HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

Knowledge Atlas Technology (Zhipu AI) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-zhipu-huazhang-technology-co-ltd-knowledge-atlas-technology" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Knowledge Atlas Technology (2513 HK)</a>'s debut is lukewarm, and currently trading on 37.8x P/S for FY27, it is close to fairly valued. </li>
<li>
<a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a>'s B2C focus and its 3-year revenue CAGR of 126.8% (vs. 63.9%) warrants FY27 P/S of 55.1x, up from 48.8x as its peer <a href="https://www.smartkarma.com/entities/moore-threads-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:40221:1" rel="noopener">Moore Threads (688795 CH)</a> rallied. </li>
<li>Our fair value of <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> equals a 45% premium to <a href="https://www.smartkarma.com/entities/beijing-zhipu-huazhang-technology-co-ltd-knowledge-atlas-technology" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Knowledge Atlas Technology (2513 HK)</a>, justified by its above-sector momentum and "winner-take-all" characteristics.</li>
</ul>



Knowledge Atlas Technology (2513 HK)'s debut is lukewarm, and currently trading on 37.8x P/S for FY27, it is close to fairly valued. 

MiniMax (100 HK)'s B2C focus and its 3-year revenue CAGR of 126.8% (vs. 63.9%) warrants FY27 P/S of 55.1x, up from 48.8x as its peer Moore Threads (688795 CH) rallied. 
Our fair value of MiniMax (100 HK) equals a 45% premium to Knowledge Atlas Technology (2513 HK), justified by its above-sector momentum and "winner-take-all" characteristics.


Knowledge Atlas (2513 HK) & MiniMax Group (100 HK): Comparison, Debuts and Implications

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minimax" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> is a viable AI foundation model company, with highly ranked product suites and increasingly more adoption by customers around the world. </li>
<li>The fair value is at HK$216 per share, reflecting its strong potential to capture the AI growth, solid market position and the scarcity value on the Hong Kong market.</li>
<li>At fair FY27F P/S of 48.8x, this equals 18% discount to the <a href="https://www.smartkarma.com/entities/moore-threads-intelligent-technology-beijing-co-ltd" target="_blank" data-smartkarma-citation="entities:40221:1" rel="noopener">Moore Threads Intelligent (688795 CH)</a> and 35% premium to <a href="https://www.smartkarma.com/entities/shanghai-biren-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39934:1" rel="noopener">Shanghai Biren Technology (6082 HK)</a>. </li>
</ul>



MiniMax (100 HK) is a viable AI foundation model company, with highly ranked product suites and increasingly more adoption by customers around the world. 
The fair value is at HK$216 per share, reflecting its strong potential to capture the AI growth, solid market position and the scarcity value on the Hong Kong market.
At fair FY27F P/S of 48.8x, this equals 18% discount to the Moore Threads Intelligent (688795 CH) and 35% premium to Shanghai Biren Technology (6082 HK). 


MiniMax Group (100 HK) IPO: Estimate of Fair Value

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU.


HS TECH Index Earning Revision (Dec): Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU, Bidu, Meituan

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Our base case valuation of MiniMax is HK$301 per share (82% higher than high end of the IPO price range of HK$165). </li>
<li>We believe many investors are willing to pay for the high valuations mainly due to MiniMax's position as one of the leaders in the LLM/AGI sector in China/globally.</li>
<li>We estimate MiniMax to generate revenue of US$183.9 million (up 127% YoY) in 2026 and US$356.2 million (up 94% YoY) in 2027.</li>
</ul>


Our base case valuation of MiniMax is HK$301 per share (82% higher than high end of the IPO price range of HK$165). 
We believe many investors are willing to pay for the high valuations mainly due to MiniMax's position as one of the leaders in the LLM/AGI sector in China/globally.
We estimate MiniMax to generate revenue of US$183.9 million (up 127% YoY) in 2026 and US$356.2 million (up 94% YoY) in 2027.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, HK IPOs continue to be launched into the year end.</li>
<li>On the placements front, there are a number of lockup expiries coming up over the next few weeks.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, HK IPOs continue to be launched into the year end.
On the placements front, there are a number of lockup expiries coming up over the next few weeks.


ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

China

SenseTime Group Inc. offers information technology services. The Company develops artificial intelligence software products, computer vision software products, and other products. SenseTime Group provides its services throughout China.

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SenseTime Group (20 HK)

Knowledge Atlas (2513 HK) & MiniMax Group (100 HK): Comparison, Debuts and Implications

Debut of Knowledge Atlas is lukewarm, trading close to fair value at 37.8x P/S for FY27, while MiniMax's B2C focus and strong revenue growth...

Osbert Tang, CFA

MiniMax Group (100 HK) IPO: Estimate of Fair Value

MiniMax is a promising AI company with strong product suites and growing customer adoption, valued at HK$216 per share due to its potential in the...

Osbert Tang, CFA

HS TECH Index Earning Revision (Dec): Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU, Bidu, Meituan

We analyzed HS TECH's consensus for Dec 2025 and highlighted changes of EPS in Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU.

Ke Yan, CFA, FRM

MiniMax Hong Kong IPO Valuation Analysis

We believe many investors are willing to pay for the high valuations mainly due to MiniMax's position as one of the leaders in the LLM/AGI sector...

Douglas Kim

ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Knowledge Atlas (2513 HK) & MiniMax Group (100 HK): Comparison, Debuts and Implications

​Debut of Knowledge Atlas is lukewarm, trading close to fair value at 37.8x P/S for FY27, while MiniMax's B2C focus and strong revenue growth...

Osbert Tang, CFA

MiniMax Group (100 HK) IPO: Estimate of Fair Value

​MiniMax is a promising AI company with strong product suites and growing customer adoption, valued at HK$216 per share due to its potential in the...

Osbert Tang, CFA

HS TECH Index Earning Revision (Dec): Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU, Bidu, Meituan

We analyzed HS TECH's consensus for Dec 2025 and highlighted changes of EPS in Kuaishou, MEITUAN, JD.COM, LI AUTO, BIDU.

Ke Yan, CFA, FRM

MiniMax Hong Kong IPO Valuation Analysis

We believe many investors are willing to pay for the high valuations mainly due to MiniMax's position as one of the leaders in the LLM/AGI sector...

Douglas Kim

ECM Weekly (22 December 2025) - SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Debut of Knowledge Atlas is lukewarm, trading close to fair value at 37.8x P/S for FY27, while MiniMax's B2C focus and strong revenue growth...

MiniMax is a promising AI company with strong product suites and growing customer adoption, valued at HK$216 per share due to its potential in the...