港股智谱大跌20%，MiniMax跌逾11%
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Alibaba Cloud fully opens up its Bailian platform, with Zhipu, Minimax, Kimi, and other products among the first to be listed.
Odaily Odaily reports that at the 2026 Alibaba Cloud Summit, Alibaba Cloud announced the full opening of its Bailian platform, partnering with companies such as Moonlit Dark Side, Minimax, Zhipu, Jieyue Xingchen, Aishi Technology, and Shengshu Technology. Models including GLM-5.1, MiniMax M2.7, Kimi K2.6, Pixverse-v6-it2v, Kling-v3-omni-video-generation, Vidu Q3-Pro, Tripo-H3.1, and mimo-v2.5-pro are now available on Bailian and are also sold through the Qianwen Cloud website. (Shanghai Securities News)
JPMorgan: Open source weight commercialization exhibits a "winner-takes-all" phenomenon; Zhipu target price raised to HK$2,000, MiniMax target price cut to HK$300.
According to BlockBeats, on July 8th, JPMorgan Chase released a research report stating that currently competitive models in the market can expand adoption through open-source weighting and continue to monetize through official APIs, partner channels, enterprise deployments, and workflow products; while weaker models face faster price comparisons and traffic fragmentation. JPMorgan Chase raised its revenue forecasts for Zhipu from 2026 to 2030 by 3% to 9%, and narrowed its adjusted loss forecasts for 2026 and 2027 to RMB 3.711 billion and RMB 3.141 billion respectively. The 2028 forecast was revised from a loss of RMB 1.287 billion to a profit of RMB 2.367 billion. The target price was raised from HKD 1800 to HKD 2000, maintaining an "Overweight" rating. The report believes that the performance of GLM-5.5/6, KimiK3, and DeepSeekV4.1 will be key indicators of whether Zhipu can maintain its leading position. JPMorgan lowered its revenue forecasts for MINIMAX-W (2027-2030) by 2% to 8%, and reduced its target price from HK$400 to HK$300, while maintaining a "neutral" rating. The company noted that the M3 model offers a permanent 50% discount, reflecting that the model has not yet created a significant capability premium for leading domestic competitors. JPMorgan believes that if MiniMax can narrow the capability gap, normalize the discount, maintain API usage, and demonstrate stronger workflow stickiness through MiniMaxCode, its outlook could turn positive.
Aethir has launched its self-developed open-source LLM API platform, Aethir Mesh, enabling top-tier models such as DeepSeek V4 and Kimi K2.6 to run their inference processes entirely on Aethir GPUs.
BlockBeats reported on June 4th that Aethir officially released Aethir Mesh—a self-developed open-source large-model API platform running on Aethir's decentralized GPU infrastructure. It currently provides a unified API endpoint for direct connection to mainstream open-source models such as DeepSeek V4, Kimi K2.6, GLM-5.1, MiniMax-M2.5, and Qwen3.6-27B. Unlike aggregation routing solutions such as OpenRouter, Aethir Mesh directly provides inference services using Aethir's own computing power, eliminating resale premiums and third-party routing. Aethir Claw users can directly write the Mesh API Key into their agent configuration, achieving a full-stack closed loop from VPS hosting to model inference, ensuring that inference data never leaves the Aethir ecosystem. The platform is now live: https://agent.aethir.com/twitterCNmesh
MiniMax plans to launch a large model with 2.7 trillion parameters.
PANews reported on July 8th that, according to sources, AI company MiniMax is developing a new large-scale language model with 2.7 trillion parameters, exceeding the scale of all currently available domestic AI models. The sources stated that this new model is expected to be released as early as the third quarter of this year. Internal employees involved in the development have designated it as M3 Pro, but it is unclear whether the company will use this name in the official release. MiniMax plans to open-source the model. This new model is significantly larger than MiniMax's current flagship model, M3 (428 billion parameters). Larger-scale AI models are better suited for handling complex reasoning and multi-step instruction tasks.
Large-scale model stocks in Hong Kong extended their gains, with MINIMAX and Zhipu rising over 16%.
Mars Finance reported on July 8th that MINIMAX-W (00100.HK) rose 17%, and Zhipu (02513.HK) rose 16%. In terms of news, Zhipu, a leading Hong Kong-listed large-scale model manufacturer, saw its first share lock-up period expire today, with several core institutional investors clearly choosing to continue their investment. (Science and Technology Treasure Broadcast)
Bank of America Securities: Maintains "Buy" rating on MINIMAX, target price HK$500
According to BlockBeats, on July 7, Bank of America Securities issued a research report stating that the six-month lock-up period for the MINIMAX-W will expire tomorrow (July 8), which is expected to cause stock price volatility. However, it is possible that it will be included in the Hong Kong Stock Connect on August 6, which may also provide liquidity support. The report maintains a "buy" rating on MiniMax with a target price of HK$500.