HK Grey Market | MiniMax Jumps 15%; Ribo Surges 22%; Jinxun Resources Soars 27%

Chinese AI firm MiniMax jumped 15% in the Hong Kong grey market.

Founded in early 2022 by Yan Junjie, a former senior executive at SenseTime, MiniMax has positioned itself as a developer of so-called multimodal AI models, capable of processing and generating content across text, images, audio, video, and music. Its products, including MiniMax M1, Hailuo-02, Speech-02, and Music-01, place it in direct competition with a growing cohort of Chinese startups racing to build broad-based AI systems that can be deployed across consumer apps, enterprise services, and creative industries.

Copper cathodes manufacturer Jinxun Resources jumped 27% in the Hong Kong grey market.

Chinese RNA-based medicine developer Ribo Life Science jumped 22% in the Hong Kong grey market.

According to its latest prospectus, Ribo’s revenue rose 56.6% to 103.8 million yuan ($14.7 million) in the first six months of this year from 66.3 million yuan a year earlier. Its loss over that time narrowed to 97.8 million yuan from 141.6 million yuan a year earlier.

Founded in 2007 and with numerous years of experience in RNA-based nucleotide drug development, the Suzhou-based company specializes in therapies using small interfering RNA (siRNA), which block the actions of genes responsible for a host of diseases. The company says it has one of the world’s largest siRNA pipelines, including seven clinical-stage candidate drugs aimed at cardiovascular, metabolic, renal and liver diseases. Four of those are already in Phase Two clinical trials.