The Zhitong Finance App learned that on August 6, MiniMax-W (00100) was officially incorporated into the Hong Kong Stock Connect, marking that this leading domestic model has finally opened its doors to mainland capital after “6 months+20 trading days” after listing.
LiveReport's big data estimates that on the first day of entry, you can obtain at least HK$1 billion in capital allocated by Hong Kong Stock Connect, and the total amount of incremental capital that is expected to continue to flow in the future is estimated to exceed HK$10 billion.
The Zhitong Finance App, combined with recent intensive research reports published by mainstream brokerage firms such as Goldman Sachs, Bank of America, China Merchants, and Huaxin Securities, showed that they all gave “buy” ratings and research reports, believing that access will be an important catalyst for MiniMax-W's valuation repair.
MiniMax-W was listed on January 9, 2026 and uses the same share different rights (-W) structure. According to the rules, in addition to being a constituent stock of the Hang Seng Composite Index, -W must also meet the three additional thresholds of “6 months and 20 trading days after listing, an average daily market value of not less than HK$20 billion over the past 183 trading days, and a total turnover of not less than HK$6 billion during the same period”.
In the Hang Seng Index quarterly inspection on May 22, MiniMax-W was included in the Hang Seng Technology Index and Hang Seng Composite Index at the same time as Smart Spectrum; on June 8, due to an earlier listing and successful entry, MiniMax-W was suspended due to a lack of time. Estimating from the time of listing on January 9, August 6 coincided with a stable trading period of “6 months+20 trading days”, so institutions generally expect that date to be the effective date for entry into force.
It is worth noting that despite the recent overall correction in AI stocks, MiniMax-W has not been able to stay out of the situation. Recently, many brokerage firms, including Goldman Sachs and China Merchants, are singing about the company. For example, Goldman Sachs gave it a target price of HK$860, while Guosheng overseas was as high as HK$1,317.
What supports the collective singing of brokerage firms is MiniMax-W's solid commercial cashability.
According to financial reports, the company's revenue in 2025 was 79.038 million US dollars, a year-on-year increase of 158.9%; gross profit was US$2.079 million, surging 437.2% year on year; gross margin jumped 25.4% from 12.2% in 2024. Overseas revenue accounts for 73%, and the global layout is unique among large domestic model companies.
ARR growth exceeded expectations. According to China Merchants Media's latest in-depth report, MiniMax's ARR grew rapidly from about 100 million US dollars in December 2025 to about 430 million US dollars in April 2026; token consumption increased by 152% from February to June 2026, and the transformation path of model capability to commercial revenue is being verified at an accelerated pace. Management is confident that at least $1 billion in ARR will be achieved by the end of 2026.
According to LiveReport estimates, the total amount of incremental capital that is expected to continue to flow in the future is estimated to be over HK$10 billion, with a market value of 39.20% of the shares held by Zhipu Hong Kong Stock Connect as of July 31, with a market value of about HK$25.449 billion. If MiniMax-W is allocated according to a conservative 20%-25% circulation ratio, the total amount of incremental capital that is expected to continue to flow in the future is estimated to exceed HK$10 billion.
What is more worth looking forward to is the long-term logic of active funding. Goldman Sachs believes that as AI investment logic spreads from upstream computing power hardware to downstream applications that “use computing power to generate revenue,” Hang Seng Technology is expected to become the core carrier sector for this global capital shift. Since July, Southbound Capital has made net purchases of HK$33.65 billion in Hong Kong stocks, and there is already a clear trend of centralized allocation to AI-related targets.
Admission is not the end, but the starting point for MiniMax-W to prove to the market the success of an “AI platform company”. When Southbound Capital officially took a seat at the table, along with the ARR sprint to $1 billion in cashout, the successive landings of the M3 Pro and H3 models, and the target price range of HK$500-1,317 given by mainstream brokerage firms, MiniMax-W is using the triple narrative of “full modal platform+global revenue+token economy” to respond to all market questions about its competitiveness.
As stated by China Merchants Media — MiniMax and Smart Spectrum together form the two leading domestic model listed companies, and MiniMax's unique position is that “the underlying model, the collaborative layout of AI native applications and MaaS open platforms, and a strong overseas commercialization foundation are the company's core differentiating advantages.”
After August 6, this “full modal platform” story will be handed over to Southbound Funding to personally write the next chapter.