MINIMAX-W becomes most-bought HK stock on HK$10.6B southbound haul

Mainland investors poured HK$10.6 billion into MINIMAX-W shares in August, vaulting the AI developer to the top of Hong Kong's most-bought list. The purchases ran ahead of those in Alibaba and Tencent, according to AASTOCKS data.

The buying followed MINIMAX-W's addition to the southbound leg of Stock Connect on Aug. 6, which lets mainland investors trade the stock directly. Southbound funds now hold 9.7 percent of the company's shares, the data show.

MINIMAX-W rose 3.38 percent to HK$348.2 on Tuesday, touching an intraday high of HK$351 even as the broader market declined. Some 6.33 million shares changed hands for turnover of HK$2.15 billion. The gains contrasted with Alibaba (09988.HK), down 1.8 percent, and Tencent (00700.HK), down 1.2 percent.

The scale of the August buying stands out against a southbound picture in which mainland investors have been selective in their Hong Kong purchases. MINIMAX-W's HK$10.6 billion haul outpaced both Alibaba and Tencent, two of the most heavily traded names on the exchange, a sign that mainland money is chasing growth in AI rather than the established internet giants.

The demand reflects mainland appetite for China's new-generation AI model developers, a theme that has lifted a cluster of Hong Kong-listed names as investors seek exposure to domestic artificial-intelligence champions. MINIMAX-W, which builds large language models, has become a favored vehicle for that trade since its inclusion unlocked access to mainland capital.

The 9.7 percent stake held by southbound funds gives mainland institutions a meaningful position in the startup and a direct channel to participate in its growth. For the broader market, the flows show how Stock Connect eligibility has become a pricing factor for Hong Kong listings, with mainland capital able to move a stock's fortunes quickly after inclusion.

The next test for MINIMAX-W is whether the buying persists beyond the initial inclusion wave, since southbound flows into newly added names often front-load in the first weeks. A sustained stake would mark one of the clearest examples yet of mainland investors backing a homegrown AI model developer through the Hong Kong market.

This article is for informational purposes only and does not constitute investment advice.