Amid the intensifying competition for AI industry talent, major model manufacturers are building talent moats through various means. On June 23, artificial intelligence company MiniMax (Xiyu Technology) announced a significant equity incentive plan, granting a total of 1.1688 million shares to its directors, employees, and business partners, with all rewards having a purchase price of zero.

Based on the closing price of 515 HKD on the grant date, the total market value of this incentive reached 600 million HKD (approximately 520 million RMB). This incentive covered a broad range: among them, the company's executive director Zhao Pengyu was granted 250,000 shares, with a market value of about 129 million HKD; the majority of employees were granted 908,535 shares, with a market value of approximately 468 million HKD; the remaining 10,241 shares were granted to external partners who provided business development and consulting services to the company.

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Different from common corporate incentive plans, the rewards granted by MiniMax in this round explicitly stated that they "were not subject to any performance targets." As long as employees remained employed within the specified vesting period, they could fully obtain the rewards. This "performance-free" incentive logic not only demonstrated the company's recognition of the long-term value of talent but also reflected its emphasis on team stability during rapid growth.

MiniMax founder Yan Junjie once publicly stated that, in the current intense industry competition, the most direct and effective way to boost team confidence was to provide employees with tangible returns. In fact, since officially listing on the Hong Kong Stock Exchange in January this year, MiniMax's stock performance has been stable, rising from an issue price of 165 HKD per share to 477.6 HKD per share before the announcement of this event.

Analysts pointed out that in the AI large model sector, the density of talent directly determines the speed of technological iteration. MiniMax's substantial equity incentive is not only a continuation of its capital operations but also a powerful "talent binding" strategy. By deeply aligning the interests of core members, employees, and service providers with the company's development, MiniMax is trying to build a team with strong cohesion in the ongoing technological wave, laying a solid foundation for subsequent large model development and commercialization.