Shares of Hong Kong's AI powerhouses opened higher on August 27, with Z.AI climbing over 8% and MINIMAX-W advancing nearly 5%. The rally comes as MINIMAX unveiled its first interim results since its stock market debut, posting revenue of $117 million for the first half of 2026—a staggering 283.1% year-on-year increase that not only dwarfs the $30.43 million reported in the same period last year but also surpasses the $79 million in total revenue generated across all of 2025.
Citigroup has raised its price target for MiniMax from HK$533 to HK$576, citing robust performance driven by a 703% surge in enterprise services on its open platform. Analysts led by Alicia Yap noted that the company's annual recurring revenue (ARR) broke through the $800 million mark in August, fueled by improvements in the M3 model's intelligence capabilities, while token consumption skyrocketed 20-fold between January and July. The bank forecasts total revenue of $577 million for fiscal 2026, with an adjusted net loss of $710 million.
The upcoming M3.1 model is slated for release in the second half of 2026, and the nearly 3-trillion-parameter M3 Pro is currently in development, described as a significant leap forward. Meanwhile, Z.AI has confirmed that the mystery model Ox Alpha, which had sparked widespread discussion, is its latest iteration in the GLM series and will have its model weights open-sourced later that evening. After debuting anonymously on OpenRouter with free access and powerful performance, Ox Alpha surged to the top of usage rankings—amassing more than double the usage of DeepSeek—and achieved an 80% score on the SWE programming benchmark, with developers having already cracked its identity through technical characteristics.
Comments