HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Wuxi Biologics (2269 HK) Placement - Thought on Valuation and the Outlook

Pre-IPO Anhui Sinomags Technology (PHIP Updates) - Some Points Worth the Attention

MiniMax (100 HK) Vs Zhipu AI (2513 HK) - Thoughts on Valuation and the Outlook

Pre-IPO Amicro Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Beijing QL Biopharmaceutical - Valuation Premiums Are Highly Likely

Equity Bottom-Up

<ul>
<li>The significance of Stock Incentive Plan lies in the signal transmission:the management believes MiniMax is severely undervalued and is willing to use equity rather than cash to bind the team</li>
<li>Based on US$1bn 2026 ARR and 9x P/ARR, US$9bn seems to be valuation bottom-line.However, due to concerns on fundamentals and volatile macro, MiniMax’s valuation may still need to be lowered.</li>
<li>Even though current stock price has reflected most of the pessimistic expectations, we still do not recommend investors to buy based on "bottom fishing" logic.Short-term trading is a safer option</li>
</ul>


The significance of Stock Incentive Plan lies in the signal transmission:the management believes MiniMax is severely undervalued and is willing to use equity rather than cash to bind the team
Based on US$1bn 2026 ARR and 9x P/ARR, US$9bn seems to be valuation bottom-line.However, due to concerns on fundamentals and volatile macro, MiniMax’s valuation may still need to be lowered.
Even though current stock price has reflected most of the pessimistic expectations, we still do not recommend investors to buy based on "bottom fishing" logic.Short-term trading is a safer option


MiniMax

MiniMax (100 HK) - Still Not Optimistic