Why is MiniMax stock surging today?
On Thursday, MiniMax stock rose 6.7% to HK$254, following a surge in ZAI shares after the latter announced a 25% increase in its annual recurring revenue outlook. ZAI's stock jumped over 4% after reports in the South China Morning Post revealed it had expanded its year-end ARR by 25% to $3 billion, attributing the growth to a recent capital raise that had provided sufficient room to overcome computing capacity limitations.
MiniMax had previously disclosed in late-August that its annualized recurring revenue had surpassed HK$800 million in August 2026, with a majority of that figure now coming from enterprise and developer clients. This rapid commercial adoption of MiniMax's multimodal model suite was highlighted in the company's announcement regarding the integration of its H3 Max 768P and 480P video generation models into its open platform and design system.
The technical breakthrough lies in a significant improvement in generation speed, enabling a five-second, 768P audio-video clip to be produced in under three seconds, which is fast enough to facilitate real-time live streaming.
MiniMax's performance outpaced the broader decline in Hong Kong stocks, with the Hang Seng index falling 0.9% on the same day.
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