MINIMAX-WP (00100) saw its shares rise more than 9%, reaching an intraday high of HK$764, marking a new record since its listing. At the time of writing, the stock was up 9.04% to HK$741.5, with a turnover of HK$549 million.

The rally follows the launch of MiniMax's latest flagship programming model, MiniMax M2.5, on February 12. Described as the world's first production-grade model natively designed for Agent scenarios, it supports full-stack programming development across PC, App, and cross-platform applications.

In related news, Elon Musk commented that AI will eventually write binary code directly, and that AI-generated binary code will be more efficient than any compiler-produced code.

Meanwhile, Guotai Haitong issued a research report initiating coverage on MiniMax with an "Overweight" rating and a target price of HK$620. The report highlighted the company's leading performance in full-stack self-developed multimodal large models, its high proportion of overseas revenue, and ample cash reserves. It projected revenue of US$220 million by 2026 and assigned a 113x price-to-sales ratio, reflecting MiniMax's growth potential as a rare global AI player listed in Hong Kong.