It traded at 159.3, under the 165 offer

This IT Home page is stamped 2026/10/22 11:12:12. The judgment first: MiniMax fell as much as 7.3 percent in Hong Kong today, to 159.3 Hong Kong dollars, below the IPO offer price of 165. That is an intraday print. The page does not give a closing price. The gains since the January listing are written as given back. The page says fierce competition is forcing investors to reassess this model company. Reassessment is this page's judgment, not a published change in holdings.

The listing was on 9 January 2026, at the top of the range, 165 Hong Kong dollars, on the Hong Kong exchange. About 33.58 million shares were offered globally, raising about 5.54 billion Hong Kong dollars. The page says the company listed only four years after it was founded, and calls that the fastest listing by an AI company. That is this page's wording. The first day rose 109 percent, to 345. In March, on an apps theme, the shares touched 1330, more than seven times the offer price.

The page puts the later cooling down to industry competition, the difficulty of making the business pay, and high costs. It does not split those three into shares. DeepSeek is named for keeping on with low-priced models at home. OpenAI and Anthropic are named for cutting prices sharply abroad. That is the page's attribution, not a broken-out account. The page does not put the price cuts on one table, and it does not say how much each company cut.

A Bloomberg report is cited for the claim that a new MiniMax model released on 19 October got a flat reception and added to this selloff. The page prints no score for that model, and it does not say which table the word flat is measured against. In June this year the flagship M3 had its price cut in half, and the stock had already fallen hard. That is an earlier episode, not today's tape.

The business is still losing money. The figures on this page: first-half 2026 revenue of 117 million dollars, up 283.1 percent; an adjusted net loss of 293 million dollars, 111.2 percent wider than a year earlier. Revenue rose, and the loss widened. Revenue and the adjusted net loss are two different lines. The page gives no gross margin and no cash flow. The 111.2 percent is against the first half of last year, not against the previous quarter. The page does not turn the loss into a profit. It says the peak was more than seven times the offer price, which is 1330 against 165.