HK Stock Market Move | MINIMAX-W(00100) opens more than 5% higher, company officially initiates A-share IPO process, introduces MiniMax M3 model today.

MINIMAX-W rose by more than 5%, closing at a 5.24% increase by the time of publication, at 884 Hong Kong dollars, with a trading volume of 24.6372 million Hong Kong dollars. On the news front, MiniMax officially began the A-share IPO process on May 29 by signing a guidance agreement with CITIC SEC. The company's latest business data released on May 28 showed that in the past two months, its annualized recurring revenue (ARR) has grown by over 100%. The number of global enterprise and developer clients served has exceeded one million, a five-fold increase from six months ago, with approximately 300 million users worldwide. Of note, on June 1, MINIMAX announced the launch of the MiniMax M3 model, stating that "MiniMax M3 has achieved cutting-edge capabilities in programming and artificial intelligence tasks. It utilizes the newly proposed MiniMax Sparse Attention (MSA) architecture, supporting up to 1 million pieces of extra-long context. As expected by the outside world, it is also a native multimodal model, supporting inputs from images and videos, and capable of operating computer desktops. These three capabilities are necessary for cutting-edge models overseas. M3 is the first domestic model with all these elements and is currently the only open-source model available."