BofA Securities initiated coverage on MINIMAX-W (00100.HK) with a Buy rating and HKD500 price target, citing global consumer AI reach and multimodal innovation. The broker forecasts revenue growth from USD79 million in 2025 to USD2.8 billion in 2028. Near-term catalysts include a Hailuo model launch on June 26 and potential Stock Connect inclusion on Aug. 6.
BofA Securities initiated coverage on MINIMAX-W (00100.HK) with a Buy rating and a HKD500 price target, citing its global consumer AI reach.
"As the breakthrough gap among leading models narrows, sustainable differentiation will increasingly be driven by access to computing power, product distribution and commercialization execution," BofA Securities said in a research report dated June 15.
MiniMax is a leading Chinese foundational model company with early commitment to multimodal innovation. Its M-series models and consumer-facing products — including MiniMax Agent, Hailuo AI and Talkie/Xingye — serve more than 236 million users across over 200 countries. The company released its M3 foundational model on June 1. BofA forecasts revenue to grow from USD79 million in 2025 to USD2.8 billion in 2028, driven by monetization of AI-native products and growth of its open API platform.
The stock surged 5.4 percent on the initiation. Near-term catalysts include the planned launch of a new Hailuo model on June 26, the expiry of the IPO lock-up period on July 8, potential inclusion in Hong Kong Stock Connect on Aug. 6 and the possible launch of the full version of M3 in the second half.
The initiation signals growing Wall Street confidence in China's AI sector, with BofA betting MiniMax's product distribution and commercialization execution will set it apart from peers including Baidu and Alibaba. Investors will watch the Hailuo model launch on June 26 as the next key test of the company's technology roadmap.
This article is for informational purposes only and does not constitute investment advice.
