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MiniMax leads southbound trading on first Stock Connect day with HK$2.7 billion net buy

MiniMax leads southbound trading on first Stock Connect day with HK$2.7 billion net buy

The AI startup rose more than 17% after becoming eligible for southbound trading on Aug. 6, while Tencent, Alibaba and SMIC were the main targets of mainland selling.

Fact Check
The official Shanghai Stock Exchange announcement directly confirms MINIMAX-W (00100), Luxshare Precision (02475), and Sanhuan Group (06951) were added (调入) to the Southbound Stock Connect list, published 2026-08-05 and effective the next trading day (Aug 6). Securities Times, Jiemian, and BlockBeats corroborate, with BlockBeats confirming the parallel Shenzhen Stock Exchange addition effective Aug 6. The only inconsistency was a 'March 6/March 5' date in the BigGo translated summary, which is a translation artifact contradicted by all primary Chinese sources dated August.
Summary

MiniMax became the standout trade on the first effective day of the latest Hong Kong Stock Connect roster change, closing up more than 17% and drawing nearly HK$2.7 billion in southbound net buying even as overall southbound trading logged a HK$1.46 billion net sell-off. The Aug. 6 adjustment added MiniMax, Luxshare Precision and Sanhuan Group to the eligible list, with mainland investors buying MiniMax through both the Shanghai-Hong Kong and Shenzhen-Hong Kong links, while Kingboard Laminates and Yangtze Optical Fibre and Cable also attracted inflows and Tencent Holdings, Alibaba and SMIC led outflows. Brokerages have tied enthusiasm for MiniMax to rapid operating growth, saying annual recurring revenue rose from about $100 million in December 2025 to roughly $430 million by April 2026, token consumption climbed 152% between February and June, and management is targeting at least $1 billion in ARR by the end of 2026.

Terms & Concepts
  • Stock Connect: A cross-border market access program linking mainland Chinese and Hong Kong exchanges so investors can trade eligible shares in each market.
  • southbound trading: Trading by mainland Chinese investors in eligible Hong Kong-listed stocks through the Stock Connect scheme.
  • annual recurring revenue: A measure of revenue a company expects to generate repeatedly over a year from ongoing customer contracts or subscriptions.