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
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