$MINIMAX A day’s drop of 11.25%—from 43.34 down to 37.9, with turnover only 43.5M. Honestly, this move is pretty typical: small-cap AI stocks get repeatedly kneaded in a liquidity vacuum.
As for the fundamentals of MiniMax Xiyu Technology, I don’t have much to criticize. It’s in the top tier of domestically developed large models, and commercialization is also underway. But the issue isn’t the company—it’s the pricing. Hong Kong’s market is a relatively shallow pool; one burst of sentiment can push valuations up or down by ±20%, with little relation to technical progress. Today might be profit-takers leaving, and tomorrow could be bargain-hunters stepping in—buying and selling back and forth to cut each other.
The key level is whether the 37.9 low can be held. If it breaks, the next psychological level to watch is 35. If it holds, then it’s basically a box range between 38 and 43—don’t overthink it.
Most interesting is the correlation. The AI narrative and the crypto side actually resonate together. When BTC dips, risk appetite contracts, and these highly valued growth stocks get cut first. The reverse is also true. So don’t just stare at the K-line—macro sentiment is the real main storyline.
At this 38 level, I wouldn’t rush to call it cheap. Unless the liquidity problem in Hong Kong is solved, volatility will never come down.
As for the fundamentals of MiniMax Xiyu Technology, I don’t have much to criticize. It’s in the top tier of domestically developed large models, and commercialization is also underway. But the issue isn’t the company—it’s the pricing. Hong Kong’s market is a relatively shallow pool; one burst of sentiment can push valuations up or down by ±20%, with little relation to technical progress. Today might be profit-takers leaving, and tomorrow could be bargain-hunters stepping in—buying and selling back and forth to cut each other.
The key level is whether the 37.9 low can be held. If it breaks, the next psychological level to watch is 35. If it holds, then it’s basically a box range between 38 and 43—don’t overthink it.
Most interesting is the correlation. The AI narrative and the crypto side actually resonate together. When BTC dips, risk appetite contracts, and these highly valued growth stocks get cut first. The reverse is also true. So don’t just stare at the K-line—macro sentiment is the real main storyline.
At this 38 level, I wouldn’t rush to call it cheap. Unless the liquidity problem in Hong Kong is solved, volatility will never come down.