MINIMAX-WP (00100) opened sharply higher, gaining over 5%. At the time of writing, the stock was up 5.24% to HK$884, with a turnover of HK$24.64 million.

The move follows news that MiniMax officially commenced its A-share initial public offering process by signing a tutoring agreement with CITIC Securities on May 29.

The company's latest operational data, disclosed on May 28, shows its annualized recurring revenue (ARR) grew by over 100% in the past two months. The number of global enterprise and developer customers served has surpassed one million, a fivefold increase from six months ago, with approximately 300 million global users.

Notably, on June 1, MINIMAX announced the launch of its MiniMax M3 model. According to the announcement, "MiniMax M3 achieves cutting-edge capabilities in specialized tasks such as programming and agent operations. It employs a newly proposed attention architecture called MSA (MiniMax Sparse Attention), supporting an ultra-long context of up to 1 million tokens. As anticipated, it is also a native multimodal model capable of processing image and video inputs and operating on a computer desktop. These three capabilities are essential for leading closed-source models overseas. M3 is the first domestic model to fully incorporate these elements and is currently the only open-source model with these features."