HSI Declines by 392 Points; KNOWLEDGE ATLAS Surges 5% Amid Ongoing AI Stock Rally
Market Overview: The HSI opened 1.5% lower at 26,640, with significant declines in tech stocks such as TENCENT and KUAISHOU, which dropped 1.7% and 1.9% respectively.
Short Selling Activity: Notable short selling was observed in several tech stocks, including BIDU and BILIBILI, with ratios exceeding 20%, indicating bearish sentiment among investors.
PPI Data: China's Producer Price Index (PPI) YoY for January showed a decline of 1.4%, slightly better than the previous value of -1.9% and above the forecast of -1.5%.
AI Stock Rally: The AI sector saw gains with MINIMAX-WP rising 11.9% after launching a new programming model, while KNOWLEDGE ATLAS also experienced a significant increase of 16.9%.
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Guotai Haitong Begins Coverage of MINIMAX-WP (00100.HK) with Overweight Rating and Target Price of $620
Research Coverage Initiation: Guotai Haitong has initiated coverage on MINIMAX-WP (00100.HK) with an Overweight rating and a target price of $620, following a significant stock increase of 24.56%.
Company Performance Highlights: The company boasts a self-developed multimodal large model with leading performance, a high percentage of overseas revenue, and substantial cash reserves.
Revenue Projections: MINIMAX-WP is projected to generate $220 million in revenue by 2026, with a price-to-sales (PS) ratio of 113x, indicating strong growth potential.
Market Context: The report positions MINIMAX-WP as a unique global AI investment opportunity within the Hong Kong equity market, amidst notable developments in the entertainment sector.
"Two AI Semi-IPOs Show Mixed Results on Final Day of Year of the Snake; MINIMAX-WP Surges 21%; KNOWLEDGE ATLAS Declines After Hitting Peak"
Hong Kong Stock Market Overview: The Hong Kong stock market had a half-day trade on the 16th, with the HSI closing at 26,668, up 101 points or nearly 0.4%, and a turnover of HK$69.991 billion. Mainland A-shares are currently closed and will resume trading on the 24th.
Performance of AI IPOs: Two AI large-scale model IPOs, MINIMAX-WP and KNOWLEDGE ATLAS, showed mixed results. MINIMAX-WP surged by 21.47% to HK$826, while KNOWLEDGE ATLAS opened higher but faced profit-taking, ending at HK$488.2, up 0.66%.
Trading Activity: MINIMAX-WP experienced significant trading activity with a turnover of HK$1.342 billion, while KNOWLEDGE ATLAS had a turnover of HK$1.427 billion, indicating strong investor interest in AI-related stocks.
Market Sentiment: Analysts from BofAS expressed a preference for GDS-SW and KINGSOFT CLOUD, suggesting that price hikes in these stocks reflect strong demand for AI technologies.
HSI Drops 484 Points at Midday Amid Weakness in Chinese Insurers and Commodity Stocks; AI Large Model Stocks Surge
Market Performance: The HSI dropped 484 points (1.8%) to 26,547, with significant declines in financial stocks like HSBC and HKEX, while total half-day turnover reached $128.406 billion.
Chinese Inflation: China's inflation rate for January was reported at 0.2%, lower than the previous 0.8% and below the forecast of 0.4%.
Gold Prices Decline: Gold prices fell below $5,000 per ounce, negatively impacting several gold-related stocks, which saw declines ranging from 3.6% to 5.2%.
AI Stocks Surge: AI-related stocks experienced significant gains, with MINIMAX-WP rising 9.4% and KNOWLEDGE ATLAS surging 11.9% following the launch of new programming models.
HSI Declines by 392 Points; KNOWLEDGE ATLAS Surges 5% Amid Ongoing AI Stock Rally
Market Overview: The HSI opened 1.5% lower at 26,640, with significant declines in tech stocks such as TENCENT and KUAISHOU, which dropped 1.7% and 1.9% respectively.
Short Selling Activity: Notable short selling was observed in several tech stocks, including BIDU and BILIBILI, with ratios exceeding 20%, indicating bearish sentiment among investors.
PPI Data: China's Producer Price Index (PPI) YoY for January showed a decline of 1.4%, slightly better than the previous value of -1.9% and above the forecast of -1.5%.
AI Stock Rally: The AI sector saw gains with MINIMAX-WP rising 11.9% after launching a new programming model, while KNOWLEDGE ATLAS also experienced a significant increase of 16.9%.
S Korean Investors' Top HK Stock Purchase This Year: MINIMAX, Totaling USD 20.7M
Top Stock Purchases: As of February 10, 2026, South Korean investors' most purchased stock on the Hong Kong Stock Exchange is MINIMAX-WP (00100.HK) with a net purchase of approximately USD20.7 million, followed by CAM CSI300 (03188.HK) and MONTAGE TECH (06809.HK).
Shift in Investment Focus: Compared to 2025, South Korean investors are increasingly targeting China's emerging industries and tech companies, indicating a strategic shift in their investment approach.
MINIMAX-WP Introduces MiniMax M2.5 Programming Model, Benchmarking Against Claude Opus 4.6
Launch of MiniMax M2.5: MINIMAX-WP has introduced its flagship programming model, MiniMax M2.5, which is designed for production-grade applications and competes with top international models in coding and agentic performance.
Capabilities and Performance: The MiniMax M2.5 model supports full-stack programming across various platforms and excels in productivity tasks such as advanced Excel processing, in-depth research, and PowerPoint presentations, maintaining a leading position in the industry.
Stock Performance: MINIMAX-WP's stock price rose by 14.62% to HKD588, with a trading volume of 3.485 million shares, amounting to HKD2.025 billion.
Market Expectations: JPMorgan anticipates that Tencent will benefit significantly from the new version iteration of DeepSeek, indicating positive market sentiment towards related tech developments.
Guotai Haitong Begins Coverage of MINIMAX-WP (00100.HK) with Overweight Rating and Target Price of $620
Research Coverage Initiation: Guotai Haitong has initiated coverage on MINIMAX-WP (00100.HK) with an Overweight rating and a target price of $620, following a significant stock increase of 24.56%.
Company Performance Highlights: The company boasts a self-developed multimodal large model with leading performance, a high percentage of overseas revenue, and substantial cash reserves.
Revenue Projections: MINIMAX-WP is projected to generate $220 million in revenue by 2026, with a price-to-sales (PS) ratio of 113x, indicating strong growth potential.
Market Context: The report positions MINIMAX-WP as a unique global AI investment opportunity within the Hong Kong equity market, amidst notable developments in the entertainment sector.
"Two AI Semi-IPOs Show Mixed Results on Final Day of Year of the Snake; MINIMAX-WP Surges 21%; KNOWLEDGE ATLAS Declines After Hitting Peak"
Hong Kong Stock Market Overview: The Hong Kong stock market had a half-day trade on the 16th, with the HSI closing at 26,668, up 101 points or nearly 0.4%, and a turnover of HK$69.991 billion. Mainland A-shares are currently closed and will resume trading on the 24th.
Performance of AI IPOs: Two AI large-scale model IPOs, MINIMAX-WP and KNOWLEDGE ATLAS, showed mixed results. MINIMAX-WP surged by 21.47% to HK$826, while KNOWLEDGE ATLAS opened higher but faced profit-taking, ending at HK$488.2, up 0.66%.
Trading Activity: MINIMAX-WP experienced significant trading activity with a turnover of HK$1.342 billion, while KNOWLEDGE ATLAS had a turnover of HK$1.427 billion, indicating strong investor interest in AI-related stocks.
Market Sentiment: Analysts from BofAS expressed a preference for GDS-SW and KINGSOFT CLOUD, suggesting that price hikes in these stocks reflect strong demand for AI technologies.
HSI Drops 484 Points at Midday Amid Weakness in Chinese Insurers and Commodity Stocks; AI Large Model Stocks Surge
Market Performance: The HSI dropped 484 points (1.8%) to 26,547, with significant declines in financial stocks like HSBC and HKEX, while total half-day turnover reached $128.406 billion.
Chinese Inflation: China's inflation rate for January was reported at 0.2%, lower than the previous 0.8% and below the forecast of 0.4%.
Gold Prices Decline: Gold prices fell below $5,000 per ounce, negatively impacting several gold-related stocks, which saw declines ranging from 3.6% to 5.2%.
AI Stocks Surge: AI-related stocks experienced significant gains, with MINIMAX-WP rising 9.4% and KNOWLEDGE ATLAS surging 11.9% following the launch of new programming models.
HSI Declines by 392 Points; KNOWLEDGE ATLAS Surges 5% Amid Ongoing AI Stock Rally
Market Overview: The HSI opened 1.5% lower at 26,640, with significant declines in tech stocks such as TENCENT and KUAISHOU, which dropped 1.7% and 1.9% respectively.
Short Selling Activity: Notable short selling was observed in several tech stocks, including BIDU and BILIBILI, with ratios exceeding 20%, indicating bearish sentiment among investors.
PPI Data: China's Producer Price Index (PPI) YoY for January showed a decline of 1.4%, slightly better than the previous value of -1.9% and above the forecast of -1.5%.
AI Stock Rally: The AI sector saw gains with MINIMAX-WP rising 11.9% after launching a new programming model, while KNOWLEDGE ATLAS also experienced a significant increase of 16.9%.
S Korean Investors' Top HK Stock Purchase This Year: MINIMAX, Totaling USD 20.7M
Top Stock Purchases: As of February 10, 2026, South Korean investors' most purchased stock on the Hong Kong Stock Exchange is MINIMAX-WP (00100.HK) with a net purchase of approximately USD20.7 million, followed by CAM CSI300 (03188.HK) and MONTAGE TECH (06809.HK).
Shift in Investment Focus: Compared to 2025, South Korean investors are increasingly targeting China's emerging industries and tech companies, indicating a strategic shift in their investment approach.
MINIMAX-WP Introduces MiniMax M2.5 Programming Model, Benchmarking Against Claude Opus 4.6
Launch of MiniMax M2.5: MINIMAX-WP has introduced its flagship programming model, MiniMax M2.5, which is designed for production-grade applications and competes with top international models in coding and agentic performance.
Capabilities and Performance: The MiniMax M2.5 model supports full-stack programming across various platforms and excels in productivity tasks such as advanced Excel processing, in-depth research, and PowerPoint presentations, maintaining a leading position in the industry.
Stock Performance: MINIMAX-WP's stock price rose by 14.62% to HKD588, with a trading volume of 3.485 million shares, amounting to HKD2.025 billion.
Market Expectations: JPMorgan anticipates that Tencent will benefit significantly from the new version iteration of DeepSeek, indicating positive market sentiment towards related tech developments.
