Group Inc.股价抹去了其1月交易首秀以来的所有涨幅，激烈的竞争迫使投资者重新评估这家中国人工智能模型开发商。
Group Inc. shares wiped out all of their gains since their January trading debut, as intense rivalry forces investors to reassess the Chinese artificial intelligence model developer.
该股周四在香港一度下跌7.3%，至159.3港元。其首次公开发行（IPO）定价为165港元。
The stock fell as much as 7.3% Thursday in Hong Kong to HK$159.3. It was priced HK$165 in its initial public offering.
在飙升650%触及3月高点后，MiniMax股价暴跌，因市场对中国AI企业的情绪因竞争、商业化障碍和高昂成本而转差。国内竞争对手包括DeepSeek一直在推出更低成本的模型，而全球同行OpenAI和Anthropic PBC也大幅降价。
After soaring 650% to its March peak, MiniMax tumbled as sentiment soured on China’s AI firms due to competition, commercialization hurdles and elevated costs. Domestic competitors including DeepSeek have been launching lower-cost models, while global peers OpenAI and Anthropic PBC have also slashed prices.
最新一轮抛售在MiniMax于10月19日发布的模型未能令人印象深刻后加速。此前在6月，该公司将其旗舰M3模型价格减半后，股价曾大幅下跌。
The latest leg of the selloff gathered momentum after MiniMax’s model released on October 19 failed to impress. That followed a steep drop in June after it halved the price of its flagship M3 model.
