MiniMax Launches Multimodal Creative Tool, Hong Kong-Listed Stock Surges Over 12% Intraday
Nashnova编辑部
MiniMax surged over 12% intraday in Hong Kong after launching MiniMax Design, a multimodal creative agent workspace built on its H3 model; CICC maintained an outperform rating with a HK$786 target, calling the current valuation discount excessive.
What exactly is MiniMax Design?
MiniMax Design is the first official creative workspace released after H3 went open-source — not a simple generator, but an agent-driven workflow that interprets briefs, breaks tasks apart, and orchestrates model calls.
In plain terms = users used to write prompts and generate assets one by one. Design now splits the steps and dispatches modules, running the whole pipeline from concept to finished output.
H3 handles "generation and editing"; Design handles "planning and coordination" — one does the craft, the other manages the project.
Why does CICC rank H3 in the top tier?
CICC's research note places H3 in the top tier of multimodal models, citing multi-reference control, video editing, and dynamic-graphics generation as core strengths.
This means → H3 doesn't just "make videos." It can control frames precisely using reference assets and edit existing footage — the two capabilities advertising, e-commerce, and branded-content workflows need most.
In plain terms = brands don't want "a random good-looking clip." They want "a clip made from my assets, revised until I'm satisfied" — and H3's feature set maps directly onto that demand.
600 million videos — what can that user base become?
By end-2025, MiniMax's video models had generated more than 600 million videos, building a large pool of active users.
CICC sees this pool as the conversion base for MiniMax Design to enter professional subscriptions, team collaboration, and enterprise services.
This means → MiniMax has the traffic. The key test is whether free users will pay for a commercial-grade workflow.
Why does CICC call the current valuation discount "excessive"?
CICC maintained an outperform rating on MiniMax with a target price of HK$786, stating explicitly that the current valuation discount has moved beyond a reasonable level.
This means → CICC believes the market is pricing MiniMax too pessimistically — H3's capabilities and Design's monetization potential are not yet reflected in the share price.
In plain terms = CICC's view is straightforward: the stock is much cheaper than it should be.
Content is for reference only, not financial advice.