Breaking

MiniMax Tops Hong Kong Southbound Buying in August, Surpassing Alibaba and Tencent

September 2, 2026 at 00:52 EDT

Foundation Models
Funding & M&A

MiniMax Group Inc. became the most popular Hong Kong-listed stock among mainland Chinese investors in August, after southbound buyers spent HK$10.6 billion ($1.4 billion) on the generative AI company and built a 9.7% stake within weeks of its Stock Connect debut.

September 2026 · MiniMax Group

MiniMax leads Hong Kong's southbound AI rush

Southbound investors spent HK$10.6 billion ($1.4 billion) on MiniMax in August, overtaking Alibaba and Tencent, and have built a 9.7% stake since Stock Connect opened on August 6.

HK$10.6B

August southbound buying

9.7%

Mainland stake since Aug. 6

283%

H1 2026 revenue growth

$800M

August ARR run-rate

ARR: February vs August

Each block = $50 million. August is 5.3 times February.

$150M

February ARR

$800M

August ARR

Share price, same scale

Stacked blocks are proportional. Recent trade is about one-quarter of the March peak.

HK$165

IPO

HK$1,330

March peak

HK$348

Sept. 2 quote

How mainland buyers got in

1 · JAN 9

Hong Kong IPO

HK$165 offer, +109% on day one

→

2 · AUG 6

Stock Connect

Shares jump 17% on first access day

→

3 · AUGUST

Top southbound name

HK$10.6B bought, 9.7% stake

What bulls cite

Jefferies called Connect a positive, pointing to cost-efficient models. Enterprise mix rose to 63.4% of H1 revenue, and management put August ARR above $800 million.

What skeptics note

The stock is still far below its March high. The company remains loss-making, ARR math is disputed, and developers pushed back on M3 pricing as DeepSeek and Zhipu intensify competition.

Continue reading

The rest of this article is for AI News Blitz readers. Choose an option below to keep reading.