In 2026, domestic AI large model companies have become one of the hottest sectors in the capital markets. Following Zhipu, MINIMAX (00100.HK) made its debut on the Hong Kong Stock Exchange this January. With its globally leading multimodal model capabilities and rapidly growing overseas revenue, MINIMAX quickly attracted a surge of capital. However, after a short-term rally, MINIMAX’s stock price has experienced a significant pullback and sharp volatility since April. How has MINIMAX performed recently? What are the driving factors behind these movements? And how can investors trade MINIMAX through the Gate TradFi platform?
The Post-IPO Surge: From HK$165 to the Thousand-Dollar Mark
MINIMAX was officially listed on the Hong Kong Stock Exchange on January 9, 2026, with an IPO price of HK$165 per share. On its first trading day, the stock closed at HK$345, soaring 109% and pushing its market cap above HK$100 billion. Riding the wave of AI enthusiasm, MINIMAX’s share price continued to climb. On March 18, it peaked at HK$1,330 (pre-adjusted), more than seven times its IPO price, with market capitalization reaching as high as HK$417.62 billion. In just over two months, the stock delivered nearly a tenfold return, making MINIMAX one of the most dazzling new listings in Hong Kong’s 2026 market.
The core driver behind this rally has been MINIMAX’s robust commercialization progress. According to the company’s first annual report released on March 2, 2025, MINIMAX achieved total revenue of $79.038 million, up 158.9% year-on-year. Gross profit reached $20.079 million, a 437.2% increase, with gross margin rising from 12.2% to 25.4%. Notably, over 70% of revenue came from overseas markets, serving more than 236 million users and 214,000 enterprise clients and developers worldwide. On April 17, Guosheng Securities initiated coverage of MINIMAX with a "Buy" rating and a target price of HK$1,317, citing programming, office agents, and multimodal creation as core drivers for future growth.
Major Pullback Since April: Technical "Sell" Signals Emerge
In April, MINIMAX’s trend shifted sharply. On April 15, despite overall strength in the Hong Kong market, MINIMAX plunged 10.88% to HK$847.5 per share, marking a cumulative decline of over 36% from its March high. Technical indicators on April 15, according to Investing.com data, showed "sell" signals across both moving averages and daily technical metrics.
Latest updates for April 20–21: On April 20, Gate TradFi data showed MINIMAX spiked over 4% in a short time, with volatility significantly exceeding recent averages and market activity surging. On April 21, Bloomberg analyst data indicated that over 90% of analysts set MINIMAX’s target price above HK$1,000, with an average target of about HK$1,123. At the same time, the first batch of MINIMAX callable bull/bear contracts (warrants, 28341) officially launched, with a strike price of HK$2,000 and effective leverage of about 2x. MINIMAX remains in a phase of intense volatility, and its short-term direction is still unclear.
Bull and Bear Forces Coexist: What’s Behind the Pullback?
MINIMAX’s recent correction is the result of multiple overlapping factors.
Short selling pressure rose and then fell: After MINIMAX became eligible for short selling, there was a brief surge in short interest, with shorted shares reaching 925,200 and corresponding short value at HK$665 million. However, short selling activity has since declined. By early April, shorted shares had dropped to 157,200, down 83% from the peak, and short value fell to HK$150 million, a 77.44% decrease.
Concerns over high valuation: Some analysts point out that MINIMAX’s current price implies a forecasted 2026 price-to-sales ratio of over 500x, a clear sign of overvaluation. With the industry still in a "burn cash for growth" phase and most companies yet to turn a profit, whether such high valuations can be sustained has become a key market concern.
Fundamentals continue to improve: On the other hand, MINIMAX’s commercialization pace has not slowed. In 2025, AI-native product revenue reached $53.075 million, up 143.4% year-on-year, while open platform revenue hit $25.963 million, up 197.8%. By February 2026, daily token consumption for the M2 series text model had grown to more than six times the December 2025 level, and ARR (annual recurring revenue) exceeded $150 million.
In summary, the short-term pullback mainly reflects profit-taking after the rally and valuation digestion. Over the medium to long term, attention should remain on the company’s technological upgrades, commercialization progress, and the broader global AI industry trend.
How to Trade MINIMAX Stock on Gate TradFi?
The Gate TradFi section offers users a convenient channel to participate in MINIMAX CFD (Contract for Difference) trading directly with USDT, without the need to open a traditional brokerage account.
MINIMAX listing information on Gate TradFi:
On April 14, Gate TradFi officially launched the MINIMAX (MINIMAX-W 00100.HK) CFD trading pair, supporting 4x fixed leverage and a minimum order size of 0.1. At the same time, 15 other Hong Kong stock CFD pairs also went live, including Tencent, Meituan, Xiaomi, Kuaishou, and Zhipu.
Complete process for trading MINIMAX for the first time:
Step 1: Enter the Gate TradFi section. Open the Gate App (version V8.4.0 or above required) or Gate website, and select the "TradFi" tab in the navigation bar.
Step 2: Complete identity verification and enable trading permissions. After completing KYC, apply to activate TradFi trading. Note: TradFi access is granted gradually based on quotas. Once approved, the system will enable access automatically; simply refresh the page to activate.
Step 3: Deposit USDT. Transfer USDT into your Gate account to use as collateral for MINIMAX CFD trading.
Step 4: Select the MINIMAX trading pair and start trading. In the stocks section, find the MINIMAX (MINIMAX-W 00100.HK) CFD trading pair. Choose to buy or sell, set the order quantity (minimum 0.1) and leverage (fixed at 4x), and confirm to complete your order.
Core advantages of Gate TradFi:
Gate TradFi uses USDT as collateral, allowing users to trade a wide range of traditional assets—including stocks, precious metals, forex, and global indices—and manage both crypto and traditional assets within a unified account system. From early 2025 to February 2026, cumulative trading volume in Gate’s stock token section exceeded $140 billion, with more than 298,000 on-chain addresses holding stock tokens globally. Additionally, in February 2026, Gate launched the TradFi trading API, providing institutional users and advanced investors with systematic infrastructure for multi-asset management.
Risk Warning: High Volatility in AI Concept Stocks
The AI large model sector is growing rapidly but has yet to achieve widespread profitability. In 2025, MINIMAX reported an adjusted net loss of $250 million. While the loss margin has narrowed, the company remains in a high-investment phase. On the stock price front, MINIMAX experienced extreme swings over three months, from HK$165 to HK$1,330 and back down to HK$847—a level of volatility far exceeding that of traditional blue chips.
Meanwhile, valuation logic for Hong Kong tech stocks is undergoing structural change. Traditional internet companies face saturation in user growth, while AI firms focused on large models and intelligent agents are attracting significant capital thanks to rapid technological innovation and broad industry application. However, this high concentration of capital also makes related stocks more susceptible to profit-taking and shifts in market sentiment.
Conclusion
As a flagship AI stock in Hong Kong’s 2026 market, MINIMAX has soared from its IPO price of HK$165 to a peak of HK$1,330, and is now undergoing a correction of over 30% since April. There is a clear tug-of-war between short-term technical pressures, concerns over high valuation, and long-term institutional optimism.
Between April 20 and 21, MINIMAX’s volatility surged, the first batch of warrants officially launched, and over 90% of analysts set target prices above HK$1,000. For investors looking to participate in MINIMAX’s price action through traditional financial instruments, Gate TradFi offers a convenient channel to trade MINIMAX CFDs directly with USDT, supporting 4x fixed leverage and eliminating the need for a separate stock account—making it easy to integrate AI large model stocks into crypto trading strategies. However, the high volatility of AI concept stocks means greater market risk. Investors should carefully assess their risk tolerance, monitor the company’s technological progress and fundamentals, and make prudent decisions.
