OpenClaw AI Cools Off as MiniMax Pulls Back After a Surge

TradingKey - Fueled by the global frenzy surrounding the AI Agent framework OpenClaw—nicknamed "Lobster Farming" in Chinese markets—capital has poured into Hong Kong–listed large model leader MiniMax over the past week. The buying spree sent its share price soaring from around HK$800, hitting an intraday peak of HK$1,320, with multiple daily jumps exceeding 20%, marking the highest level since the company’s IPO.

As one of the key Chinese-language foundational models powering OpenClaw, MiniMax has been viewed by secondary market investors as one of the most promising plays along this fast-growing track.

Earlier this month, MiniMax released its first full-year earnings report since going public, showing a 159% year-on-year surge in 2025 revenue. Gross margins doubled from 12% to above 25%, while both its AI-native product line and open platform businesses delivered triple-digit growth.

However, signs of cooling emerged in the “Lobster Farming” craze on Thursday, prompting a modest pullback in MiniMax shares during the morning session on March 11. As of 12 a.m. Beijing time, the stock had fallen 1.64% to HK$1,200.

Investors have become increasingly cautious following a spate of security breaches and regulatory warnings, which have drawn attention to the compliance and safety challenges of AI Agents executing tasks autonomously. As information flow and market optimism peaked within a short span, fresh buyers grew hesitant, while early investors opted to lock in gains and take profits.Caught between waning sentiment and profit-taking pressure, MiniMax’s shares gave back part of their recent rally.