Offshore Trust Watch | MINIMAX-W (00100.HK) Rises 1.89% as Founder Yan Junjie Holds 62.59 Million Class B Shares via Heng Tai Trust

On October 16, 2026, the AI large-model theme saw a volatile recovery, and MINIMAX-W (00100.HK) rebounded intraday. As of 14:07, the company was quoted at HKD 182.900, up 1.89%.

Public information shows that MiniMax Group listed on the Main Board of HKEX on January 9, 2026 at an offer price of HKD 165.000, adopting a weighted voting rights structure (-W) and incorporated in the Cayman Islands. The stock closed its debut at HKD 345.000, up 109.1% on the day; it touched an all-time high of HKD 1,330.000 intraday on March 18 and is now about 86.2% below that peak; on October 15 it fell to an intraday low of HKD 178.100, a record low since listing. As at October 16, the company had about 352.5 million issued shares (including 268,132,774 Class A ordinary shares and 81,102,534 Class B ordinary shares at listing).

In terms of shareholding structure, company founder, Chairman of the Board and Chief Executive Officer Yan Junjie holds and controls 79,102,534 shares (74,102,534 Class B shares and 5,000,000 Class A shares), representing about 23.63% of the issued share capital at listing, and is entitled to exercise about 71.0% of the votes; Alibaba Group Holding Limited, through its Alisoft entities, holds 39,662,627 Class A shares, or 12.65%; co-founder and President Yun Yeyi holds 7,000,000 Class B shares. Luo Yuhao and miHoYo each hold about 5.11% of the Class A shares.

It is understood that MINIMAX-W's shareholding structure involves offshore trusts. According to the listing documents and the interim report, Yan Junjie is the settlor of Alpha EXP Trust, a discretionary trust established under Hong Kong law for his own benefit, with Trident Trust Company (Hong Kong) Limited as trustee; the holding chain runs from the trust to Scaling EXP Limited to Alpha EXP Limited and then to the company's 62,593,180 Class B shares, with Scaling EXP wholly owning 99% of Alpha EXP, Local Linearity Inc. holding 1%, and the 1% in Alpha EXP indirectly held through Local Linearity Inc., a controlled corporation of Yan Junjie. He holds 62,593,180 Class B shares through this trust structure, meaning about 84.5% of his entire Class B interests fall within the scope of the offshore trust. Co-founder Yun Yeyi is also the settlor of Floating Sky Trust (established for her own benefit), with the same trustee, Trident Trust Company (Hong Kong) Limited; the holding chain runs from the trust to Floating Cloud Limited to Floating Sky Limited and then to the company's 7,000,000 Class B shares, with her entire Class B interests falling within the scope of the offshore trust. The settlement dates and protectors of the two trusts have not been disclosed. In addition, Futu Trustee Limited, as trustee of the company's share schemes, holds 20,890,736 unvested Class A shares, an employee share scheme arrangement.

In addition, MINIMAX-W entered Stock Connect on August 6; on July 9, about 146 million shares held by pre-IPO investors and cornerstone investors were unlocked, or about 46.44% of total share capital, and the stock fell 17.98% that day.

Regarding offshore trusts, on July 24, 2026, the Ministry of Finance and the State Taxation Administration jointly issued the Announcement on Matters Concerning Individual Income Tax on Offshore Trusts (Announcement No. 21 of 2026), bringing the entire life cycle of an offshore trust — establishment, existence and termination — into the individual income tax administration system, establishing three look-through points of establishment, existence and termination with a uniform 20% tax rate. The announcement specifies that during the existence of an offshore trust, income generated by an individual resident's offshore trust and by overseas entities held or controlled by that trust, whether actually distributed or not, is taxable to that individual resident, who must file and pay individual income tax on an annual basis. Article 6 of the announcement specifies that where, during the existence of an offshore trust of an individual resident, the individual resident becomes a non-resident individual, the taxable income is the balance after deducting the original value from the market value of the offshore trust's property on the day the individual becomes a non-resident, and individual income tax must be filed and paid. The 90-day supplementary filing window set by the announcement runs from July 24, 2026.

On the operating side, the company recorded revenue of USD 79.04 million in 2025, up 159% year on year, with a loss attributable to shareholders of USD 1.872 billion. In the first half of 2026, revenue was USD 116.6 million, up 283% year on year, with a pre-tax loss of USD 358 million. By segment, revenue from the open platform and other AI-based enterprise services rose 703.1% year on year to USD 73.9 million, accounting for 63.4% of total revenue, and revenue from AI-native products rose 100.9% to USD 42.6 million. By region, revenue from other regions accounted for 60.76% and the Chinese mainland for 39.24%. Cash and cash equivalents stood at USD 930.9 million as at the end of June; the interim report was disclosed on September 30.

CICC noted in a research report that the current valuation discount of MINIMAX-W mainly reflects market concerns that the coding capability of its M3 model is not ranked first domestically and that the value of its multimodal business is overlooked, but the competitive landscape remains fluid and short-term weakness in text performance does not mean a loss of competitiveness; the company has core strengths in computing power, data engineering and algorithm accumulation, and its multimodal capabilities will strengthen long-term competitiveness and drive the commercialisation of its video models.

Data source: HKEX, East Money; not investment advice; data as at 14:10 on October 16, 2026 (intraday).