According to BlockBeats, on September 18th, the MINIMAX contract on Hyperliquid was trading at approximately $37.60, up 15.9% in the last 24 hours, with a trading volume of approximately $6.024 million. This represents a rebound of about 32% from the week's low of approximately $28.40. On the same day, MiniMax's Hong Kong-listed shares rose over 16% intraday.
Today's rise was mainly driven by the concentrated progress of overseas commercialization. Since September, MiniMax M3 has been deployed in Saudi Arabia's HUMAIN Arabic model and Genspark AI Slides. MiniMax Agent, Conch AI, and Audio have also been integrated into Singapore's Singtel AI Pass, continuously covering the Middle East, professional applications, and mass-market AI scenarios, strengthening market expectations for its overseas revenue and ARR growth.
This rebound has recovered the cost basis of major long positions. Of the top 20 addresses by position size, 8 out of 9 long positions are currently showing a profit. The top three long positions have a combined holding of approximately $1.466 million and a profit of approximately $168,000. The break-even point for these long positions is $30-$35.
As of press time, the largest short seller in MINIMAX, 0x708f, held 19,700 short contracts at an average price of $43.3, with a position value of approximately $740,000 and a floating profit of approximately $112,000. Together with 0xaca8 and 0x3e50x641e, the four major short sellers had cost bases between $42.5 and $47.5, totaling approximately $1,540,000 in short positions, with a remaining floating profit of approximately $252,000.
While prices rebounded, contract open interest contracted sharply. The notional size of MINIMAX open interest decreased from approximately $7.178 million on September 16 (the low point) to approximately $5.35 million, a reduction of approximately $1.828 million, or about 25.5%; the funding rate was approximately -0.0148%.
On August 27, JPMorgan Chase raised its target price from HK$260 (approximately US$33.1) to HK$300 (approximately US$38.2), maintaining a "neutral" rating. The current price is close to JPMorgan's target price.
In addition, HSBC lowered its target price from HK$760 (approximately US$96.9) to HK$330 (approximately US$42.1), maintaining a "hold" rating. In the same round of research reports, Citigroup and Jefferies raised their target prices to HK$576 (approximately US$73.4) and HK$533 (approximately US$67.9) respectively, both maintaining a "buy" rating.
On September 7, BNP Paribas initiated coverage with a target price of HK$600 (approximately US$76.5) and an "Outperform" rating. Cathay Haitong lowered its target price from HK$1012 (approximately US$129.0) to HK$449 (approximately US$57.2), while maintaining an "Overweight" rating. Goldman Sachs maintained its "Buy" rating and target price of HK$760 (approximately US$96.9) on September 10, citing continued ARR growth and expectations of improved gross margins due to model updates and inference optimization.