Global multi-modal pioneer, asymmetric risk-reward: initiate at Buy

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Global multi-modal pioneer, asymmetric risk-reward: initiate at Buy

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MiniMax

Global multi-modal pioneer, asymmetric

risk-reward: initiate at Buy

Initiating Coverage: BUY | PO: 500.00 HKD | Price: 396.00 HKD

Multi-modal model pioneer with global footprint 15 June 2026

We initiate coverage of MiniMax with a Buy rating and a PO of HKD500. MiniMax is a Equity

leading China foundation model company with early commitment to multi-modal model

innovation and global consumer AI reach. Its M-series models and consumer products Alex Liu >> Research Analyst

demonstrate strong agentic and creative capabilities, while its portfolio of AI-native Merrill Lynch (Hong Kong)

applications, including MiniMax Agent, Hailuo AI, and Talkie/Xingye, serves 236mn+ +852alex.liu3@bofa.com3508 5090

users across 200+ countries. On June 1, MiniMax released its M3 foundation model, Joanna Du >>

reinforcing its continued progress in multimodal model innovation. As capability gaps Research Analyst

narrow across leading models, we believe durable differentiation is increasingly driven by Merrilljoanna.du@bofa.comLynch (Hong Kong)

compute access, product distribution, and monetization execution rather than marginal

benchmark outperformance – we see MiniMax as well positioned on these fronts.

Key near-term events/catalysts: potential Hailuo new model launch (June 26), IPO

lock-up expiration (July 8), potential Southbound inclusion (August 6), potential M3 full Stock Data

version launch (2H26). Price 396.00 HKD

Scaling AI-native monetization and API growth Price Objective 500.00 HKD

We expect MiniMax’s revenue to grow from US$79mn in 2025 to US$2.8bn in 2028E, Date Established 12-Jun-2026

driven by AI-native product monetization and open API platform expansion.