Hong Kong AI Stocks Bounce Back with Strong Earnings Momentum

The Hong Kong stock market witnessed a remarkable rebound in AI-related stocks on March 5, 2026, with sector leader MiniMax (00100.HK) spearheading the charge. Shares of the artificial intelligence platform surged nearly 13% intraday after releasing financial results that exceeded market expectations.

Earnings Surprise Fuels Optimism

MiniMax's first annual report since going public revealed striking growth numbers:

• Revenue skyrocketed to $79.04 million in 2025, marking a 158.9% year-over-year increase
• International markets contributed over 70% of total revenue
• Adjusted gross margins more than doubled from 12.2% to 25.4%

CEO Yan Junjie shared even more promising updates during the earnings call: "Our ARR crossed $150 million last month, and daily token usage has grown sixfold since December." These metrics helped alleviate concerns about profitability in the capital-intensive AI sector.

Ripple Effect Across the Ecosystem

The positive momentum wasn't confined to MiniMax alone:

• Zhipu (02513.HK) climbed nearly 7%, benefiting from strong performance of its GLM-4.7 model
• Autonomous driving specialists WeRide and Pony.ai joined the rally as regulatory approvals for Robotaxi services expanded

Market analysts attribute this broad-based recovery to two main factors:

1. Growing confidence in AI monetization pathways
2. Anticipation of potential Federal Reserve rate cuts easing financing pressures

The simultaneous strength across different AI applications suggests investors are increasingly differentiating between hype and sustainable business models.

Key Points:

• MiniMax's international focus appears to be paying dividends
• Profitability metrics showed meaningful improvement despite accounting charges
• The rally reflects shifting investor focus from pure technology to commercial viability
• Autonomous driving stocks may be entering a new phase of order-driven growth