MINIMAX-W (00100) surged more than 20% in afternoon trading, and as of the time of writing, it was up 11.55% at HK$361.2, with a trading volume of HK$874 million. MiniMax is set to see its first batch of post-IPO share lock-up expirations on July 9. Alibaba and miHoYo, MiniMax’s two largest investors and strategic shareholders, have explicitly expressed their long-term confidence in MiniMax’s growth prospects and stated their commitment to supporting the company’s continued development. Bank of America Securities noted that the expiry of the lock-up period is expected to cause share price volatility, but the stock could be included in the Stock Connect program as early as August 6, which may provide additional liquidity support. The bank also indicated that MiniMax’s annual recurring revenue (ARR) reached USD 400 million as of April this year. Management highlighted a notable shift in the company’s revenue mix, with significantly increased contributions from enterprise clients and cloud API services, and expressed confidence in achieving an ARR of at least USD 1 billion by the end of 2026. Management further disclosed that its recently launched M3 model is a natively multimodal system with 428 billion parameters.