Overseas commercialization drives MINIMAX up 16%, with on-chain long positions broadly turning profitable.

BlockBeats news, September 18: According to TradingBeats monitoring, on the afternoon of September 18, the MINIMAX contract on Hyperliquid was quoted at approximately $37.6, up 15.9% in 24 hours, with a trading volume of approximately $6.024 million, rebounding about 32% from this week's stage low of approximately $28.4. On the same day, Hong Kong-listed MiniMax rose more than 16% intraday.

Today's rise was mainly driven by concentrated catalysts from overseas commercialization progress. Since September, MiniMax M3 has successively landed Saudi Arabia's HUMAIN Arabic model and Genspark AI Slides, while MiniMax Agent, Hailuo AI, and Audio have also integrated with Singapore Singtel AI Pass, continuously covering the Middle East, professional applications, and mass AI scenarios, strengthening market expectations for its overseas revenue and ARR growth.

This round of rebound has already recovered the holding costs of the main longs. Among the top 20 addresses by position value, 8 of the 9 long positions are already in unrealized profit. The top three longs hold a combined position of approximately $1.466 million, with unrealized profit of approximately $168,000. The $30-$35 range is the break-even zone for this group of longs, among which:

As of press time, MINIMAX's largest short, 0x708f, holds 19,700 short contracts at an average price of $43.3, with a position value of approximately $740,000 and unrealized profit of approximately $112,000. Together with the four main shorts 0xaca8, 0x3e51, and 0x641e, their costs are in the $42.5-$47.5 range, with total short positions of approximately $1.540 million, still carrying unrealized profit of approximately $252,000.

While prices rebounded, contract open interest shrank significantly. MINIMAX's notional open interest fell from approximately $7.178 million on September 16 (the stage low) to approximately $5.350 million, a decrease of approximately $1.828 million, or about 25.5%; the funding rate was approximately -0.0148%.

On August 27, JPMorgan raised its target price from HK$260 (approximately $33.1) to HK$300 (approximately $38.2), maintaining "Neutral." The current price is already close to JPMorgan's target price.

In addition, HSBC lowered its target price from HK$760 (approximately $96.9) to HK$330 (approximately $42.1), maintaining "Hold." In the same round of research reports, Citi and Jefferies respectively raised their target prices to HK$576 (approximately $73.4) and HK$533 (approximately $67.9), both maintaining "Buy."

On September 7, BNP Paribas initiated coverage with a target price of HK$600 (about $76.5) and an "Outperform" rating, while Guotai Haitong downgraded its target price from HK$1,012 (about $129.0) to HK$449 (about $57.2), maintaining an "Overweight" rating. On September 10, Goldman Sachs still maintained a "Buy" rating and a target price of HK$760 (about $96.9), citing expectations of gross margin improvement driven by continuous ARR growth, model updates, and inference optimization.