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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Analyst Views on 00100
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CICC: MINIMAX-WP (00100.HK) Exceeds 2025 Results Expectations; Maintains Outperform Rating
Stock Performance: MINIMAX-WP (00100.HK) saw a significant increase of 9.103%, with a short selling volume of $228.03 million and a ratio of 11.216%.
Financial Results: The company's 2025 results exceeded expectations, reporting a revenue of $79.04 million (up 158.9% YoY) and an adjusted net loss of $251 million, which was lower than market projections.
Broker Ratings: CICC maintained its profit forecasts for 2026 and 2027, keeping the rating at Outperform with a target price of $1,109 for the company.
Related News: Guosen Securities also reaffirmed an Outperform rating for MINIMAX-WP following the recent release of MiniMax 2.5.
MINIMAX-WP Rises 19% After Results, Driven by Positive Outlook from Several Brokers
Stock Performance: MINIMAX-WP (00100.HK) opened 9.97% higher after announcing its annual results, peaking at $908 and closing at $895.5, a 19% increase with significant trading volume.
Revenue Growth: The company's revenue for 2025 grew by 158.9% year-over-year to $79.038 million, surpassing market expectations.
Analyst Ratings: Morgan Stanley raised its target price for MINIMAX-WP from $930 to $990, maintaining an Overweight rating, while Goldman Sachs set a target price of $1,018 with a Neutral rating.
Market Position: Goldman Sachs highlighted MINIMAX-WP as well-positioned in China's AI model industry, capitalizing on global growth in various AI fields.
JPM: MINIMAX-WP (00100.HK) Sees Surge in Token Demand Driving Revenue Growth; Maintains Overweight Rating
Company Performance: MINIMAX-WP (00100.HK) reported strong 4Q25 results, with revenue surpassing market expectations and a gross margin increase to 29.7% from 23.3% in 9M25.
Token Demand Growth: The company noted a significant increase in token demand, with daily average consumption of the M2 series text model rising sixfold in February 2026 compared to December 2025, indicating potential for revenue growth.
Analyst Ratings: JPMorgan rated MINIMAX-WP as Overweight, citing its technical strength and commercialization potential in the AI field, with a target price set at $1,000 based on a projected 2030 PE ratio.
Market Activity: The stock experienced a notable increase of 17.874%, with short selling activity reported at $194.47M and a ratio of 13.596%.
G Sachs: MINIMAX-WP (00100.HK) Exceeds Expectations in 4Q25 Results; Target Price Set at HKD1,018, Rating Maintained at Neutral
Earnings Performance: MINIMAX-WP's first earnings report since its listing showed a strong performance with 4Q25 revenue of USD26 million, a 131% YoY increase, surpassing broker projections by 19%. The adjusted net loss was USD65 million, better than the expected loss of USD130 million.
Market Position and Outlook: Goldman Sachs views MiniMax as well-positioned in China's AI model industry, anticipating a rise in global market share from 0.3% to 2.5% between 2026 and 2030, with a target price set at HKD1,018 and a Neutral rating.
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.
HSI Declines 74 Points at Midday; PETROCHINA Surges 4%; SHANDONG MOLONG Jumps 59%
Market Performance: The HSI fell 74 points (0.3%) to 25,985, while the HSCEI and HSTECH also experienced declines, with total half-day turnover reaching HKD187.565 billion.
Energy Stocks Movement: KUNLUN ENERGY saw a 3.2% increase, while SINOPEC CORP dipped 1.8%. In contrast, PETROCHINA and CNOOC rallied by 4% and 2.3%, respectively.
Tech Sector Trends: Major tech stocks like TENCENT and BABA-W saw slight gains, while KUAISHOU-W and MEITUAN-W experienced minor declines.
Automotive Sector Decline: BYD COMPANY, XIAOMI-W, and other automotive stocks faced significant losses, with declines ranging from 2.2% to 5.5%.
CICC: MINIMAX-WP (00100.HK) Exceeds 2025 Results Expectations; Maintains Outperform Rating
Stock Performance: MINIMAX-WP (00100.HK) saw a significant increase of 9.103%, with a short selling volume of $228.03 million and a ratio of 11.216%.
Financial Results: The company's 2025 results exceeded expectations, reporting a revenue of $79.04 million (up 158.9% YoY) and an adjusted net loss of $251 million, which was lower than market projections.
Broker Ratings: CICC maintained its profit forecasts for 2026 and 2027, keeping the rating at Outperform with a target price of $1,109 for the company.
Related News: Guosen Securities also reaffirmed an Outperform rating for MINIMAX-WP following the recent release of MiniMax 2.5.
MINIMAX-WP Rises 19% After Results, Driven by Positive Outlook from Several Brokers
Stock Performance: MINIMAX-WP (00100.HK) opened 9.97% higher after announcing its annual results, peaking at $908 and closing at $895.5, a 19% increase with significant trading volume.
Revenue Growth: The company's revenue for 2025 grew by 158.9% year-over-year to $79.038 million, surpassing market expectations.
Analyst Ratings: Morgan Stanley raised its target price for MINIMAX-WP from $930 to $990, maintaining an Overweight rating, while Goldman Sachs set a target price of $1,018 with a Neutral rating.
Market Position: Goldman Sachs highlighted MINIMAX-WP as well-positioned in China's AI model industry, capitalizing on global growth in various AI fields.
JPM: MINIMAX-WP (00100.HK) Sees Surge in Token Demand Driving Revenue Growth; Maintains Overweight Rating
Company Performance: MINIMAX-WP (00100.HK) reported strong 4Q25 results, with revenue surpassing market expectations and a gross margin increase to 29.7% from 23.3% in 9M25.
Token Demand Growth: The company noted a significant increase in token demand, with daily average consumption of the M2 series text model rising sixfold in February 2026 compared to December 2025, indicating potential for revenue growth.
Analyst Ratings: JPMorgan rated MINIMAX-WP as Overweight, citing its technical strength and commercialization potential in the AI field, with a target price set at $1,000 based on a projected 2030 PE ratio.
Market Activity: The stock experienced a notable increase of 17.874%, with short selling activity reported at $194.47M and a ratio of 13.596%.
G Sachs: MINIMAX-WP (00100.HK) Exceeds Expectations in 4Q25 Results; Target Price Set at HKD1,018, Rating Maintained at Neutral
Earnings Performance: MINIMAX-WP's first earnings report since its listing showed a strong performance with 4Q25 revenue of USD26 million, a 131% YoY increase, surpassing broker projections by 19%. The adjusted net loss was USD65 million, better than the expected loss of USD130 million.
Market Position and Outlook: Goldman Sachs views MiniMax as well-positioned in China's AI model industry, anticipating a rise in global market share from 0.3% to 2.5% between 2026 and 2030, with a target price set at HKD1,018 and a Neutral rating.
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.
HSI Declines 74 Points at Midday; PETROCHINA Surges 4%; SHANDONG MOLONG Jumps 59%
Market Performance: The HSI fell 74 points (0.3%) to 25,985, while the HSCEI and HSTECH also experienced declines, with total half-day turnover reaching HKD187.565 billion.
Energy Stocks Movement: KUNLUN ENERGY saw a 3.2% increase, while SINOPEC CORP dipped 1.8%. In contrast, PETROCHINA and CNOOC rallied by 4% and 2.3%, respectively.
Tech Sector Trends: Major tech stocks like TENCENT and BABA-W saw slight gains, while KUAISHOU-W and MEITUAN-W experienced minor declines.
Automotive Sector Decline: BYD COMPANY, XIAOMI-W, and other automotive stocks faced significant losses, with declines ranging from 2.2% to 5.5%.
