On September 18, AI model concept stocks in Hong Kong collectively rallied. MINIMAX-W climbed more than 13%, touching a high of HK$289.4, with its total market capitalization surpassing HK$100 billion; Z.AI also surged in tandem, up over 6%, reaching a peak of HK$792 and pushing its market value above HK$380 billion.

On the news front, MiniMax's global expansion has hit another major milestone. Reports indicate that MiniMax's three products—MiniMax Agent, Hailuo AI, and MiniMax Audio—have been incorporated into Singapore's official AI course toolkit through Singtel's AI Pass initiative. This integration, facilitated by the Singapore Workforce Skills Agency, marks the products as the only Chinese AI-native application suite selected for the program.

Earlier, HUMAIN, an AI firm under Saudi Arabia's Public Investment Fund, launched HUMAIN M3, an Arabic-language large model developed based on MiniMax M3. The company projects overseas revenue to account for roughly 60% of its total income in the first half of 2026.

For Z.AI, sustained inflows from southbound capital have been a key catalyst. Data from the Hong Kong Stock Exchange on September 17 showed net purchases of over HK$1.8 billion for Z.AI via southbound trading, bringing cumulative net buys this week to more than HK$6.8 billion, making it one of the most favored targets among southbound investors.

According to Kaiyuan Securities, demand for cloud services and inference computing power continues to rise. Increasing traffic for domestic large models is strengthening commercial monetization capabilities, and the AI agent industry is entering a phase of rapid growth.