MiniMax may now be the港股 with the highest “AI content,” as southern capital has already voted with real money. Bloomberg noted today that MiniMax was the Hong Kong stock with the largest net inflow from southern mainland capital in August. MiniMax: Net buy-in of HK$10.052 billion Alibaba: HK$7.857 billion Tencent: HK$6.716 billion For the entire month of August, total net inflow from southern capital into Hong Kong stocks amounted to just HK$10.379 billion. In other words, on a net basis, MiniMax alone absorbed nearly the entirety of southern capital’s net inflow for August. Most buying and selling activity among other stocks largely offset each other. The Hong Kong market is beginning to assign a separate valuation to “pure AI assets.” While Alibaba and Tencent invest far more in AI, for secondary markets, AI remains only one component of their vast business portfolios. Buying MiniMax gives investors direct exposure to a pure China AI beta—model capabilities, token consumption, API revenue, and AI application commercialization all directly reflect on this single company. This logic has recently been reinforced by its earnings. MiniMax’s revenue in the first half of the year reached $116.6 million, up 283% year-over-year, surpassing its entire 2025 annual projection. Revenue from its Open Platform and enterprise AI services surged 703%, accounting for 63.4% of total revenue. In July, token consumption reached 20 times the level seen in January. Yet, on the other side, its adjusted net loss widened from $138.7 million to $293 million in the first half of the year. So what southern capital is buying in MiniMax is clearly not today’s profitability. It’s betting on a thesis: China will eventually produce a large, independent AI model company—and MiniMax is currently one of the most accessible vehicles on the Hong Kong market to bet on this outcome. MiniMax’s stock rose 51% in August, and its investor base is now becoming extremely concentrated. What matters next is whether it can sustain revenue growth that outpaces its burn rate. Otherwise, the valuation premium driven by its “pure AI” status could just as easily become its greatest source of volatility.