MINIMAX Recent Trend In-Depth Analysis: How to Trade MINIMAX on Gate TradFi?

In 2026, domestic AI large model tracks became one of the hottest trends in the capital market. Following Zhipu, MINIMAX (00100.HK) listed on the Hong Kong Stock Exchange in January this year, quickly attracting a large influx of funds with its globally leading multimodal model capabilities and rapidly growing overseas revenue. However, after a short-term surge, MINIMAX’s stock price experienced a noticeable correction and sharp volatility since April. What is the recent trend of MINIMAX? What are the driving factors behind it? How can investors participate in trading through the Gate TradFi platform?

The Myth of Explosive Growth Since Listing: From HKD 165 to the Thousand-Yuan Mark

MINIMAX officially listed on the Hong Kong Stock Exchange on January 9, 2026, with an issue price of HKD 165 per share. On the first day of trading, it closed at HKD 345, a 109% increase, with a market capitalization surpassing HKD 79.04M. Subsequently, driven by the AI wave, its stock price soared steadily. On March 18, MINIMAX reached a peak of HKD 1,330 (pre-adjusted), more than 7 times the issue price, with a market value once climbing to HKD 417.62 billion. Achieving nearly a 10-fold increase in just over two months, MINIMAX became one of the most dazzling new stocks in the Hong Kong market in 2026.

The core support for this rally is MINIMAX’s strong commercialization progress. According to the company’s first annual report disclosed on March 2, 2025, MINIMAX achieved total revenue of USD 20.08M, a year-on-year increase of 158.9%; gross profit reached USD 214k, up 437.2%; gross margin increased from 12.2% to 25.4%. More notably, over 70% of revenue came from overseas markets, serving more than 236 million global users and 214k enterprise clients and developers. Guosheng Securities initiated coverage of MINIMAX on April 17 with a “Buy” rating and a target price of HKD 1,317, believing that programming, office agents, and multimodal creation will become the core growth drivers in the future.

Sharp Correction Since April: Technical Signals Indicate “Sell”

In April, MINIMAX’s trend showed a clear shift. On April 15, amid a generally strong Hong Kong stock market, MINIMAX fell sharply by 10.88% to HKD 847.5 per share, retracing over 36% from the March high. From a technical perspective, on April 15, data from Investing.com showed that MINIMAX displayed “sell” signals across moving averages and daily technical indicators.

Latest developments on April 20–21: On April 20, according to Gate TradFi’s latest data, MINIMAX briefly rose over 4%, with volatility significantly higher than recent averages, and market activity increased markedly. On April 21, based on analyst data compiled by Bloomberg, over 90% of analysts set a target price above HKD 1,000, with an average target of about HKD 1,123. Meanwhile, the first batch of MINIMAX subscription warrants (28341) was officially listed today, with an exercise price of HKD 2,000 and an actual leverage of about two times. MINIMAX remains highly volatile recently, and the short-term direction is still unclear.

Bull and Bear Logic Coexist: What Factors Are Behind the Correction?

The recent correction of MINIMAX results from multiple factors stacking up.

Initial increase and subsequent decrease in short-selling pressure: When included in short-selling initially, MINIMAX experienced a brief increase in short-selling volume, with shorted shares reaching 925.2k, corresponding to short-selling amount of HKD 665 million. But then, short-selling activity continued to decline, and by early April, shorted shares had fallen back to 157.2k, an 83% decrease from the high; short-selling amount dropped to HKD 150 million, down 77.44%.

Concerns over high valuation: Some analysts pointed out that MINIMAX’s current price predicts a 2026 price-to-sales ratio exceeding 500 times, indicating a significantly high valuation. In an industry still in the “burning money for growth” stage, with most companies yet to turn profitable, whether such high valuation can be sustained remains a market focus.

Fundamentals continue to improve: On the other hand, MINIMAX’s commercialization pace has not slowed. The company’s 2025 revenue from AI-native products reached USD 925.2k, up 143.4% year-on-year; revenue from open platform reached USD 157.2k, up 197.8%. By February 2026, the daily token consumption of the M2 series text models had increased more than sixfold compared to December 2025, with annual recurring revenue (ARR) exceeding USD 150 million.

Overall, the short-term correction more reflects profit-taking after the surge and valuation digestion. The medium- and long-term trend still depends on the company’s technological iteration, commercialization progress, and the overall global AI industry trend.

How to Trade MINIMAX Stocks on Gate TradFi?

Gate TradFi provides users with a convenient channel to participate directly in MINIMAX’s CFD trading with USDT, without needing to open a traditional stock account.

Information on MINIMAX listing on Gate TradFi:

On April 14, Gate TradFi officially launched the MINIMAX (MINIMAX-W 00100.HK) CFD trading pair, supporting a fixed 4x leverage, with a minimum order size of 0.1. At the same time, 15 other Hong Kong stock CFD trading pairs, including Tencent, Meituan, Xiaomi, Kuaishou, and Zhipu, were also launched.

Complete process for first-time trading of MINIMAX:

Step 1: Enter the Gate TradFi zone. Open the Gate App (must update to V8.4.0 or above) or Gate website, and select the “TradFi” tab in the navigation bar.

Step 2: Complete identity verification and permission activation. After completing KYC, apply for TradFi trading permission. Note: TradFi activation is gradually released based on quotas; once approved, the system will automatically enable it, and refreshing the page will take effect.

Step 3: Deposit USDT. Transfer USDT into your Gate account as collateral for MINIMAX CFD trading.

Step 4: Select MINIMAX trading product and start trading. Find the MINIMAX (MINIMAX-W 00100.HK) CFD in the stock zone, choose buy or sell, set trading volume (minimum 0.1) and leverage (fixed at 4x), then confirm to place the order.

Core advantages of Gate TradFi:

Gate TradFi’s zone uses USDT as collateral, supporting trading in stocks, precious metals, forex, and global indices, with a unified account system for centralized management of crypto and traditional assets. From early 2025 to February 2026, the total trading volume of Gate’s stock token zone exceeded USD 140 billion, with over 298k on-chain addresses holding stock tokens worldwide. Additionally, Gate launched TradFi trading API in February 2026, providing systematic infrastructure for institutional and advanced investors managing multiple assets.

Risk Reminder: High Volatility of AI Concept Stocks Cannot Be Ignored

The AI large model track is in a rapid development stage but has not yet achieved full profitability. MINIMAX’s adjusted net loss in 2025 was USD 250 million, narrowing from previous losses, but the company remains in a high-investment phase. Regarding stock price, MINIMAX experienced dramatic fluctuations within three months—from HKD 165 to HKD 1,330, then down to HKD 847—significantly more volatile than traditional blue chips.

Meanwhile, valuation logic in the Hong Kong tech sector is undergoing structural reshaping. Traditional internet companies face traffic peak pressures, while AI companies centered on large models and intelligent agents, leveraging technological iteration speed and industry application space, are attracting large capital inflows. However, this highly concentrated capital also makes related stocks vulnerable to profit-taking and sentiment shifts.

Summary

As a flagship stock in the 2026 Hong Kong AI track, MINIMAX has experienced a high-profile surge from an issue price of HKD 165 to HKD 1,330, but has also undergone a correction of over 30% since April. Short-term technical pressure, valuation concerns, and institutional long-term optimism create a clear bull-bear debate.

On April 20–21, volatility intensified, with the first batch of warrants officially listed, and over 90% of analysts setting target prices above HKD 1,000. For investors wishing to participate in MINIMAX’s market through traditional financial tools, Gate TradFi offers a convenient channel to trade MINIMAX CFDs directly with USDT, supporting fixed 4x leverage without needing to open a separate stock account, integrating AI large model tracks into crypto trading strategies. It’s important to note that the high volatility of AI concept stocks entails higher market risks, and investors should make cautious decisions based on their risk tolerance, continuously monitoring company technological progress and fundamental improvements.