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MINIMAX
Archive-backed market intelligence for MINIMAX: every HIPERWIRE mover article tied to this asset, plus a client-refreshed live market panel.
MINIMAX references 1 MiniMax Group Inc. Class A ordinary share (HKEX: 0100). The oracle converts the HKD share price to USD at the prevailing USD/HKD FX rate. MiniMax develops multimodal AI models and applications.
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Archive Summary
Latest Archived Thesis
MINIMAX Round-Trips Its Relief Bounce as the Dilution Overhang Reasserts
MINIMAX is down about 16% over seven hours to roughly $24.70, giving back the entire oversold bounce it posted a day earlier. The perp tracks Hong Kong-listed 0100.HK, which reversed from an intraday high near HK$228 back to a low of HK$196.40 and closed down almost 11% while the broader Hang Seng was roughly flat. There is no fresh MiniMax headline here — the reflex rally simply got sold as the post-lockup float, the discounted July placement, and a run of analyst target cuts continue to cap every bounce. Until that supply is absorbed and MiniMax ships something that re-rates the name, rips like this keep reading as exit liquidity inside a downtrend.
Archive
All MINIMAX Mover Articles
MINIMAX Round-Trips Its Relief Bounce as the Dilution Overhang Reasserts
MINIMAX is down about 16% over seven hours to roughly $24.70, giving back the entire oversold bounce it posted a day earlier. The perp tracks Hong Kong-listed 0100.HK, which reversed from an intraday high near HK$228 back to a low of HK$196.40 and closed down almost 11% while the broader Hang Seng was roughly flat. There is no fresh MiniMax headline here — the reflex rally simply got sold as the post-lockup float, the discounted July placement, and a run of analyst target cuts continue to cap every bounce. Until that supply is absorbed and MiniMax ships something that re-rates the name, rips like this keep reading as exit liquidity inside a downtrend.
MINIMAX Snaps Back From a Record Low on an Oversold Hong Kong Tech Bounce
MINIMAX is up 17.70% over four hours to $28.73, but there's no company-specific news behind the move. The perp tracks Hong Kong-listed 0100.HK, which tagged a fresh 52-week low near HK$188 before rebounding about 16% as a deeply oversold reading met a broad Hong Kong tech recovery driven by China stimulus hopes. This is a reflex off the lows, not a re-rate: the July 9 lockup expiry and a roughly HK$16 billion dilutive raise that took the stock down about 85% from its March highs are still hanging over every bounce. Until MiniMax ships its next model or that supply gets absorbed, rips like this read as mean reversion inside a downtrend.
MINIMAX Sheds Its WAIC Bounce as a Global Chip Selloff Sinks Hong Kong AI
MINIMAX is down 9.36% over 24 hours to $28.10, erasing the relief bounce it caught heading into Shanghai's World Artificial Intelligence Conference. The selling wasn't company-specific: a global chip and AI selloff that started on Wall Street rolled into Hong Kong on July 17, dragging the entire China model complex lower on WAIC's opening day. The underlying share, 0100.HK, fell 15.6%, with peer Z.ai down 28.5% and the Hang Seng Tech index off 4.4%. Underneath the macro, MiniMax still carries a heavy supply overhang from this month's lock-up expiry and dilutive capital raise, which is why every bounce keeps getting sold.
MINIMAX Bounces Off Post-Dilution Lows as MiniMax Heads Into WAIC
MINIMAX is up 11.57% over 24 hours to $34.17, bouncing off the lows it hit after this month's lock-up expiry and dilutive capital raise. The bid is coming from positioning into WAIC 2026, Shanghai's World Artificial Intelligence Conference on July 17-20, where MiniMax is expected to showcase its M3 model, alongside a risk-on tape helped by softer US inflation data. But roughly half the float now trades freely and the HK$268 discounted placement anchor still hangs over the stock, which sits an order of magnitude below the HK$860 Goldman Sachs target. This is a relief rally into a catalyst, not a reset of the supply overhang.
MiniMax Answers Its Unlock Selloff With a Discounted HK$14.5 Billion Raise
MINIMAX fell 23.87% over 22 hours to $37.19 after MiniMax followed its lock-up selloff by launching a HK$14.54 billion capital raise. The package pairs 30 million new shares placed at HK$268 — a 9.9% discount to the HK$297.4 close — with HK$6.5 billion of convertible bonds arranged by Morgan Stanley and UBS. Landing right as nearly half the float came unrestricted, the discounted placement stacks fresh supply on a stock already down 72% from its March peak and resets the reference price well below where the perp had been holding. The perp is now trading only about 8% above the level at which management just agreed to sell equity.
MINIMAX Reverses the Relief Bounce as Cornerstone Shares Actually List
MINIMAX gave back 20.82% to $38.69 on July 9, the day MiniMax's previously restricted cornerstone shares actually became tradable in Hong Kong. That erases most of the roughly 20% pledge bounce from July 8, when over 80% of cornerstone and pre-IPO holders vowed to keep holding — a verbal promise the market is now discounting as the supply turns real. The listing lands on a stock JPMorgan just cut to Neutral, moving its target to HK$400 from HK$1,100 after MiniMax's M3 price reversal, with Citi having cut its own target 60% days earlier. This is the sell-the-news half of the unlock that the pledge bounce postponed.
MINIMAX Catches Zhipu's Lock-Up Relief Bid — Its Own Test Is Next
MINIMAX ripped 18.88% over 15 hours to $45.88, but the bid isn't really its own. Rival AI lab Zhipu cleared its first major Hong Kong lock-up this week and gained around 18% after cornerstone investors reaffirmed their holdings, and that read-through spilled onto a beaten-down MiniMax perp that had been flushed to multi-month lows ahead of the same event. The catch: MiniMax's own cornerstone unlock — roughly 107 million shares, about a third of the company, against a free float currently under 6% — still hits the tape this week. This is a relief bounce borrowed from someone else's good news, not a resolution of the supply overhang that has defined the stock.
MINIMAX Round-Trips Its Policy Spike as the Lock-Up Clock Runs Down
MINIMAX fell 23.20% over 24 hours to $65.56, fully erasing the June 22 spike that ran MiniMax's Hong Kong shares up 23.89% to HK$616.50 on hopes for a mainland STAR Market listing. There is no fresh negative headline — this is the same bubble unwind that has dragged the stock down from a March peak above HK$1,238, and the perp is simply round-tripping a policy pop that never had support underneath it. The structural problem is unchanged: a July 8 cornerstone lock-up that frees roughly a third of MiniMax's shares, a DeepSeek-led price war, and a valuation that keeps losing ground to rival Zhipu. With the listing catalyst spent, the supply overhang is all that's left to trade.
MINIMAX Perp Round-Trips the STAR Market Pump Into a Lock-Up Wall
MINIMAX fell 18.23% over six hours to $70.73, handing back its share of a policy-driven spike that ran MiniMax's Hong Kong line up nearly 24% on June 22. There is no fresh negative headline here. The move is profit-taking on an overextended two-session run, colliding with a July 8 cornerstone lock-up that puts more than half of MiniMax's shares back in play — the same overhang HSBC cited when it moved to Hold. Pricing off a thin book with leverage, the perp overshot the cash market on the way up and is overshooting it again on the way down, even as MiniMax keeps losing the China-AI pair trade to a richer-valued Zhipu.
MINIMAX Front-Runs an August Stock Connect Bid It Can't Reach Yet
MINIMAX is up 14.11% over 24 hours to $77.28, but the more useful read than 'another China AI pump' is what the perp is actually pricing. The Hong Kong line ripped 23.89% on June 22 to HK$616.50 on China's new STAR Market path for loss-making model makers and MiniMax's Shanghai dual-listing filing. Yet MiniMax is the Stock Connect laggard: Zhipu was fast-tracked into mainland southbound buying on June 8, while MiniMax's weighted-voting-rights structure keeps it out until around August. The perp has already round-tripped its premium back to a discount to the cash-implied level, and an early-July lock-up expiry that HSBC just flagged in cutting its target sits directly in the path.
MINIMAX Re-Rates as Beijing Opens a Shanghai Listing Path
The earlier pop in MINIMAX was Hong Kong's whole large-model basket repricing at once. The leg that carried it to $86 has a cleaner, company-specific driver: on June 17 China rewrote its STAR Market rules to let loss-making AI model makers list in Shanghai, and MiniMax has already filed to chase a mainland dual listing. Behind that sits the real prize — Stock Connect inclusion that Bloomberg Intelligence estimates could route around HK$47 billion of mainland money into the stock. The perp is now trading above the Hong Kong cash close, pricing the next leg rather than the last.
MINIMAX Catches a Catch-Up Bid as China's AI Basket Re-Rates
MINIMAX put on 15.64% in 11 hours, but there is no MiniMax headline behind it. The entire Hong Kong large-model basket repriced at once on US export curbs against Anthropic and Zhipu's GLM-5.2 open-sourcing, and MiniMax — which had badly lagged Zhipu — had the most room to run. The fundamentals underneath the name explain why the bid found it, not why it fired today.
How to Trade MINIMAX on Hyperliquid
MINIMAX is a HIP-3 perpetual on Hyperliquid that tracks a single Class A share of MiniMax Group, the Shanghai-based AI foundation model company listed in Hong Kong as 0100. The contract converts the stock's HKD price to USD through an oracle, giving traders dollar-denominated, leveraged exposure to one of China's fastest-growing AI labs without a Hong Kong brokerage account. Here's what MiniMax actually does, why the stock has re-rated since its January 2026 IPO, and what to know before trading the perp.
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