MINIMAX-W (00100) shares extended gains, climbing more than 6% in afternoon trading. As of press time, the stock was up 6.42% at HK$245, with turnover reaching HK$305 million.

On the news front, Hailuo AI recently announced the official launch of the MiniMax H3 model. According to the company, the H3 is a versatile, full-modal generative model capable of unified understanding across multimodal contexts composed of text, images, video, and sound. It can output audio and video with native dual-channel sound, supporting resolutions up to 15 seconds at 2K.

MINIMAX-W stated it plans to open the model's weights within the coming days, subject to compliance with relevant laws and regulations.

Jefferies released a research report noting that, based on its calculations, the MiniMax H3's price at 768p resolution is approximately half that of its peers, and at 2K resolution it is only one-third the cost, offering significant cost efficiency and likely strong competitiveness. The brokerage believes the launch of the H3 further solidifies MINIMAX-W's competitive position in the AI video generation space, with its cost advantage expected to help expand enterprise customer reach and accelerate commercial deployment.