MiniMax-W (00100) was included in the Hong Kong Stock Connect on August 6: the southbound capital channel has fully opened, with institutions optimistic about valuation recovery.

On August 6, MiniMax-W (00100) was officially included in the Hong Kong Stock Connect, marking the opening of doors to mainland capital for this leading domestic large model company after "6 months + 20 trading days" of being listed. According to calculations by LiveReport, it is expected to receive no less than 1 billion HKD in Stock Connect configuration funds on its first day, with the total expected inflow of incremental funds estimated to exceed 10 billion HKD in the future. Recent research reports from major brokers, including Goldman Sachs, Bank of America, China Merchants, and Huaxin Securities, have all issued "buy" ratings, suggesting that inclusion in the Stock Connect will serve as an important catalyst for the valuation recovery of MiniMax-W. MiniMax-W was listed on January 9, 2026, using a dual-class share structure (-W). According to the rules, in addition to becoming a constituent stock of the Hang Seng Composite Index, -W companies must also meet three additional thresholds: "listing for at least 6 months and an additional 20 trading days, an average market capitalization of no less than 20 billion HKD over the past 183 trading days, and total trading volume of no less than 6 billion HKD during the same period." During the quarterly review of the Hang Seng Index on May 22, MiniMax-W was included in both the Hang Seng Tech Index and the Hang Seng Composite Index alongside Z.AI. On June 8, Z.AI, having been listed earlier, smoothly entered the Stock Connect, while MiniMax-W was delayed due to not meeting the time requirement. Calculating from the listing date on January 9, August 6 happens to meet the "6 months + 20 trading days" stable trading period, leading institutions generally to expect this day to be the effective date for inclusion. It is worth noting that although AI stocks have recently experienced an overall pullback, MiniMax-W was not immune to this trend. However, various brokers, including Goldman Sachs and China Merchants, have collectively expressed optimism about the company; for instance, Goldman Sachs set a target price of 860 HKD, while Guosheng Overseas estimates it could be as high as 1317 HKD. The collective bullishness from brokers is supported by MiniMax-W's strong ability to realize commercialization. Financial reports indicate that the company's revenue in 2025 is expected to reach 79.038 million USD, a year-on-year increase of 158.9%; gross profit is projected to be 20.079 million USD, a staggering year-on-year increase of 437.2%; and the gross profit margin is expected to jump from 12.2% in 2024 to 25.4%. The proportion of overseas revenue is as high as 73%, making its global layout unique among domestic large model companies. ARR growth has exceeded expectations. The latest in-depth report from China Merchants Media shows that MiniMax's ARR surged from about 100 million USD in December 2025 to approximately 430 million USD in April 2026; from February to June 2026, token consumption increased by 152%, and the conversion path from model capability to commercial revenue is accelerating. Management is confident of achieving at least 1 billion USD in ARR by the end of 2026. Calculations by LiveReport indicate that, referencing Z.AI's configuration path after its inclusion in the Stock Connectby July 31, Z.AI's Stock Connect holding ratio reached 39.20%, with a market value of approximately 25.449 billion HKDif MiniMax-W is configured conservatively at a circulation ratio of 20%-25%, the anticipated total inflow of incremental funds in the future is estimated to exceed 10 billion HKD. What is even more exciting is the long-term logic of active capital. Goldman Sachs believes that as AI investment logic shifts from upstream computing hardware to "using computing power to generate income" in downstream applications, the Hang Seng Tech Index is likely to become the core segment of this global capital shift. Since July, southbound funds have cumulatively net purchased 33.65 billion HKD in Hong Kong stocks, showing a clear trend of concentrated investment in AI-related stocks. Inclusion in the Stock Connect is not the endpoint; rather, it is the starting point for MiniMax-W to prove its status as an "AI platform company" to the market. As southbound funds officially take a seat at the table, combined with the momentum toward achieving 1 billion USD in ARR, the successive launch of the M3 Pro and H3 models, and the target price range given by mainstream brokers from 500 to 1317 HKD, MiniMax-W is addressing all market concerns about its competitiveness with a triple narrative of "omni-modal platform + global income + token economy." As China Merchants Media statedMiniMax and Z.AI together form the dual leadership of domestic large model listed companies, with MiniMax's unique positioning resting on: "the collaborative layout of underlying models, AI-native applications, and MaaS open platforms, along with a strong overseas commercialization foundation, which are the company's core differentiating advantages." After August 6, the story of this "omni-modal platform" will be written by southbound funds in the next chapter.