MiniMax-W Officially Included in Stock Connect, ARR Sprinting Toward $1 Billion
N.R. Finch
MiniMax-W (00100) joined Stock Connect on August 6, opening the door to mainland Chinese investors; shares jumped over 5%. A Merchants Securities report shows ARR surging from $100 million to $430 million in four months, with management targeting $1 billion by year-end.
What does joining Stock Connect actually change?
MiniMax-W (00100) was officially added to Stock Connect on August 6, opening over 5% higher and rising 5.52% to HK$267.8 at time of writing.
This means → mainland Chinese investors can now buy the stock directly through the Shanghai-Shenzhen-Hong Kong Connect mechanism — the southbound capital channel is open.
In plain terms = before, you needed a Hong Kong brokerage account; now any A-share account will do — the pool of potential buyers just got much larger.
ARR quadrupled in four months — where is the money coming from?
A new in-depth report from Merchants Securities shows MiniMax's ARR — annual recurring revenue, the subscription and service fees the company would collect over a year at its current run rate — grew from roughly $100 million in December 2025 to roughly $430 million by April 2026.
Between February and June 2026, token consumption — the volume of actual model calls by users — rose 152%.
This means → it is not just more contracts on paper; users are genuinely consuming the models at scale — model capability is converting into real revenue.
Can the $1 billion target actually be met?
Management has expressed confidence in reaching at least $1 billion in ARR before the end of 2026.
Getting from $430 million to $1 billion requires more than doubling in eight months — growth must hold at its current pace or accelerate.
This reflects a shift in how the market prices MiniMax: from a "technology story" to a "commercialization delivery" test — whether ARR hits the $1 billion mark on schedule is the single most important checkpoint for this company.
Content is for reference only, not financial advice.