JPMorgan downgraded MiniMax (0100) to “neutral” and cut its target price to HK$400 from HK$1,100. according to Ming Pao, Bloomberg reported JPMorgan said that compared with peers, MiniMax has not launched a new domestic SOTA (state-of-the-art) model since its M2 model, and that in terms of pure model capability it is still in a catch-up phase.