JPMorgan: Maintains Buy rating on MiniMax, target price 700 Hong Kong dollars.

J.P. Morgan initiated coverage of MINIMAX-WP for the first time, giving it a rating of "overweight" and a target price of 700 Hong Kong dollars, with a potential upside of 36%. J.P. Morgan pointed out that MiniMax stands out with its scarce global footprint, with over 70% of its revenue coming from overseas markets. Its M2.1 model is at the forefront in programming and intelligent task execution, and its balanced business portfolio spanning consumer applications, generative media, and B2BAPI supports strong growth potential. They forecast a compound annual revenue growth rate of 138% for the years 2026-2030, with a potential break-even in 2029. J.P. Morgan views MiniMax as one of the preferred targets to seize the $1.4 trillion global AI market opportunity in 2030.