Hong Kong AI Stocks Rally as MiniMax Reports Surprise 13% Rebound

On March 5, 2026, Hong Kong-listed AI application stocks rebounded strongly following a market correction. Leading the surge were top performers like MiniMax (00100.HK), whose shares jumped nearly 13%.

Close behind, Zhipu AI (02513.HK), HaiZhi Technology Group, and autonomous driving leaders WeRide and Pony.ai also gained close to 7%. Analysts attribute this sector-wide recovery to MiniMax's robust earnings report and anticipated Federal Reserve rate cuts, which renewed investor confidence in AI commercialization.

Key Catalyst: MiniMax's First Earnings Report Exceeds Expectations

As Hong Kong's first listed "AI platform" company, MiniMax's inaugural annual results fueled the market rally. The report revealed 2025 revenue of $79.04 million, a 158.9% year-on-year increase, with over 70% generated internationally.

Enhanced Profitability: While net losses were impacted by fair value changes in preferred shares, the adjusted gross margin improved significantly from 12.2% to 25.4%.

Rapid Growth: CEO Yan Junjie noted during the earnings call that the company's Annual Recurring Revenue (ARR) exceeded $150 million by February 2026, with daily token usage growing more than sixfold since late 2025. This progress alleviated market concerns over unsustainable AI spending.

Synergy Effects: Large Models and Autonomous Driving Advance Together

The stability of Zhipu AI and MiniMax has bolstered the broader AI ecosystem. Zhipu, recognized as a leading AGI foundational model company, saw its new GLM-4.7 model gain global traction, supporting its expansion into government and enterprise sectors.

Meanwhile, gains for WeRide and Pony.ai reflect accelerated integration of AI in mobility. With relaxed regulations for Robotaxi commercialization in both China and the U.S. in 2026, autonomous driving stocks are transitioning from concept to concrete orders. Analysts note the Hong Kong AI sector is being revalued, shifting focus from model competition to practical applications.