HK Movers | MiniMax Soars 15% as Placement Completion Eases Financing Uncertainty; Knowledge Atlas Soars 12% on Rebranding to Z.AI

Stock Track07-15

MINIMAX-WP's stock soared 15% on Wednesday, marking a significant rebound.

The surge follows the formal completion of the company's placement of 35.6 million new A-class shares, which eliminated near-term financing uncertainty. The stock had been under sustained pressure due to previous events including the unlock of restricted shares and a discounted placement announcement, but with the placement now settled and dilution concerns largely priced in, short-term selling pressure has eased, prompting a technical recovery.

KNOWLEDGE ATLAS witnessed a significant intraday surge of 12% at the market open on Wednesday. The sharp upward movement follows a period of volatility for the artificial intelligence-focused company.

The rally is attributed to the company's recent completion of its English name change to Z.AI Co., Ltd., which sharpens its brand positioning around artificial intelligence. Additionally, the stock is experiencing a technical recovery after plunging over 7% in the prior session due to a share placement that resulted in approximately 4.25% dilution.

Valuation support for the rebound is provided by positive analyst actions. JPMorgan recently raised its target price for the stock to HK$2,400, while CLSA upgraded its rating to Outperform with a HK$2,061 target, citing accelerated revenue conversion from new computing resources and an earlier path to breakeven.

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