On June 22, MINIMAX-WP rose 7.21% in regular trading, trading at 580.5 HKD/share, with turnover of 457 million HKD, extending its recent strong rebound.

On the news front, the stock continues to be catalyzed by a landmark policy signal released at the Lujiazui Forum. The CSRC announced the expansion of the STAR Market fifth listing standard to cover AI large model companies, while the SSE simultaneously issued dedicated audit guidelines for such enterprises, explicitly supporting compliant Hong Kong-listed companies in accessing mainland capital markets. MiniMax has formally engaged CITIC Securities to advance its A-share IPO advisory work, accelerating its return-to-A timeline.

The new framework removes traditional profitability and revenue thresholds as prerequisites for AI companies, encouraging A+H dual-listing structures. A-share markets historically assign higher valuation premiums to hard-tech leaders, supported by long-term capital pools including social security funds and industrial capital. Multiple investment banks including CMBI and Bank of America have initiated coverage with Buy ratings, assigning target prices of 570 HKD and 500 HKD respectively, citing the company's multimodal model leadership and projected 181% revenue CAGR.

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