Reportedly: MiniMax shares fall below IPO price after 7x surge
Reported by IT Home · not yet confirmed by the company or a second independent outlet. We update this page when it is.
MiniMax's stock fell as much as 7.3% to HK$159.3 on October 22, below its HK$165 IPO price, IT Home reported. The company listed on January 9, 2026, raising about HK$5.54 billion. Its H1 2026 revenue was $117 million with an adjusted net loss of $293 million.
China context
- Original name
- 稀宇科技
- Outside China
- Not stated in the sources yet
- Claims
- Company-reported; not yet independently evaluated
- For builders
- Chinese model providers face increasing price pressure from competitors like DeepSeek, which may lead to lower API costs for developers.
- For investors
- MiniMax's widening losses despite rapid revenue growth highlight the high capital intensity of large model development and the risk of investing in this sector.
Translated from Chinese. Quotes and facts link to the original sources.
MiniMax's shares dropped below their IPO price on October 22, 2026, erasing all gains since its January listing. The stock fell as much as 7.3% to HK$159.3, below the HK$165 IPO price. The company had surged over 7x to HK$1,330 in March before declining amid competition and high costs. Rivals DeepSeek, OpenAI, and Anthropic have cut prices, and a new model released on October 19 received a lukewarm response, according to Bloomberg. MiniMax reported H1 2026 revenue of $117 million, up 283.1% year-over-year, but adjusted net loss widened 111.2% to $293 million.
The evidence does not provide technical details about the new model released on October 19 or the M3 model's price cut. No benchmark or capability data is included.
MiniMax's share price decline shows that investors are reassessing the value of Chinese large model companies amid intensifying price competition and persistent losses. For competitors, the pressure to cut prices may accelerate, while for investors, the path to profitability for such firms remains uncertain.
The evidence does not provide information on business value beyond financial figures. MiniMax's revenue growth is strong, but losses are widening, indicating high costs relative to revenue.
Watch for MiniMax's next earnings report and any further price adjustments or model releases. A specific signal to monitor is whether the company can narrow its adjusted net loss or achieve positive operating cash flow.