TW, SK, SG Markets Reach Record Levels; HK Index Surges Over 700 Points to Exceed 27,000; Tech Stocks Drive Gains with Meituan Rising 7%; AI Model Shares Decline
US Tariff Policy Impact: Following the US Supreme Court's decision to overturn Trump's tariff policy, he announced a 15% global tariff hike, influencing stock market movements in the Asia-Pacific region.
Record Highs in Asia-Pacific Markets: Major stock markets in the Asia-Pacific saw significant gains, with Taiwan's index surpassing 34,000 for the first time, and Singapore and South Korea also reaching historical highs.
Tech Stocks Lead Market Rally: Heavyweight technology stocks, including Meituan, JD, Tencent, Alibaba, and Xiaomi, contributed to the market rally, with notable increases in their share prices and trading volumes.
Decline of AI Model Stocks: Three AI model stocks experienced significant declines after reaching record highs, with Knowledge Atlas, Minimmax, and Haizhi Tech all reporting substantial losses in their share prices.
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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.
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.
HSI Rises by 175 Points; HSBC HOLDINGS Jumps Over 5% After Earnings Report; AI Large Model Stocks Decline
Market Performance: The HSI closed up 175 points (0.7%) at 26,765, while the HSCEI rose 26 points (0.3%) to 9,034; however, the HSTECH fell by 10 points (0.2%) to 5,260, with a total market turnover of HKD236.765 billion.
HSBC Holdings Results: HSBC Holdings saw a 5.5% increase in stock price to HKD142.7, despite a 7% year-on-year drop in reported profit before tax for 2025, while Standard Chartered's stock fell 2.2% due to concerns over expense growth.
Commodity and Tech Stocks: Commodity stocks like Zhaojin Mining and China Gold International performed well, with gains of 3% and 4.5%, respectively, while tech stocks showed mixed results, with JD-SW and Meituan-W gaining slightly, while several AI-related stocks experienced significant declines.
Short Selling Trends: Short selling activity was notable across various sectors, with HSBC and JD-SW having high short selling ratios, while AI stocks like Knowledge Atlas and Minimax-WP faced substantial drops in their stock prices.
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.
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.
HSI Rises by 175 Points; HSBC HOLDINGS Jumps Over 5% After Earnings Report; AI Large Model Stocks Decline
Market Performance: The HSI closed up 175 points (0.7%) at 26,765, while the HSCEI rose 26 points (0.3%) to 9,034; however, the HSTECH fell by 10 points (0.2%) to 5,260, with a total market turnover of HKD236.765 billion.
HSBC Holdings Results: HSBC Holdings saw a 5.5% increase in stock price to HKD142.7, despite a 7% year-on-year drop in reported profit before tax for 2025, while Standard Chartered's stock fell 2.2% due to concerns over expense growth.
Commodity and Tech Stocks: Commodity stocks like Zhaojin Mining and China Gold International performed well, with gains of 3% and 4.5%, respectively, while tech stocks showed mixed results, with JD-SW and Meituan-W gaining slightly, while several AI-related stocks experienced significant declines.
Short Selling Trends: Short selling activity was notable across various sectors, with HSBC and JD-SW having high short selling ratios, while AI stocks like Knowledge Atlas and Minimax-WP faced substantial drops in their stock prices.
