MiniMax Joins Stock Connect as Shares Jump More Than 17%: H3 and Market Impact Explained
MiniMax Group joined the eligible securities lists for Southbound trading through both Shanghai–Hong Kong Stock Connect and Shenzhen–Hong Kong Stock Connect on August 6, 2026. The
MiniMax Joins Stock Connect as Shares Jump More Than 17%: H3 and Market Impact Explained
Introduction
MiniMax Group joined the eligible securities lists for Southbound trading through both Shanghai–Hong Kong Stock Connect and Shenzhen–Hong Kong Stock Connect on August 6, 2026.
The company trades in Hong Kong under the stock code 00100 and the short name MINIMAX-W.
The adjustment allowed eligible mainland investors to buy and sell MiniMax shares through the Stock Connect framework from the effective date.
The market reacted quickly. At the time the original AIBase report was published at 10:41 a.m. on August 6, MiniMax shares had risen by more than 17%.
The inclusion arrived during a period of heightened attention around MiniMax H3, the company’s recently open-sourced general-purpose multimodal video model.
MiniMax presents H3 as a system that can understand text, images, video, and audio together, then generate videos with native stereo sound at resolutions up to 2K and durations of up to 15 seconds.
The combination of a broader investor-access channel, a rising share price, and a high-profile open model helped draw additional attention to the company.
However, the events should be separated carefully:
- Stock Connect inclusion expands access for eligible investors.
- The intraday share-price increase reflects market trading on that day.
- H3’s technical performance is evaluated through changing leaderboards and product tests.
- Analyst price targets represent research opinions, not guarantees.
MiniMax Was Added to Both Southbound Stock Connect Lists
On August 5 and August 6, the Shanghai and Shenzhen exchanges announced adjustments to the securities eligible for Southbound trading.
The additions included:
- MiniMax-W — 00100
- Luxshare Precision — 02475
- Chaozhou Three-Circle — 06951
The Shenzhen adjustment took effect on August 6. The Shanghai notice stated that the changes would take effect from the next Southbound Stock Connect trading day.
For MiniMax, the practical result was that eligible mainland investors could trade the company’s Hong Kong-listed shares through the relevant Stock Connect channels.
What Is Southbound Stock Connect?
Stock Connect is a mutual-market-access framework linking mainland Chinese exchanges with the Hong Kong market.
The Southbound direction allows eligible mainland investors to trade specified Hong Kong-listed securities through mainland brokers and exchange infrastructure.
The Northbound direction allows eligible Hong Kong and international investors to trade designated mainland-listed securities.
A simplified structure looks like this:
| Direction | Investor Location | Market Accessed |
|---|---|---|
| Southbound | Mainland China | Eligible Hong Kong-listed securities |
| Northbound | Hong Kong and overseas | Eligible Shanghai- or Shenzhen-listed securities |
MiniMax’s inclusion relates to Southbound trading.
Inclusion Does Not Mean Every Mainland Investor Can Trade the Stock
Stock Connect access remains subject to:
- Investor eligibility rules
- Broker support
- Trading calendars
- Daily quota and market arrangements
- Currency conversion
- Applicable fees and taxes
- Stock Connect trading rules
- Securities remaining on the eligible list
The list can also change over time.
Inclusion makes the stock available through the channel. It does not guarantee that capital will flow into the stock or that its price will rise.
Why Stock Connect Inclusion Matters
A Hong Kong-listed company can already be traded by investors with direct access to the Hong Kong market.
Southbound inclusion adds a more convenient route for eligible mainland capital.
This can matter in several ways.
A Larger Potential Investor Base
Some mainland investors prefer or need to trade Hong Kong securities through Stock Connect rather than opening and operating a separate Hong Kong brokerage account.
Eligibility can therefore expose a company to a broader pool of potential buyers.
Greater Visibility
Stocks added to the channel may receive more attention from:
- Mainland institutions
- Mutual funds
- Securities analysts
- Financial media
- Quantitative strategies
- Retail investors eligible for Southbound trading
That visibility can improve trading activity, although the actual outcome varies by stock.
Possible Liquidity Effects
More participants can contribute to higher turnover and deeper liquidity.
The result is not automatic. Liquidity still depends on:
- Investor demand
- Free float
- Valuation
- News flow
- Business performance
- Broader market conditions
Future Southbound Ownership Can Be Tracked
The Shanghai Stock Exchange publishes information on the aggregate quantity of eligible Hong Kong securities held through Stock Connect.
That allows market participants to observe Southbound holdings after inclusion.
The data should not be interpreted as a simple buy or sell signal. It is one input among many.
MiniMax Shares Rose More Than 17% After the Adjustment
The AIBase report stated that MiniMax’s share price had increased by more than 17% by publication time on August 6.
Other market-data pages showed the stock trading sharply higher during the session, with the exact percentage changing throughout the day.
The most accurate way to describe the event is:
MiniMax shares rose more than 17% during the morning session on August 6, 2026, after the Stock Connect adjustment became effective.
It is difficult to attribute a share-price movement to one cause with certainty.
Possible factors included:
- New Southbound eligibility
- Expectations of mainland investor demand
- Recent attention around MiniMax H3
- Analyst commentary
- Short-term trading momentum
- Wider sentiment toward AI stocks
- Company-specific financing and product news
Stock prices can reverse quickly. An intraday rise is not evidence of a permanent valuation change.
MiniMax Was Already a Public Company Before the Stock Connect Change
MiniMax completed its Hong Kong initial public offering in January 2026.
Its listing documents identified MiniMax Group Inc. as a Cayman Islands-incorporated company controlled through weighted voting rights.
The company’s shares began trading on the Hong Kong Stock Exchange on January 9, 2026.
The final IPO price was HK$165 per share, according to the offering results reported at the time.
The Stock Connect event did not represent a new listing.
It represented a change in the channels through which eligible mainland investors could access the already-listed shares.
Stock Code and Corporate Identity
| Item | Detail |
|---|---|
| Listed company | MiniMax Group Inc. |
| Hong Kong stock code | 00100 |
| Trading short name | MINIMAX-W |
| Listing date | January 9, 2026 |
| Listing market | Hong Kong Stock Exchange Main Board |
| Structure | Weighted voting rights company |
The “-W” suffix identifies a company with a weighted voting rights structure under Hong Kong market conventions.
MiniMax H3 Has Become a Major Technology Catalyst
The source article links market attention to the release of MiniMax H3.
MiniMax officially open-sourced H3 on August 3, 2026.
The model is described as a general-purpose, omni-modal generative system.
It supports context containing:
- Text
- Images
- Video
- Audio
It can generate synchronized video and stereo audio.
Official H3 Output Specifications
MiniMax’s public model card lists the following specifications:
| Feature | Specification |
|---|---|
| Output duration | 4–15 seconds |
| Default visual scale | Shorter side at 768 pixels |
| High-resolution workflow | Up to 2K through H3-Regenerate-2K |
| Frame rate | 24 FPS |
| Audio | 32 kHz stereo |
| Common aspect ratios | 21:9, 16:9, 4:3, 1:1, 3:4, 9:16 and others |
| Stable dialogue languages | 11 listed languages, with partial support for others |
The model supports several task modes.
Text and Keyframe Generation
The H3-Base-FL2VA checkpoint supports:
- Text-to-audio-video
- First-frame-to-audio-video
- Last-frame-to-audio-video
- First-and-last-frame-to-audio-video
The workflow can use zero, one, or two input images.
Multimodal Reference Generation
The H3-Base-Ref2VA checkpoint supports reference-based generation using:
- Up to 9 images
- Up to 3 video clips
- Up to 3 audio clips
- Up to 12 files in total
Reference video and audio durations are subject to limits documented in the model card.
The model can therefore use more than one type of source material in the same generation workflow.
H3’s Open Release Includes Important Components—but Not the Entire Hosted System
MiniMax divides the full H3 system into three main parts:
- H3-Context-IR
- H3-Base
- H3-Regenerate-2K
H3-Context-IR
H3-Context-IR interprets free-form multimodal inputs and converts them into a structured intermediate representation.
MiniMax says it handles tasks such as:
- Instruction parsing
- Cross-modal association
- Temporal understanding
- Logical relationships among references
- Filling in underspecified details where appropriate
The full hosted Context-IR orchestration system is not included in the open-source release.
MiniMax provides an API and prompting guidance instead.
That distinction is important when comparing local deployment with the official hosted experience.
H3-Base
H3-Base generates synchronized video and audio, with the open workflow producing 768p results.
Two task-specific checkpoints are available:
- FL2VA
- Ref2VA
The released checkpoints use BF16 precision and include the model components needed for their supported task family.
H3-Regenerate-2K
The high-resolution stage takes the 768p result and the original context, then regenerates the output at 2K.
This is not a simple conventional upscale.
MiniMax describes it as a context-aware regeneration process intended to improve details and visual fidelity.
H3 Uses a Unified Audio-Video Architecture
MiniMax’s public repository explains that H3 encodes the different input modalities and organizes them into a unified packed sequence.
The architecture uses:
- H3-Encoder
- H3-VisualVAE
- H3-AudioVAE
- H3-Omni-Transformer
The H3-Omni-Transformer predicts video and audio latent representations together.
Those latents are then decoded into:
- Video
- Stereo audio
The joint-generation design is intended to improve synchronization between what happens visually and what is heard.
That can be relevant for:
- Dialogue
- Sound effects
- Environmental sound
- Music-driven scenes
- Reference-audio workflows
H3’s Leaderboard Position Needs Precise Wording
The original AIBase article says H3 ranked first globally on both an Artificial Analysis video-editing leaderboard and an Arena image-to-video leaderboard.
Leaderboard positions are dynamic, and the available snapshots reviewed for this publication do not support that statement as a universal current ranking.
Artificial Analysis Image-to-Video Results
On the Artificial Analysis image-to-video leaderboard snapshot reviewed on August 6:
Without audio:
- Gemini Omni Flash
- MiniMax H3
- Dreamina Seedance 2.0 720p
With audio:
- Dreamina Seedance 2.0 720p
- Gemini Omni Flash
- MiniMax H3
H3 did lead the open-weight category in both versions of the image-to-video leaderboard.
That is a meaningful distinction.
A precise description is therefore:
MiniMax H3 ranked among the leading image-to-video models and was the highest-ranked open-weight model in the Artificial Analysis snapshots reviewed on August 6.
Arena Image-to-Video Position
The Arena image-to-video page dated August 2 listed H3 among the top models, but not as the overall number-one model in the available snapshot.
Arena rankings can change as new votes arrive.
They can also vary based on:
- Model version
- Audio inclusion
- Resolution
- Task type
- Leaderboard date
- Statistical confidence
- User preference distribution
For publication, the leaderboard date and category should always be included.
Video Editing Is a Different Task
Image-to-video and video editing are not identical evaluations.
A model can perform strongly in one and less strongly in another.
The current Artificial Analysis video-editing leaderboard reviewed for this article was led by other models and did not show H3 as the overall number-one entry in the default current-model view.
The broad “global first on both lists” description should therefore be treated as a source-era or filter-specific claim rather than a stable fact.
Hugging Face Interest Rose After the Open Release
MiniMax released H3 weights through its official Hugging Face organization and GitHub repository.
The Hugging Face page exposes:
- Model files
- Task-specific checkpoints
- Diffusers integration
- Deployment instructions
- Local serving guidance
- Prompting documentation
- Community discussions
- Example Spaces
The model quickly attracted community attention and spawned multiple demonstration Spaces.
The AIBase article says H3’s Hugging Face popularity surpassed DeepSeek V4 Flash and made it one of the community’s most closely watched models.
Hugging Face “trending” positions are highly dynamic.
They can change based on:
- Recent likes
- Downloads
- Updates
- Community activity
- Search filters
- Time window
- New model releases
A trending rank is useful as a measure of short-term attention. It is not a stable benchmark of model quality.
Developers Can Run H3 Locally, but the Hardware Requirement Is Significant
The official repository provides local-serving examples for SGLang.
A documented FL2VA command is:
sglang serve \
--model-path MiniMaxAI/MiniMax-H3 \
--num-gpus 4 \
--ulysses-degree 4 \
--performance-mode speed \
--host 0.0.0.0 \
--port 30010 \
--model-variant fl2va
For Ref2VA:
sglang serve \
--model-path MiniMaxAI/MiniMax-H3 \
--num-gpus 4 \
--ulysses-degree 4 \
--performance-mode speed \
--host 0.0.0.0 \
--port 30011 \
--model-variant ref2va
These examples use four GPUs.
The real hardware requirement depends on:
- Checkpoint
- Precision
- Resolution
- Duration
- Parallelism
- Inference framework
- Memory optimization
- Performance target
Open weights do not mean inexpensive local deployment.
Video generation remains computationally demanding.
Industry Figures Publicly Noticed H3
The source article says several prominent technology and investment figures publicly commented on or followed the H3 release.
It names:
- Emad Mostaque, founder of Stability AI
- Justine Moore, partner at Andreessen Horowitz
Public attention from well-known industry figures can help a model gain visibility.
It should not be treated as an independent technical certification.
A social post may reflect:
- Interest in the architecture
- Interest in open weights
- Curiosity about results
- Support for the open ecosystem
- A general view of market direction
It is not the same as a controlled benchmark, code audit, or investment recommendation.
Jefferies Maintained a Buy Rating and HK$1,118 Target
The AIBase article also points to an analyst report from Jefferies.
Jefferies initiated coverage of MiniMax in February 2026 with a Buy rating and a price target of HK$1,118.
More recent syndicated reporting said the broker reiterated that rating after the H3 launch.
The target is substantially above the stock’s trading price around the Stock Connect inclusion date.
Analyst targets are based on assumptions.
Those assumptions may cover:
- Future revenue growth
- User adoption
- Video-generation demand
- API usage
- Enterprise customers
- Model cost
- Gross margins
- International expansion
- Capital spending
- Long-term profitability
- Valuation multiples
If those assumptions change, the target can change.
Analyst Ratings Are Not Guarantees
A price target does not guarantee that a stock will reach that level.
Analysts may:
- Revise models
- Change forecasts
- Update ratings
- Adjust discount rates
- Respond to financing or dilution
- Reassess competition
- Change the target after earnings
Readers should treat the HK$1,118 figure as Jefferies’ research opinion, not as an established future value.
Cost Efficiency Is Central to the H3 Investment Argument
The source says Jefferies viewed H3’s cost advantage as a factor that could support enterprise adoption and commercialization.
Cost is especially important in AI video because generation consumes substantially more compute than ordinary text inference.
Commercial customers may evaluate:
- Cost per generated second
- Success rate
- Number of retries
- Reference consistency
- Audio quality
- Resolution
- Generation time
- Rights and safety controls
- API reliability
- Local-deployment options
A lower list price does not always mean a lower production cost.
A cheap model that requires many retries may cost more per accepted clip than a more expensive model with a higher first-pass success rate.
The useful metric is:
Total generation cost
÷
Number of usable final outputs
Open weights add another option.
Some organizations may choose to operate the model on their own infrastructure, especially when they need:
- Data control
- Custom deployment
- Integration with internal pipelines
- Model experimentation
- Hardware-specific optimization
Self-hosting also adds infrastructure, engineering, and operational costs.
H3 Strengthens MiniMax’s Position in Multimodal AI
MiniMax has developed products across several media types.
Its public product and developer ecosystem includes:
- Text models
- Coding and agent tools
- Speech
- Music
- Images
- Video
- Consumer applications
- API services
H3 is important because it combines several modalities in one video-generation system.
The model can use:
- Text to define the task
- Images to define subjects or frames
- Video to define motion or visual context
- Audio to define voice, rhythm, or sound context
This makes it more than a conventional text-to-video model.
Its commercial relevance depends on whether customers can obtain repeatable results in workflows such as:
- Advertising
- E-commerce
- Entertainment
- Game content
- Social video
- Virtual characters
- Product visualization
- Video localization
- Creative previsualization
The open release also creates a developer ecosystem outside MiniMax’s hosted application.
Stock Connect Does Not Remove the Company’s Business Risks
The source article emphasizes the positive attention around MiniMax.
A balanced publication should also distinguish access and sentiment from business fundamentals.
MiniMax remains exposed to risks common to frontier AI companies.
High Compute Spending
Training and serving multimodal models requires large infrastructure investment.
Video models are particularly expensive to operate.
Fast Product Cycles
Competitors can release new models quickly.
Leaderboard positions may change within days or weeks.
Monetization Uncertainty
Strong user growth does not automatically produce sustainable margins.
Model Commoditization
Open-source and hosted competitors can put pressure on pricing.
Content and Regulatory Risk
Video-generation systems face issues involving:
- Copyright
- Likeness rights
- Harmful content
- Misleading media
- Regional regulation
- Platform moderation
Financing and Dilution
MiniMax has continued to raise capital for AI infrastructure and research.
New shares, placements, or convertible securities can dilute existing shareholders.
Valuation Volatility
AI stocks can trade on expectations far ahead of current financial performance.
That can create sharp upward and downward movements.
What the August 6 Event Actually Confirms
The following points are supported by the available exchange, company, and market records:
- MiniMax is listed in Hong Kong under stock code 00100.
- Its shares began trading on January 9, 2026.
- MiniMax was added to the eligible lists for Southbound Stock Connect in August 2026.
- The Shenzhen adjustment took effect on August 6.
- The stock rose by more than 17% during the morning session reported by AIBase.
- MiniMax H3 was open-sourced on August 3.
- H3 supports multimodal reference inputs and synchronized audio-video generation.
- H3 ranked among the leading image-to-video models in current public evaluations.
- H3 led the open-weight image-to-video categories in the Artificial Analysis snapshot reviewed.
- Jefferies published a Buy rating and HK$1,118 target.
What Should Not Be Inferred Automatically
The following conclusions are not established by the event:
- Stock Connect inclusion guarantees continuing share-price gains.
- Southbound investors will necessarily buy the stock.
- H3 is number one on every video benchmark.
- Hugging Face popularity proves commercial success.
- An analyst target guarantees a future market price.
- Open weights guarantee low-cost self-hosting.
- Technical performance automatically produces profitability.
- One strong trading session establishes a long-term trend.
A Short Timeline
| Date | Event |
|---|---|
| December 31, 2025 | MiniMax published its Hong Kong global-offering prospectus |
| January 9, 2026 | MiniMax shares began trading in Hong Kong |
| February 19, 2026 | Jefferies initiated coverage with a Buy rating and HK$1,118 target |
| August 3, 2026 | MiniMax officially open-sourced H3 |
| August 5, 2026 | Shanghai exchange announced MiniMax’s addition to Southbound eligibility |
| August 6, 2026 | Shenzhen adjustment took effect; MiniMax shares rose sharply during the morning session |
常见问题
What is MiniMax’s Hong Kong stock code?
MiniMax Group trades on the Hong Kong Stock Exchange under code 00100. Its short trading name is MINIMAX-W, with the “-W” indicating a weighted voting rights structure.
When was MiniMax added to Stock Connect?
MiniMax was added to the eligible securities lists for Southbound trading in August 2026. The Shenzhen adjustment took effect on August 6, while the Shanghai notice applied from the next Southbound trading day.
Why did MiniMax shares rise more than 17%?
The increase occurred after the Stock Connect inclusion became effective and during strong attention around MiniMax H3. It is not possible to prove that one event alone caused the entire price movement.
What does Southbound Stock Connect inclusion mean?
It means eligible mainland investors can trade MiniMax’s Hong Kong-listed shares through the Shanghai–Hong Kong or Shenzhen–Hong Kong Stock Connect framework. It does not guarantee investor demand or future returns.
Is MiniMax H3 the world’s number-one video model?
That statement is too broad. H3 ranked among leading image-to-video models and led the open-weight category in the Artificial Analysis snapshots reviewed, but other models ranked above it in the overall categories, and leaderboard results change over time.
Is MiniMax H3 open source?
MiniMax has publicly released H3 model weights and code under its community license through GitHub and Hugging Face. The full hosted H3-Context-IR orchestration system is not included in the open release.
Can MiniMax H3 generate audio with video?
Yes. H3 jointly generates video and native stereo audio. The public model card lists 32 kHz stereo output and stable dialogue support for 11 languages.
Does Jefferies’ HK$1,118 target mean the stock will reach that price?
No. It is an analyst estimate based on financial and business assumptions. Price targets can be revised and do not guarantee future market performance.
相关工具
- HKEX Stock Connect Eligible Securities: The official HKEX page for checking securities eligible for Northbound and Southbound trading.
- Shanghai Stock Exchange Southbound List: The official SSE list of securities eligible for Southbound trading through Shanghai Connect.
- Shenzhen Stock Connect: The official Shenzhen Stock Exchange portal for Stock Connect notices and eligible securities.
- MiniMax H3 GitHub: MiniMax’s official open repository containing H3 model guidance, checkpoints, architecture notes, and deployment examples.
- MiniMax H3 on Hugging Face: The official model page for weights, task variants, documentation, and community demos.
- Artificial Analysis Video Leaderboards: A public leaderboard using blind user preferences to compare image-to-video models.
- Arena Image-to-Video Leaderboard: A live preference-based leaderboard for image-to-video systems.
Related Links
- MiniMax Hong Kong Prospectus: The official listing document for MiniMax Group’s Hong Kong global offering.
- MiniMax 2025 Annual Report: MiniMax’s official post-listing annual report and audited financial disclosures.
- HKEX Stock Connect Overview: Official background on the cross-market trading framework.
- MiniMax H3 Open-Source Repository: Official architecture, deployment, prompt, and checkpoint information.
- MiniMax H3 Model Card: Official output specifications, input limits, license, and local-deployment instructions.
- Artificial Analysis Image-to-Video Leaderboard: Current Elo-based rankings for image-to-video models with different filters.
- HKEX Eligible Securities Search: The official searchable list for confirming current Stock Connect eligibility.
Summary
MiniMax’s addition to Southbound Stock Connect expanded the routes through which eligible mainland investors can trade the company’s Hong Kong-listed shares. The stock rose by more than 17% during the morning session reported by AIBase, drawing additional market attention.
The timing also benefited from interest in MiniMax H3. The open-weight model supports text, image, video, and audio context, generates synchronized stereo audio and video, and offers an official 2K regeneration workflow. It ranks among the leading image-to-video models and led the open-weight category in the Artificial Analysis snapshot reviewed.
Neither Stock Connect inclusion nor a strong model release guarantees long-term share performance. Business execution, compute costs, competition, monetization, financing, and valuation remain important.
The August 6 event confirms broader investor access and strong short-term attention; it does not by itself establish MiniMax’s long-term investment outcome.