MiniMax Group

MiniMax Group Inc. is a Shanghai-based AI lab, incorporated in the Cayman Islands, that builds foundation models and a run of consumer apps on top of them: the M-series large language models, priced to undercut Western frontier labs on agentic coding and reasoning; Hailuo for video and image generation; and Talkie, a companion-chat app TEXXR’s corpus first flagged in December 2024 as one of the most-downloaded AI apps in the US, going head-to-head with Character.AI out of a Shanghai lab most American users had never heard of.

MiniMax listed on the Hong Kong Stock Exchange on January 9, 2026, ticker 0100.HK, according to DeadRisk’s HKEX listing record. Zhipu listed one trading day earlier. DeadRisk’s market layer records a HK$165 offer price and a HK$345 first-session close, a 109% gain from the offer. A December 2025 filing cited by Reuters targeted gross proceeds of up to about $538.5M and a valuation above $4B. DeadRisk’s deal record puts final gross proceeds at roughly $619M after MiniMax priced at the top of its revised range. DeadRisk’s EOD record shows a HK$270 close on September 11, 2026. That was 63.6% above the HK$165 offer and 79.7% below the roughly HK$1,330 March peak, both derived from those price baselines.

DeadRisk’s MiniMax listing record shows that founder Yan Junjie held about 25% of the equity but close to 72% of the vote through Class B shares carrying ten votes each. A second insider lifted combined insider control to near 79% of votes on ordinary resolutions. The same record puts the initial six-month tradable float at about 18 million shares, or roughly 5% of the company, and retail oversubscription at more than 1,000 times the available tranche. These terms made the stock structurally vulnerable to violent moves; the DeadRisk EOD record cannot assign the selloff to either factor. DeadRisk’s instrument record lists 0100.HK as an HK-dollar HKEX share with no US ADR. Access requires a broker that supports Hong Kong trading, on HKEX hours and under HKEX and Hong Kong Companies Ordinance disclosure rules rather than SEC reporting.

TEXXR’s earliest mention of MiniMax runs to May 3, 2024. The Financial Times grouped it with Zhipu AI, Moonshot AI, and 01.ai as four Chinese generative-AI startups valued between $1.2B and $2.5B. Reports then focused on funding, a Wall Street Journal piece on efficient code under chip controls, and a Talkie profile. TEXXR added more records after MiniMax filed confidentially for a Hong Kong listing in July 2025, targeting a valuation above $4B.

Bloomberg’s December 2025 filing report put MiniMax’s 2024 revenue at $30.5M. Its March 2026 report put 2025 revenue at $79M, up 159% from 2024 and above the $71.4M analyst estimate. Bloomberg reported a $1.87B 2025 net loss, versus $465.2M in 2024; the DeadRisk market layer carries the same 2025 loss rounded to $1.9B. By May 2026, MiniMax said annualized recurring revenue had reached $300M and began preparing a STAR Market listing. On August 26, Bloomberg reported that revenue reached about $116.6M in H1 2026, up 283% from about $30.4M in H1 2025, derived from the reported revenue and growth rate. That compared with 159% growth for FY2025. H1 2026 revenue was 47.6% above all of FY2025, derived from the $116.6M and $79M records.

Reuters reported that MiniMax released H3 on July 31, generating clips up to 15 seconds at 2K resolution with stereo sound, and planned to release its weights within days. The TEXXR record through September 13 contains no confirmation that the weights shipped. On September 3, Bloomberg reported that Humain launched humain-m3, an Arabic-language model developed with MiniMax. Bloomberg framed the partnership inside US-allied concern over sovereign AI built with Chinese models.

DeadRisk’s EOD record shows the HK$345 January 9 close, the roughly HK$1,330 March series peak, and a price near HK$840 in late May. DeadRisk’s corporate-actions layer records that the July 9 lock-up expiry made 153 million shares, about 49% of the company, eligible to trade, versus about 18 million shares in the initial float. The EOD series records an 18% decline on July 9 from the July 8 close and a 12% decline on July 10 from the July 9 close. Bloomberg reported that MiniMax was seeking a roughly $2B financing through shares and convertible bonds. The Information published a memo from Yan Junjie promising to forgo his salary until AGI. The DeadRisk EOD series dates the selloff but cannot identify sellers or its cause.

DeadRisk’s EOD record shows a HK$270 close on September 11, down 7.5% from the September 10 close and 24.4% over the provider’s 30-day window. At that close, the stock had erased 91.0% of the gain from its HK$165 offer to its roughly HK$1,330 peak (derived: (1,330 − 270) / (1,330 − 165)).

In February 2026, Anthropic accused MiniMax, DeepSeek, and Moonshot of violating Claude’s terms. The Wall Street Journal said Anthropic counted more than 16 million prompts across the three companies for alleged model distillation. In September 2025, Disney, Universal, and Warner Bros. Discovery sued MiniMax over alleged use of copyrighted characters in Hailuo. Separately, the Wall Street Journal reported in August 2024 that Chinese AI startups were cut off from the most powerful chips, including Nvidia’s top-end training silicon.

TEXXR’s knowledge graph now carries 62 structured relations from May 2024 through September 4, 2026. Financial edges are 33 of 62 (53.2%, derived), while launch edges are 19 of 62 (30.6%, derived). The new confirmed partnership edge records Humain developing humain-m3 with MiniMax. These counts describe TEXXR’s coverage, not MiniMax’s operating mix.

The supplied momentum snapshot labels 2026 Q3 “latest_complete” at eight articles, although it was captured September 13 before quarter-end. Treat eight as a through-date corpus count, not a final-quarter total. It is 2.0 times the rolling eight-quarter average of 4.1 MiniMax articles per quarter (derived: 8 / 4.1).

The graph still has only one MiniMax-DeepSeek relation: the Anthropic complaint names both in the same alleged distillation conduct. TEXXR’s only direct competitor edge pairs MiniMax with Zhipu. It comes from a June 2026 JPMorgan note comparing the two listed companies.

Order flow is signed before it becomes revenue — the earliest of the three views. From the capital-flow ledger.

Signals in the coverage record worth tracking, not trade ideas:

• H1 loss and cash flow. Bloomberg reported H1 2026 revenue of $116.6M, up 283% from about $30.4M in H1 2025, derived from the reported revenue and growth rate. The TEXXR coverage through September 13 gives no matching H1 loss or cash-flow figure. For FY2025, the DeadRisk market layer records operating cash outflow of $279.6M, versus $258.5M in FY2024, and year-end cash of $507.6M, versus $288.9M.
• The Shanghai STAR Market filing. MiniMax and Zhipu are pursuing an A+H structure. Watch whether the CSRC counseling filing converts to an actual listing.
• The post-lock-up float. DeadRisk’s July 9 corporate-actions record made 153 million shares eligible to trade, compared with about 18 million shares in its initial listing record. Reported ownership and turnover can show whether they enter circulation.
• The H3 weights. Reuters said MiniMax planned their release within days of July 31. TEXXR has no confirmation through September 13. The license and restrictions remain open.
• The M3 Pro model. The Information reported that MiniMax was working on a 2.7-trillion-parameter successor to M3’s 428B. Its parameter count, release date, license, and pricing remain unconfirmed. Bloomberg’s August 26 report said M3 lagged Z.ai’s GLM-5.2.
• The Humain deployment. Bloomberg’s September 3 report confirms development of humain-m3 with MiniMax. Model access, commercial terms, customers, and safeguards are not disclosed in that report.
• The loss-to-ARR gap. A $1.87B 2025 net loss sits against claimed $300M in annualized recurring revenue by May 2026. Bloomberg’s H1 2026 revenue report does not establish that the loss narrowed.

For the wider pattern this name sits inside — the listing wave and shared compute limits — see the China AI stack.

MiniMax Group lives or dies by the same constraint as these names — small equal-weighted groups, one constraint each. Not investment products: see all categories.