push for buying ratings MiniMax-W (00100) surged by more than 15% and bottomed out, and the rebound signal is clear

The Zhitong Finance App learned that on July 14, the Hong Kong stock AI company MiniMax-W (00100) saw a marked strengthening in the market, with an intraday increase of more than 15%. Market capital continued to return, and stock prices rose significantly. Since the ban was lifted on July 9, MiniMax has successively received the latest rating opinions from many leading international and domestic investment banks, and market attention has continued to rise. On July 11, J.P. Morgan gave holding ratings, and on July 13, CICC issued another research report to give a buying rating. On July 14, UBS and Goldman Sachs successively gave purchase ratings. Many major international banks simultaneously issued the latest rating opinions. This is rare in the current market environment where the AI sector is divided.

According to the latest report issued by UBS, the MiniMax purchase rating is optimistic about the development prospects and commercial growth space of the company's multi-modal global model. Goldman Sachs simultaneously maintains a buy rating for MiniMax and continues to be optimistic about the company's medium- to long-term development logic. J.P. Morgan Chase's latest rating is holding, mainly due to careful considerations in terms of industry competition and the pace of short-term profit cashing out.

Goldman Sachs previously set the company's target price at HK$860. According to its research report, the price competition in the industry has reached a rational inflection point. DeepSeek V4 has implemented differentiated pricing over time periods, which means that the low price scuffle in the industry that began at the end of April this year is gradually coming to an end. MiniMax's M3 model relies on its own optimized computing power and lightweight and efficient architecture, and is priced at 0.22 US dollars per million tokens. The profit level has an outstanding advantage over the industry.

CICC, a leading domestic institution, is also optimistic about the company's long-term growth potential. Research data shows that MiniMax's revenue for the 2025 fiscal year increased sharply by 159% year on year, and the progress of commercialization implementation exceeded market expectations. Phased losses due to high R&D investment at this stage are the norm in the industry. After the company's HK$16 billion refinancing plan is implemented, capital will be fully invested in computing power reserves and large-scale model iterative research and development to continue to consolidate its own technical barriers. Technological advantages and commercial growth space have room for long-term imagination.

The pressure to lift the share ban, which the market was previously worried about, has also been fully relieved. In late June of this year, the two core strategic shareholders, Ali and Mihayu, publicly stated that they will hold shares for a long time and continue to support the development of the enterprise, and there are no plans to reduce their holdings in the short term. In addition, the company's founding team took the initiative to set a voluntary sales ban period of up to 12 months, far exceeding the general six-month lock-up standard in the industry. The first round of unbanning chips did not include the shareholding portion of the founding team and employees.

Industry analysts said that after continuous adjustments in the early stages, MiniMax's valuation has fully absorbed short-term shortfalls, compounded multiple growth logics such as a recovery in the industry's pricing environment and the imminent launch of a new video model. Today's rise in stock prices is an intuitive reflection of market capital re-examining the company's core values. Market disturbances caused by the short-term lifting of the ban have gradually been cleared. With the advent of the AI industry's profit recovery cycle in the medium to long term, the company's global computing power layout, multi-modal product matrix, and continuously increasing commercialization capabilities will continue to unleash value. As a large local global model enterprise with scarce Hong Kong stocks, the room for subsequent valuation repairs and performance growth is worth continuing attention.