JPM Predicts TENCENT Will Gain the Most from DeepSeek's Latest Version Update
Chinese New Year Impact: JPMorgan highlights the Chinese New Year as a crucial release window for consumer tech in China, particularly for the new version of DeepSeek, which could enhance AI's economic viability in consumer products.
Potential Beneficiaries: TENCENT is expected to benefit the most from the new DeepSeek version, followed by companies like TRIP.COM, KUAISHOU, and BEKE, while the effects on BABA and BIDU are anticipated to be mixed.
Independent Model Manufacturers: Companies like KNOWLEDGE ATLAS and MINIMAX are expected to signal their capabilities and technology advancements rather than immediately capturing customers with their new models.
Market Dynamics: The report includes short selling data for various companies, indicating market sentiment and potential volatility surrounding these tech stocks.
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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.
