Southbound funds bought Zhipu AI and MiniMax in July and August.

ME News report, September 2 (UTC+8), Beating AI Brief: Mainland capital has consecutively turned domestic large model companies into the top-held stocks on the Hong Kong Stock Exchange for two months. In July, Zhipu became the most bought stock by mainland capital on Hong Kong’s market, surpassing Alibaba and Tencent in volume. In August, the top spot shifted to MiniMax, which saw net purchases of HK$10.6 billion in a single month, again exceeding Alibaba and Tencent. MiniMax’s fundraising pace has even outstripped Zhipu’s. It only officially joined the Stock Connect program on August 6, meaning mainland investors could not previously buy it through this channel. On its first day of eligibility, mainland capital net bought HK$2.697 billion; by the second day, cumulative net purchases exceeded HK$4.9 billion. Within less than a month, mainland investors’ stake in MiniMax surged to 9.7%. Zhipu had already been heavily bought earlier. It entered the Stock Connect program on June 8, when mainland capital purchased approximately HK$1.8 billion on that day alone. In early July, net purchases reached HK$13.7 billion in one week, followed by another HK$10.6 billion the next week. Currently, mainland capital holds about 11% of Zhipu’s shares—a higher stake than its holding in MiniMax. Both companies remain in high-growth, high-loss phases. MiniMax reported revenue of $116.6 million in the first half of the year, a 283% year-over-year increase, yet still incurred a loss of $358 million; Zhipu recorded revenue of RMB 954 million during the same period, up approximately 400% year-over-year, with a loss of about RMB 2 billion. (Source: BlockBeats)