On the eve of the lifting of the ban, the market bucked the trend and surged. Over 80% of Pre-IPO and cornerstone shareholders continued to hold shares. MiniMax’s trump card was exposed.

Zhidongxi Author | Chen Junda Editor | Mo Ying Zhidongzhi reported on July 8 that tomorrow, MiniMax will usher in the first large-scale share lifting after listing. This is also one of the most concerning events in the capital market recently. According to past experience, large-scale lifting of bans often means an increase in circulating chips, so it is often regarded as bad news by the market, and many investors are also worried about the selling pressure caused by shareholders reducing their holdings. However, the market's response this time is different from traditional logic. Just one day before the ban was lifted, MiniMax's stock price rose sharply. The intraday increase was close to 20%, and as of today's closing, the increase was close to 12%. Not only did funds not choose to avoid it because of the expectation of lifting the ban, but they instead rushed to raise funds in advance. Perhaps the market's focus is no longer just on the short-term lifting of the ban, but on re-examining the long-term value of MiniMax. Another more concerning signal comes from Wall Street. Just a week before the ban was lifted, three international financial institutions, Goldman Sachs, Bank of America, and Citigroup, also released research reports almost at the same time and unanimously gave MiniMax a "buy" rating. Although the three institutions have different focuses, they all ultimately made their judgments in the same direction - MiniMax has the ability to continue to increase long-term value. So, why does a large model company that is about to usher in a large-scale lifting of restrictions not become a risk point in the eyes of international institutions, but is unanimously bullish? The answer ultimately comes back to technology, commercialization, and the development trends of the entire AI industry. 1. Conch 03 is about to be released, and the research and development of the 2.7T model has started. Where does the long-term value of MiniMax come from? Technical capabilities are still the core factor that the three institutions are most concerned about, and the most concerned one is the latest M3 model released by MiniMax. Both Goldman Sachs and Citi highlighted the competitive advantages brought by M3. In the past few years, competition in the large model industry has focused more on model capabilities themselves. As the performance gap between models continues to narrow, the factors that really affect competitiveness have begun to become the balance between model effectiveness, inference costs, and business efficiency. Judging from public data, MiniMax M3 has been launched in Artificial