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China · MiniMax Shares Plunge About 7%, Falling Below IPO Price and Erasing All Post-Listing Gains
On Oct. 22 MiniMax (0100.HK) tumbled about 7% in Hong Kong trading, touching HK$159.3 intraday — below its January IPO price of HK$165 — wiping out gains that had reached 650% in March. The market judged the Oct. 19 M3.1 Flash launch underwhelming amid intensifying AI pricing wars.
Why it matters
MiniMax is the poster child of Hong Kong-listed Chinese AI model developers: after its January IPO, the shares surged as much as 650% by March. Now all those gains are gone — a hard correction of lofty AI-model valuations and a warning for other listed Chinese model companies.
Full report
On Oct. 22, Chinese AI developer MiniMax fell about 7% in Hong Kong trading (0100.HK), touching an intraday low of HK$159.3 — below its January IPO price of HK$165 — erasing all post-listing gains.
The market broadly blamed the selloff on the underwhelming Oct. 19 launch of M3.1 Flash: investors had hoped for breakthrough capabilities or more aggressive pricing, but the model's incremental improvements were deemed insufficient to justify MiniMax's valuation premium.
The bigger backdrop is the pricing war: domestic rival DeepSeek keeps shipping lower-cost models, while OpenAI and Anthropic cut prices repeatedly through 2026; MiniMax itself halved the cost of its flagship M3 model in June. According to market data cited by Huo Xing Cai Jing, MiniMax and Zhipu came under pressure together, both now more than 80% below their all-time highs.
A falling share price does not settle the company's fundamentals, but the sustained compression shows capital markets shifting their scrutiny of AI model developers from technology narratives to commercialization delivery.
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