Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac ECM and Index Rebal

MINIMAX-W: P Removal Confirmed; HSCI / HK Connect Fast Entry Possible in June

HSI Index Earning Revision (Feb): PING AN INSURANCE, ALIBABA, MEITUAN, TENCENT, CSPC Pharma, HSBC

HSI Index Earning Revision (Jan): JD.COM, China Life, ALIBABA, ZIJIN MINING, LI AUTO, HSBC

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

<ul>
<li>Stock price surge. MiniMax rose 20% on 9 March 2026 after Tencent announced internal testing of QClaw, bringing the total gain since our last note to over 35%.</li>
<li>Claw ecosystem crystallises revenue opportunities. We trace the OpenClaw backstory, map seven ecosystem variants, and explain why Tencent’s QClaw is a distribution inflection point for MiniMax.</li>
<li>Re-Rating potential. Consensus 2026E revenue implies only 5% MoM growth from the February ARR base. We assess why the street may be too conservative.</li>
</ul>


Stock price surge. MiniMax rose 20% on 9 March 2026 after Tencent announced internal testing of QClaw, bringing the total gain since our last note to over 35%.
Claw ecosystem crystallises revenue opportunities. We trace the OpenClaw backstory, map seven ecosystem variants, and explain why Tencent’s QClaw is a distribution inflection point for MiniMax.
Re-Rating potential. Consensus 2026E revenue implies only 5% MoM growth from the February ARR base. We assess why the street may be too conservative.


MiniMax

MINIMAX-WP: Why Claws Matter?