In-Depth Analysis of the Impact of Visual China (000681.SZ)'s Investment in MiniMax's Hong Kong Stock Exchange Listing

Based on complete data collection and analysis, I now provide you with a systematic research report on the impact of Visual China’s investment in MiniMax’s Hong Kong Stock Exchange listing.

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On January 9, 2026, MiniMax (Xiyu Technology, 0100.HK), an artificial intelligence large model enterprise, officially listed on the main board of the Hong Kong Stock Exchange, becoming the world’s fastest large model enterprise to complete an IPO [1][2]. This listing set multiple records in the Hong Kong stock market:

• Offer Price
  : Issued at the upper limit of HK$165 per share
• Public Offering Oversubscription
  : 1,837 times, breaking the 1,200 times oversubscription record set by Kuaishou in 2021
• International Placement Subscription
  : 37 times, breaking the 30 times record set by CATL in 2025
• First-day Performance
  : Closing price of HK$345, surging 109% from the offer price
• Market Capitalization
  : Became the world’s first AI listed company with a market capitalization of over HK$100 billion

Founded in 2021, MiniMax is one of only four global technology companies with self-developed multimodal large model capabilities [1]. As of September 2025, the company has more than 212 million individual users in over 200 countries and regions, as well as over 100,000 enterprise and developer clients. Its revenue in the first three quarters reached US$53.437 million, a year-on-year increase of over 170%, with overseas markets contributing over 70% [2].

Visual China made a strategic investment in MiniMax through its wholly-owned subsidiary Elephant Vision Technologies Limited, and at the same time reached a strategic cooperation with MiniMax. The two parties will connect the entire link of compliant data, multimodal large models and scenario implementation, and build a “traceable, commercially usable” AIGC visual content ecosystem for global creators and enterprise customers [3].

According to Visual China’s announcement, based on the closing price of MiniMax on January 9, 2026, the cumulative fair value change gain/loss of the MiniMax shares held by the company is

, accounting for approximately of the company’s audited net profit attributable to parent shareholders in 2024 [4][5].

Through calculation:

• Visual China’s audited net profit attributable to parent shareholders in 2024 is approximately:
  RMB 119 million

This proportion indicates that the investment gains from MiniMax have become the

of the company’s 2024 performance, contributing more than half of the current period’s profit.

Impact Dimension	Specific Data	Analysis Conclusion
Fair Value Change Gain/Loss	RMB 67.35 million	Directly recorded in current period profit or loss, significantly increasing net profit
Proportion of Net Profit	56.53%	Investment gains have become a pillar of performance
Profit Contribution Amount	Approximately RMB 119 million	Traditional main business contributed approximately RMB 51.65 million (43.47%)

: If the investment gains from MiniMax are excluded, the net profit of Visual China’s main business in 2024 will drop significantly year-on-year, which reflects that the company’s traditional copyright business is facing growth pressure, and investment gains are becoming an important profit source.

Valuation Indicator	Value	Market Implication
Current Share Price	$26.02	Reflects market expectations for AI investment value
PE (TTM)	162.93x	Significantly deviates from the traditional media valuation range
PB	5.02x	Within a reasonable range
DCF Intrinsic Value (Median)	$5.54	78.7% discount to the current share price
Current Price Premium Over DCF	369.7%	Risk of valuation bubble exists

DCF valuation results show [0], the intrinsic values under the three scenarios are as follows:

• Conservative Scenario
  : $4.57 (82.4% discount to current share price)
• Base Scenario
  : $5.54 (78.7% discount to current share price)
• Optimistic Scenario
  : $7.85 (69.8% discount to current share price)

The market’s valuation logic for Visual China is undergoing a fundamental shift:

Valuation System	Applicable Object	PE Range	Core Logic
Traditional Media Stock	Pure copyright business	20-30x	Stable performance, slow growth, defensive attributes
AI Data Element	Tech Growth Stock	40-60x	High growth, AI concept, data asset value
Current Valuation	Dual attributes overlay	162.93x	AI investment value not yet fully reflected

:

1. Short-term Event-driven
   : Listing of invested companies such as MiniMax and Zhipu AI brings revaluation of investment value
2. Mid-term Business Synergy
   : As the core Chinese corpus supplier for Zhipu and MiniMax, establishing the status of “Corpus Miner”
3. Long-term Logic Shift
   : Transformation from “copyright licensing fees” to “data service fees + model training fees”

With the visualization of AI investment assets, the market will revalue Visual China using sum-of-the-parts (SOTP) valuation:

• Traditional Main Business
  : Valued with 20-30x PE referencing the media industry
• AI Data Assets
  : Valued with 40-60x PE referencing tech growth stocks
• Investment Gains
  : Valued based on the market value of held equity

The sensitivity analysis of MiniMax’s share price fluctuations on Visual China’s net profit is as follows:

MiniMax Share Price Change	Impact on Earnings (RMB 10,000)	Impact on Net Profit	Risk Level
-30%	-2,020	-16.96%	High Risk
-15%	-1,010	-8.48%	Medium Risk
0%	0	0%	Baseline
+15%	+1,010	+8.48%	Opportunity
+30%	+2,020	+16.96%	High Opportunity

As a Hong Kong-listed company, MiniMax’s share price is affected by multiple factors such as overall market sentiment, AI industry prosperity, and the company’s performance. Any sharp fluctuation in its share price in the future will directly affect Visual China’s current period profit or loss.

After the lock-up period of the held shares expires, the increase in market supply may put pressure on the share price. Visual China needs to make a decision to reduce holdings or continue to hold at the appropriate time.

If the performance of the invested company fails to meet expectations, it may face asset impairment pressure, which will cause additional impact on profits.

The current high PE valuation implies high expectations for the explosive growth of AI business. If the actual commercialization progress fails to meet expectations, the valuation may face pullback pressure.

Strategy	Specific Measures	Expected Outcome
Diversified Investment	Moderately reduce holdings of MiniMax to realize gains, and switch to other AI projects or high-quality assets	Reduce reliance on a single project
Phased Exit	Set up a phased share reduction plan to lock in partial gains	Avoid impacting the share price due to concentrated selling
Deepened Strategic Synergy	Strengthen business cooperation with MiniMax and Zhipu AI	Convert investment gains into business growth

• Deepen strategic cooperation with MiniMax as its core Chinese corpus supplier
• Expand data service cooperation with large model providers such as Zhipu AI
• Develop a new business model of “data service fees + model training fees”

• Continue to increase the proportion of audio-visual business (has exceeded 35%)
• Expand the enterprise-level data service market
• Develop AIGC-related value-added services

• Improve gross profit margin through cost reduction and efficiency improvement
• Expand overseas markets to reduce reliance on a single market
• Enhance customer stickiness and renewal rate

Hedging Tool	Applicable Scenario	Operation Method
Financial Derivatives	Hedge against MiniMax’s share price downside risk	Buy MiniMax put options or establish short positions
Cross-Asset Allocation	Balance investment gain volatility	Allocate fixed-income assets to stabilize cash flow
Surplus Reserve	Respond to performance fluctuations	Extract special reserves in years of high earnings to smooth profits

• Enhance Transparency
  : Regularly disclose the fair value and changes of AI investment portfolios
• Guide Expectations
  : Clearly communicate investment strategies and earnings expectation management to the market
• Differentiate Valuation
  : Help investors distinguish between main business performance and investment gains, and establish a more reasonable valuation model

: Event-driven Opportunity

• The revaluation effect of investment gains brought by MiniMax’s listing will continue to be released
• The upcoming listing of Zhipu AI (2513.HK) may bring additional catalysts
• Risk: Market sentiment fluctuations may lead to short-term share price pullback

: Critical Verification Period

• The progress of commercialization of AI data business will be the key to valuation reconstruction
• Need to pay attention to whether the main business growth can return to double-digit levels
• Risk: If the main business continues to be weak, the valuation may face pullback pressure

: Effect of Strategic Transformation

• Revaluation of data asset value brought by the rapid development of the AIGC industry
• Transformation from a “copyright operation platform” to a “tech growth enterprise”
• Opportunities and challenges coexist, depending on the effect of business transformation

1. IPO Market Volatility Risk
   : If the Hong Kong stock market environment deteriorates, the listing performance of invested companies may fall short of expectations
2. Goodwill and Investment Impairment Risk
   : If the performance of invested companies fails to meet expectations, they may face asset impairment pressure
3. Policy and Regulatory Uncertainty
   : Laws and regulations related to AI data copyright are still being improved, and policy changes may affect the pace of monetization
4. Valuation Pullback Risk
   : The current PE (162.93x) is significantly higher than the historical average, and there is a risk of valuation bubble

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[1] Guancha.cn - “MiniMax’s Share Price Doubles on First Day of Listing, Becoming the World’s First AI Listed Company with HK$100 Billion Market Cap” (https://www.guancha.cn/economy/2026_01_09_803325.shtml)

[2] Sina Finance - “Surging 109% on First Day of Listing! A Group of Post-95s Support MiniMax’s HK$100 Billion Market Cap” (https://finance.sina.com.cn/tech/roll/2026-01-09/doc-inhftcfp5861324.shtml)

[3] Securities Times - “MiniMax’s Cornerstone Subscription Exceeds HK$2.7 Billion, to List on Hong Kong Stock Exchange on January 9 Next Year” (https://www.stcn.com/article/detail/3566825.html)

[4] AAStocks - “Investee Company MiniMax Conducts Initial Public Offering and Lists on the Hong Kong Stock Exchange” (http://www.aastocks.com/sc/stocks/analysis/china-hot-topic-content.aspx?id=GLH5148686N&source=GLH&catg=4)

[5] Caiwen News - “Visual China Invests in MiniMax, Earning RMB 67.35 Million on the First Day of Listing” (https://www.caiwennews.com/article/1412428.shtml)

[6] Eastmoney - “In the Short Term, Focus on the Revaluation of Investment Gains Brought by AI Unicorn IPOs” (https://emcreative.eastmoney.com/app_fortune/article/index.html?artCode=20260107172619198473000&postId=1649523929)

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The above chart shows a multi-dimensional impact analysis of Visual China’s investment in MiniMax:

• Top Left
  : Share price performance, showing strong upward momentum recently
• Top Right
  : Proportion of investment gains contributing to net profit, reflecting the core position of investment gains
• Bottom Left
  : Valuation level comparison, reflecting that the current valuation significantly deviates from intrinsic value
• Bottom Right
  : Sensitivity analysis of MiniMax’s share price, quantifying the impact of share price fluctuations on net profit