MiniMax Shares Down 61% From Post-IPO Peak as Benchmark Fatigue BitesMiniMax股价较上市后高点累跌61%，基准测试疲劳情绪持续施压

MiniMax, the Shanghai generative AI lab that went public on the Hong Kong Stock Exchange earlier this year shortly after Zhipu AI, has shed roughly 61 percent of its share value over the past month and an additional 13 percent in just the past five days, according to market data cited by Silicon Republic on Wednesday.

The sell-off reflects a pattern across recently listed Chinese AI names: post-IPO enthusiasm collapses when benchmark claims go unverified and revenue trajectories remain opaque. MiniMax's M3 model, released June 1 at $0.12 per million input tokens, attracted developer interest, but the company has not published audited financials or detailed revenue figures publicly.

The slide also coincides with the company's reported work on M3 Pro — a 2.7 trillion-parameter successor. If that model ships on schedule in Q3, it could reset investor sentiment, but for now the market is discounting the roadmap. Zhipu AI, which listed ahead of MiniMax, has faced similar valuation pressure.