Abstract: Connect inclusion. We expect MiniMax (100 HK) to enter southbound Stock Connect on 6 Aug 2026 after exchange announcements before the open. Southbound demand. We use Zhipu's (2513 HK) post-inclusion southbound accumulation as the closest precedent for MiniMax. Revision, tokens and re-rating. Revenue upgrades are running ahead of share supply. OpenRouter data show M3 usage weakness and a valuation gap vs Zhipu.
MINIMAX, KNOWLEDGE ATLAS
Research on index reviews and inclusion events across Asia Pacific, including MSCI, Hang Seng (HSI, HSCEI, HSCI), HS TECH, CSI 300, STAR50, NIFTY and Stock Connect changes. Coverage runs from rebalance forecasts through post-announcement positioning, pre-implementation updates and post-implementation reviews, using the price patterns of past events.
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