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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.

Ethereum co-founder Vitalik Buterin today published an article titled "Digital Minimalism," suggesting that in the age of AI, people should consciously reduce their reliance on social media, mobile internet, and website interfaces, regaining control over their digital lives.Vitalik shared three practices: first, reducing direct use of X and instead managing X, Bluesky, Farcaster, and Lens simultaneously through Firefly to avoid information interference caused by algorithmic recommendations; second, he kept his phone in airplane mode by default for 100 consecutive days, connecting only via Wi-Fi to reduce location data leakage and cultivate offline living habits; third, he reduced reliance on websites and web applications, opting for command-line tools to handle some on-chain operations and leveraging AI to lower the usage threshold.Vitalik believes that websites and web applications pose privacy and security risks, while the development of local AI, offline applications, and modular tools enables users to operate computers using natural language, reducing dependence on complex platform interfaces. He refers to this trend as digital minimalism and believes that AI can not only enhance people's efficiency in using the internet but may also allow people to no longer need the internet in more scenarios.

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.

Renowned Ethereum builder and investor Ryan Berckmans posted on X, stating that the idea that Robinhood "gives back very little to ETH" is nonsense. They pay on-chain users and new ETH holders, conduct marketing, attract new enterprise clients envious of Robinhood's success, and help mature L1 hubs radiate to L2. Half of Robinhood's active users come from other places in Ethereum and exert healthy competitive pressure on Base.He mentioned that Ethereum alignment is a real concept, but it is not portrayed as income maximization by Ethereum opponents. Helping to grow Ethereum and ETH is alignment, while threatening Ethereum or ETH is misalignment, such as during Lido's dominance. Robinhood is one of the most Ethereum-aligned entities globally. Buying large amounts of ETH or not selling order fees would be better, but this is just icing on the cake of an already huge pie.We do not rely on Robinhood to buy ETH to win. The next batch of Tom Lee will buy ETH, Wall Street Tom Lee, corporate Tom Lee, government Tom Lee, family office Tom Lee, sovereign wealth Tom Lee will be everywhere. ETH will reach trillions in value storage as Ethereum goes global. The two major indicators measuring the progress of value storage are L1 application capital and the number of sufficiently successful L2s, and Robinhood helps grow the latter. We like Robinhood as it is now.

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.