HSI Closes Lower by 281 Points or 1%; Decline in AI and Pharma Stocks, While Power Equipment Stocks Gain
Market Performance: The HSI closed down 281 points (1.05%) at 26,563, with total market turnover at HKD225.689 billion. Major tech stocks like Tencent and Meituan also saw declines.
Smartphone Shipment Forecasts: Major smartphone manufacturers, including Xiaomi and OPPO, have lowered their annual shipment forecasts, impacting related stocks negatively.
Stock Movements: UBTECH Robotics surged 8.6% after a partnership with Airbus, while several other tech and pharmaceutical stocks experienced significant declines, with some dropping over 6%.
Economic Indicators: China's unemployment rate remained stable at 5.1% for December, slightly below the forecast of 5.2%, indicating potential weaknesses in domestic demand despite resilient exports.
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MINIMAX-WP Reports Increased Full-Year Loss of USD 1.87 Billion
Company Performance: MINIMAX-WP reported a revenue increase of 158.9% year-over-year, reaching USD79.038 million, but experienced a significant loss of USD1.872 billion compared to a loss of USD465 million the previous year.
Loss Per Share: The loss per share for MINIMAX-WP was USD17.23, indicating a substantial financial downturn despite revenue growth.
Adjusted Net Loss: The company recorded a non-IFRS adjusted net loss of USD251 million, slightly higher than the USD244 million loss reported in the same period last year.
Market Activity: As of March 2, 2026, MINIMAX-WP had a short selling ratio of 13.596% with short selling amounting to $194.47 million.
MINIMAX-WP Shifts from Large Model to AI Platform Company with February's ARR Exceeding USD 150M
Company Performance: Yan Junjie, CEO of MINIMAX-WP, announced that the company's Annual Recurring Revenue (ARR) surpassed USD 150 million as of February 2026, with new registered users increasing over fourfold since December 2025.
Strategic Transition: MINIMAX-WP plans to evolve from a large model company to a platform company in the AI era, emphasizing the importance of "intelligent density x token throughput" in defining the value of its AI platform.
Future Competition: The CEO highlighted that the core competition in the AI industry will revolve around defining the "intelligent boundary," which, when crossed, could lead to new scenarios, users, and commercialization opportunities.
Market Outlook: Guosen Securities has maintained an "Outperform" rating on MINIMAX-WP following the recent release of MiniMax 2.5, indicating positive market sentiment towards the company's future prospects.
Guosen Securities Maintains Outperform Rating on MINIMAX-WP After Recent Launch of MiniMax 2.5
Guosen Securities Rating: Guosen Securities has maintained an Outperform rating on MINIMAX-WP (00100.HK), with the stock showing a price increase of +2.685% to $20.500.
Short Selling Activity: The short selling volume for MINIMAX-WP is reported at $664.71M, with a short selling ratio of 25.574%.
Product Launches: MINIMAX-WP has introduced MiniMax 2.5, which allows for the operation of complex Agents, and an expert function that enables users to customize Agents with their skills and establish SOPs.
New AI Assistant: The company has also launched MaxClaw, a cloud-based AI assistant integrated into the MiniMax Agent platform, allowing users to utilize OpenClaw without needing their own server or API Key.
Short Selling Activity Reaches $21.6B, Representing 22.1% of Eligible Securities Turnover by Midday
Short Selling Turnover: The short selling turnover in the Hong Kong market reached $21.6 billion at midday, accounting for 22.1% of the turnover of securities eligible for short selling, an increase from 20% on the previous trading day.
Top Short Selling Stocks: The top five stocks with the highest short selling amounts include TRACKER FUND (44.4% ratio, $3.31B), CSOP HS TECH (56.6% ratio, $2.10B), TENCENT (14% ratio, $1.04B), BABA-W (18.8% ratio, $948.57M), and MINIMAX-WP (29% ratio, $535.05M).
China Surpasses US in AI Usage for the First Time; MINIMAX-WP Ranks Among the Top 5 Global Models
China's AI Token Demand: In February 2026, China's demand for AI tokens surged by 1.3 times, surpassing the US for the first time, according to OpenRouter data.
Top AI Models: The leading AI models in token usage included China's MINIMAX-WP and Moonshot AI, marking a shift in market dominance away from US developers.
Popular AI Models in China: The Qwen AI model series from Alibaba became the most popular among Chinese companies, nearly doubling its market share to 32.1% in the latter half of the previous year.
Other Notable Models: The top five AI models also featured Google's Gemini3 Flash Preview, China's DeepSeek V3.2, and Anthropic's Claude Sonnet4.5, highlighting a competitive landscape in AI development.
Enhanced MiniMax Agent Features Released Alongside MaxClaw Launch
Functionality Upgrade: MINIMAX-WP announced an upgrade to the MiniMax Agent Expert, now called Expert 2.0, which simplifies the agent creation process by allowing users to describe tasks in natural language without needing to configure specific parameters.
Launch of MaxClaw: Alongside the Expert 2.0 upgrade, MINIMAX-WP launched MaxClaw, a cloud-based AI assistant that integrates with the MiniMax Agent web page, enabling users to utilize OpenClaw without needing their own servers or API keys.
MINIMAX-WP Reports Increased Full-Year Loss of USD 1.87 Billion
Company Performance: MINIMAX-WP reported a revenue increase of 158.9% year-over-year, reaching USD79.038 million, but experienced a significant loss of USD1.872 billion compared to a loss of USD465 million the previous year.
Loss Per Share: The loss per share for MINIMAX-WP was USD17.23, indicating a substantial financial downturn despite revenue growth.
Adjusted Net Loss: The company recorded a non-IFRS adjusted net loss of USD251 million, slightly higher than the USD244 million loss reported in the same period last year.
Market Activity: As of March 2, 2026, MINIMAX-WP had a short selling ratio of 13.596% with short selling amounting to $194.47 million.
MINIMAX-WP Shifts from Large Model to AI Platform Company with February's ARR Exceeding USD 150M
Company Performance: Yan Junjie, CEO of MINIMAX-WP, announced that the company's Annual Recurring Revenue (ARR) surpassed USD 150 million as of February 2026, with new registered users increasing over fourfold since December 2025.
Strategic Transition: MINIMAX-WP plans to evolve from a large model company to a platform company in the AI era, emphasizing the importance of "intelligent density x token throughput" in defining the value of its AI platform.
Future Competition: The CEO highlighted that the core competition in the AI industry will revolve around defining the "intelligent boundary," which, when crossed, could lead to new scenarios, users, and commercialization opportunities.
Market Outlook: Guosen Securities has maintained an "Outperform" rating on MINIMAX-WP following the recent release of MiniMax 2.5, indicating positive market sentiment towards the company's future prospects.
Guosen Securities Maintains Outperform Rating on MINIMAX-WP After Recent Launch of MiniMax 2.5
Guosen Securities Rating: Guosen Securities has maintained an Outperform rating on MINIMAX-WP (00100.HK), with the stock showing a price increase of +2.685% to $20.500.
Short Selling Activity: The short selling volume for MINIMAX-WP is reported at $664.71M, with a short selling ratio of 25.574%.
Product Launches: MINIMAX-WP has introduced MiniMax 2.5, which allows for the operation of complex Agents, and an expert function that enables users to customize Agents with their skills and establish SOPs.
New AI Assistant: The company has also launched MaxClaw, a cloud-based AI assistant integrated into the MiniMax Agent platform, allowing users to utilize OpenClaw without needing their own server or API Key.
Short Selling Activity Reaches $21.6B, Representing 22.1% of Eligible Securities Turnover by Midday
Short Selling Turnover: The short selling turnover in the Hong Kong market reached $21.6 billion at midday, accounting for 22.1% of the turnover of securities eligible for short selling, an increase from 20% on the previous trading day.
Top Short Selling Stocks: The top five stocks with the highest short selling amounts include TRACKER FUND (44.4% ratio, $3.31B), CSOP HS TECH (56.6% ratio, $2.10B), TENCENT (14% ratio, $1.04B), BABA-W (18.8% ratio, $948.57M), and MINIMAX-WP (29% ratio, $535.05M).
China Surpasses US in AI Usage for the First Time; MINIMAX-WP Ranks Among the Top 5 Global Models
China's AI Token Demand: In February 2026, China's demand for AI tokens surged by 1.3 times, surpassing the US for the first time, according to OpenRouter data.
Top AI Models: The leading AI models in token usage included China's MINIMAX-WP and Moonshot AI, marking a shift in market dominance away from US developers.
Popular AI Models in China: The Qwen AI model series from Alibaba became the most popular among Chinese companies, nearly doubling its market share to 32.1% in the latter half of the previous year.
Other Notable Models: The top five AI models also featured Google's Gemini3 Flash Preview, China's DeepSeek V3.2, and Anthropic's Claude Sonnet4.5, highlighting a competitive landscape in AI development.
Enhanced MiniMax Agent Features Released Alongside MaxClaw Launch
Functionality Upgrade: MINIMAX-WP announced an upgrade to the MiniMax Agent Expert, now called Expert 2.0, which simplifies the agent creation process by allowing users to describe tasks in natural language without needing to configure specific parameters.
Launch of MaxClaw: Alongside the Expert 2.0 upgrade, MINIMAX-WP launched MaxClaw, a cloud-based AI assistant that integrates with the MiniMax Agent web page, enabling users to utilize OpenClaw without needing their own servers or API keys.
