minimax

According to Bitget market data, Hong Kong stocks in artificial intelligence fluctuated lower, with Shenghong Technology (02476.HK) down 8.63%, Zhipu (02513.HK) down 7.09%, MINIMAX-W (00100.HK) down 4.76%, and Changfei Optical Fiber Cable (06869.HK) down 3.56%.

MiniMax officially released H3-Image and open-sourced the model weights. This model can directly generate images of 4096×4096, approximately 16.8 million pixels, without additional upscaling. According to official data, the generation time is less than 10 seconds, with speeds reaching up to 5 times that of mainstream products. Text-to-image and image editing have been integrated into the same model, supporting up to 16 reference images.H3-Image follows the architecture of the H3 video model, removing the audio component while retaining the original text encoder and redesigning the decoder for images. The core image generation network has 33.1 billion parameters, requiring only 6 sampling steps to generate an image. On August 7, MiniMax researcher Kiro revealed in a Reddit AMA that the team is developing a dedicated image model based on the H3 homogenous architecture and plans to open-source the weights. They also proposed a workflow where the image model generates the first frame, which is then handed over to H3 for video generation.On November 3, Pruna AI launched P-H3-Image based on the open-source H3 video model, supporting raw images and retouching, compressing the generation network from 33.1 billion to approximately 20 billion parameters, requiring only 8 sampling steps. The minimal quantization version is about 20 GB, with peak memory usage of approximately 21 GB when generating 8 million pixel images. The official MiniMax version retains the 33.1 billion parameter generation network, with a sampling step count of 6, and supports higher resolutions and more reference images, with the original weights plus the reused text encoder totaling approximately 135 GB. There are regional restrictions on the open-source license; the United States, United Kingdom, European Union, and South Korea are not within the community license authorization regions. Companies with annual revenues exceeding 1 million dollars or those providing model hosting services to third parties must obtain separate authorization in advance.

On October 26, B.AI announced a limited-time benefit, with the latest MiniMax model MiniMax-M3.1-Flash (Space Bunny) available at 50% OFF on the B.AI web platform, Android App, and API. This model is designed for complex agent tasks, software engineering, visual reasoning, and professional analysis, helping developers efficiently complete complex tasks from code development to multi-step automated workflows.The event runs from October 26, 17:00 to November 2, 16:59 (SGT), allowing users to experience the popular new model at a lower cost and flexibly manage AI invocation costs. B.AI stated that it will continue to integrate high-quality models from around the world, providing a richer selection of models and more competitive prices through a unified entry point. Users are welcome to log in to chat.b.ai/chat to experience it immediately.

On October 23, B.AI announced the domestic model brand Token weekly ranking from October 16 to 22: DeepSeek continues to lead, with Xiaomi MiMo closely following, with only a difference of 16.54 B Tokens. Xiaomi has seen growth for 4 consecutive weeks, and the platform Token usage ratio has increased by 8.13 percentage points.The competition in the mid-tier is heating up, with MiniMax experiencing a month-on-month increase of over 5,200%, becoming this week's growth dark horse. Qwen saw a month-on-month growth of 80.86%, narrowing the gap with the third-place Zai to 0.18%. Popular model discounts are ongoing: DeepSeek-V4.1-Flash-1017 enjoys a 40% discount, Qwen3.8-Flash enjoys a 20% discount, and GLM-5.3-Flash enjoys a 30% discount. B.AI continues to gather high-quality models, helping developers unlock diverse AI capabilities at low costs. Welcome to log in to b.ai to explore.

According to RootData's popular TradFi asset data, as of the time of publication, UNITREE, MINIMAX, and ZHIPU rank in the top three in popularity, with a collective significant price increase over 24 hours, with increases of 21.38%, 17.16%, and 8.12%, corresponding to prices of $93.32, $24.01, and $63.19, respectively.

CCTV's "Yuyuantan Tian" disclosed that after China launched the AI technology export registration management on October 16, DeepSeek and MiniMax have successfully completed their registration and the related technology has been open-sourced and authorized for overseas use.Currently, the new catalog is still open for comments, and a temporary registration system is being implemented. The Ministry of Commerce previously clarified that technologies that have entered the public domain through open-source are not included in the management scope, and there are automatic licensing and other facilitative measures for new technology open-sourcing, which can basically be reported and released immediately. Providing model services overseas through API, web pages, and apps is also not within the scope of this large model technology export management.

MiniMax announced the open-source release of the MiniMax M3.1 Flash model weights on October 23, with a total of 428 billion parameters and 23 billion active parameters. Compared to the previous generation M3 model, the M3.1 Flash has achieved a comprehensive improvement in model capabilities. According to official data, within 72 hours of the model going live, the number of tokens processed by real users exceeded one trillion.On the technical side, M3.1 Flash improves inference efficiency through optimizations such as full model sparse attention, quantization-aware training (QAT), and power-aware scheduling. In terms of ecosystem, MiniMax collaborates with chip manufacturers such as Huawei Ascend, T-head, Kunlun Core, Moore Threads, Biren, Haiguang, Muxi, Tiandao, NVIDIA, AMD, and cloud platforms like Together AI, Fireworks, Nebius, Baseten, Modal, DigitalOcean to promote access on the first day of open source. vLLM, SGLang, Zhiyuan FlagOS, as well as Hugging Face, Modao, and other communities simultaneously support the deployment of the model across different chips and development environments.

The Hong Kong Hang Seng Index fell 2% to 23178.37 points. MiniMax's decline once reached 6.2%, dropping below the IPO issuance price.

According to Gate quotes, the two giants of Hong Kong stocks fell together, with Zhipu (02513.HK) dropping over 5%, and the stock price falling below 500 Hong Kong dollars; MINIMAX-W (00100.HK) fell 6.5%.

On October 19, the B.AI platform announced that MiniMax's MiniMax M3.1 Flash (also known as Space Bunny) is officially online, with API and Web Chat both available for a synchronized experience. This model is designed for complex office automation, software engineering, visual reasoning, and professional analysis, supporting multi-step task execution, front-end implementation, and presentation creation, helping developers and professional users efficiently transform ideas into tangible results. The model supports a 1M Token context window and up to 512K output Tokens, with standard prices as low as $0.15 per million input Tokens and $0.60 per million output Tokens, balancing complex task processing with high cost-effectiveness.

MiniMax announced that M3.1 Flash has officially been released, and the earlier version, Space Bunny, which topped global rankings and processed over 200T tokens, is its predecessor.M3.1 Flash achieved scores of 62% on Automation-Bench, 30% on ALE, 74% on DeepSWE, and 91% on BabyVision in tasks such as Cowork, Coding, and Visual Reasoning.

On the afternoon of October 19, the official account of the artificial intelligence company MiniMax released a short video with the caption "Welcome back, Space Bunny." First Financial reported that this move is seen as an official acknowledgment of the anonymous model Space Bunny.Since its launch in late September, the model has topped the daily token usage charts on OpenRouter and OpenCode within three days, alongside DeepSeek V4.1 Flash and GLM 5.3 Flash, occupying the top three positions. It is reported that Space Bunny is an early version of MiniMax M3.1 Flash, and the model is about to be officially released.

The website of the China Securities Regulatory Commission shows that CITIC Securities released the "Report on the Progress of the Guidance Work for the Initial Public Offering and Listing of MiniMax Group Inc. (Phase II)" on October 15. This phase of guidance started on July 10, 2026, and lasted for more than three months. CITIC Securities, together with Tongshang Law Firm and Ernst & Young, continuously monitors the company's operational performance and compliance in accordance with regulatory requirements and the guidance agreement, and conducts guidance through on-site training and communication on specific issues.The report states that the guidance target has established an internal governance structure and relevant company management systems, but there is still room for optimization in execution. CITIC Securities will collaborate with intermediary institutions, combine due diligence, continuously refine and improve corporate governance and standardized operations, propose rectification suggestions, and supervise the implementation of internal controls. In the next phase, work will continue with Tongshang Law Firm and Ernst & Young, focusing on enhancing standardized operational levels and preparing for guidance acceptance.On May 29, 2026, CITIC Securities signed a guidance agreement with MiniMax and submitted a guidance filing application to the Shanghai Regulatory Bureau of the China Securities Regulatory Commission on the same day, which was accepted, marking MiniMax's official entry into the guidance period. The large model company MiniMax (00100.HK) was listed on the main board of the Hong Kong Stock Exchange on January 9, 2026, approximately four years from establishment to listing, and has focused on the research and development of full-modal models since its inception.

According to Gate Market, Hong Kong stock large model stocks fell, Zhipu (02513.HK) and MINIMAX-W (00100.HK) both dropped over 10%.

On the eve of Double 11, the domestic large model manufacturer MiniMax officially settled in Tmall, opening its first brand official flagship store. The store has launched the M Plan subscription package, divided into three tiers: Go, Explore, and Build, supporting monthly and annual purchases.From now until October 14, consumers who purchase the above packages can enjoy a 50% discount on their first order for a limited time. Before this year's Double 11, Zhipu, Alibaba Cloud, and Qianwen Office have also opened stores on Tmall. Tmall has also launched the Token Recharge Center AI Space Station, consolidating multiple large model subscription services into a single entry point.

According to First Financial, the artificial intelligence company MiniMax has launched the text model M3.1-Flash-Preview and started public testing. MiniMax stated that this model supports native multimodal capabilities and a million-context window, enabling tasks such as bug fixing and complete feature development, as well as participating in problem localization, code implementation, and testing verification.After the launch of M3.1-Flash-Preview, some developers linked it with the anonymous model Space Bunny. This model, known as "Space Bunny," was launched on September 23 and topped the daily usage charts on the model aggregation platform OpenRouter and the programming platform OpenCode during the Mid-Autumn Festival.

According to the official announcement, Gate ETF will launch MINIMAX3L/USDT, MINIMAX3S/USDT, CRWV3L/USDT, CRWV3S/USDT, AAOI3L/USDT, AAOI3S/USDT, KORU3L/USDT, and KORU3S/USDT at 16:00 (UTC+8) on September 9, supporting 3 times leverage for long or short positions on MiniMax, CoreWeave, Applied Optoelectronics AAOI, and the daily MSCI Korea 3 times bullish ETF KORU. Gate ETF currently supports trading of 420 types of tokens.Gate ETF has also launched a new trading challenge activity. Users participating in the above 3 times ETF trading can share a reward of 60,000 USDT. During the event, the first trade volume of no less than 200 USDT can receive a 10 USDT ETF transaction fee cashback voucher, limited to the first 1,000 participants; a daily trading volume of no less than 1,000 USDT can complete a check-in, with a maximum cumulative reward of 100 USDT; the total cumulative trading volume of all participants reaching the corresponding tier can unlock a maximum prize pool of 30,000 USDT, shared by eligible users based on their trading volume ratio, with a maximum of 200 USDT per person. Invite friends to participate in trading, with a total invitation prize pool of 10,000 USDT.

On Thursday, the Saudi Arabian artificial intelligence company Humain launched a national AI platform and introduced the Arabic model humain-m3. This model is based on the open-source model M3 from the Chinese laboratory MiniMax Group Inc. Humain is supported by the Public Investment Fund and has invested in data centers and chips to enhance Saudi Arabia's competitiveness in the global AI field.Humain stated that its commissioning of the model aims to strengthen the Arabic AI ecosystem while contributing to the global advancement of cutting-edge intelligence. The company thus joins the ranks of nations seeking to strengthen control over this increasingly important technology.

According to Bloomberg, AI model developer MiniMax Group Inc. became the most popular Hong Kong-listed stock among mainland investors last month. Mainland investors bought MiniMax shares worth HKD 10.6 billion (approximately USD 1.4 billion) through the Stock Connect in August, surpassing Alibaba Group Holding Limited and Tencent Holdings Limited.Since the stock became eligible for trading under the Shanghai-Shenzhen-Hong Kong Stock Connect on August 6, southbound investors have accumulated a 9.7% stake in this AI startup.

Robonomics author FD published the China Open-Source LLM Tracker on September 1, 2026, stating that the total ARR of China's open-source large models is approximately $10-15 billion, with core LLM revenue around $6-8 billion after excluding ByteDance / Seedance. Growth has not relied on price wars; after DeepSeek raised prices by about 3-12 times, usage still increased, and the average price of the Zhipu API rose by 101% while token usage exceeded 40 times within the year. The best estimate for overseas revenue is approximately $2 billion.Zhipu MaaS ARR increased from about $250 million in March to an annualized monthly rate of about $1.6 billion in August, with a weekly annualized rate of $2 billion. August revenue has already surpassed its API revenue for the first half of the year; the API gross margin is 24.6%, and inference costs per token decreased by 80%. MiniMax ARR rose from about $100 million in December 2025 to over $800 million in annualized weekly revenue by August 2026, with B2B accounting for about 80%. Kimi ARR increased from about $100 million in March to about $300 million by mid-June. DeepSeek's revenue from January to July was approximately $70 million, with the latest ARR estimated at about $1.2 billion.ByteDance's annualized AI revenue is approximately $4 billion, of which Seedance accounts for about $2 billion.