--- title: "KNOWLEDGE ATLAS and MiniMax Set to Join Hang Seng Tech Index and Stock Connect – The Moment for AI to Reshape Hong Kong Stocks Has Arrived" type: "News" locale: "en" url: "https://longbridge.com/en/news/284482457.md" description: "The two best-performing IPO stocks in the Hong Kong market—KNOWLEDGE ATLAS and MiniMax—if included in the Hang Seng Tech Index from their listing dates, would have reduced the index's year-to-date loss by 5 percentage points. Both are expected to be added to the index on June 8, with a combined weight of 5%-7%, bringing approximately $1.25 billion to $1.75 billion in passive capital inflows, while the Stock Connect will also gradually open. However, the true stress test is the wave of stock lifting in July: 5.83% of KNOWLEDGE ATLAS shares and nearly 50% of MiniMax shares will be unlocked, testing the liquidity premium" datetime: "2026-04-29T02:52:44.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284482457.md) - [en](https://longbridge.com/en/news/284482457.md) - [zh-HK](https://longbridge.com/zh-HK/news/284482457.md) --- # KNOWLEDGE ATLAS and MiniMax Set to Join Hang Seng Tech Index and Stock Connect – The Moment for AI to Reshape Hong Kong Stocks Has Arrived Since the beginning of this year, the Hang Seng Tech Index has underperformed, falling more than 10% year-to-date. Meanwhile, the two best-performing new listings in the Hong Kong market this year are precisely two large AI model companies—KNOWLEDGE ATLAS and MiniMax—with their post-listing gains ranking as the top two among all Hong Kong IPOs in 2026. However, the issue is that these two companies are not yet part of the Hang Seng Tech Index. The reason is simple: **their listing duration is too short to meet the inclusion criteria. Currently, both KNOWLEDGE ATLAS and MiniMax are expected to pass the Hang Seng Tech Index review in June and be officially included on June 8, 2026, with a combined weight of approximately 5%-7%.** According to Zhuifeng Trading Desk, Morgan Stanley analysts calculated in their latest research that if KNOWLEDGE ATLAS and MiniMax had been included in the Hang Seng Tech Index on their listing days, the index's year-to-date decline would have narrowed from -12.6% to -7.6%. Nevertheless, the real stress test is the wave of stock lifting starting in July: 5.83% of shares held by KNOWLEDGE ATLAS's cornerstone investors will be unlocked, and nearly 50% of MiniMax's total shares will be unlocked. The free float will suddenly expand several times over, putting the scarcity liquidity premium under severe test. ## **Has the Hang Seng Tech Index "Gone Off Track"?** Year-to-date, the Hang Seng Tech Index has fallen by double digits. On the surface, this is related to geopolitical tensions in the Middle East and a contraction in global risk appetite. Analysts point out that the current structure of the Hang Seng Tech Index shows that the e-commerce sector (Alibaba, Meituan, JD.com, Trip.com, Tongcheng) accounts for 25.4% of the weight, and the automotive/new energy vehicle sector (BYD, Xiaomi, NIO, XPeng, Li Auto, Leapmotor) accounts for 25.1%, with the two combined exceeding 50%. In other words, half of the index's weight is actually in consumption and mobility. Meanwhile, the "absence effect" of ByteDance continues to ferment. ## If KNOWLEDGE ATLAS and MiniMax Had Joined the Index Earlier, Losses This Year Would Be 5 Percentage Points Less Analysts conducted a hypothetical calculation: if KNOWLEDGE ATLAS and MiniMax had been included in the Hang Seng Tech Index on January 9 (the first trading day after listing), replacing the two constituents with the smallest current weights—Kingdee International and Kingsoft—the index's total return year-to-date would have improved from **\-12.6%** to **\-7.6%**, an increase of about **5 percentage points**. These 5 percentage points would basically offset the correction brought about by the widespread popularity of ByteDance's Doubao and Jimeng around the Spring Festival (mid-to-late February). The significance of this calculation is not just "what if"—it points more directly to an impending reality: these two companies are soon to be included. ## June 8: KNOWLEDGE ATLAS and MiniMax Both Selected for Hang Seng Tech Index Currently, both KNOWLEDGE ATLAS and MiniMax are expected to pass the Hang Seng Tech Index review in June and be officially included on **June 8, 2026**, with a combined weight of approximately **5%-7%**. The Hang Seng Tech Index maintains a fixed number of 30 constituents, with a maximum weight cap of 8% per stock. The entry of new members means others must exit. According to the rules, non-constituents must rank 24th or higher to be included. Currently, Kingdee and Kingsoft, which have the smallest weights, are likely to be replaced and removed. The direct impact of inclusion is mandatory buying by passive funds. Data shows that the scale of ETFs and passive products tracking the Hang Seng Tech Index is currently about **$25 billion**. **Based on a 5%-7% weight calculation, KNOWLEDGE ATLAS and MiniMax will see combined passive capital inflows of approximately $1.25 billion to $1.75 billion.** **** ## **Stock Connect Opens: KNOWLEDGE ATLAS in June, MiniMax to Wait Until August** Beyond inclusion in the Hang Seng Tech Index, another larger capital gateway is the Stock Connect (Southbound Capital). Morgan Stanley expects that KNOWLEDGE ATLAS will be simultaneously included in the Stock Connect on **June 8, 2026**; MiniMax, due to its WVR (Weighted Voting Rights) structure, must meet additional conditions—listed for at least 6 months and 20 trading days, with an average daily market capitalization of no less than HK$20 billion over the past 183 trading days, and a total turnover of no less than HK$6 billion during the same period—it is expected to open earliest on **August 6, 2026**. Behind the time difference is the Hong Kong Exchanges and Clearing Limited's (HKEX) stricter governance review for companies with dual-class share structures. ## **How Much Money Can Southbound Capital Bring?** The report systematically reviewed historical changes in Southbound holdings after major internet and technology companies were included in the Stock Connect. Data shows that within 6 months of inclusion, Southbound holdings averaged about **9%** of the relevant companies' free floats; for companies with smaller free floats, this ratio is often higher. Based on this, two scenario predictions were provided: **Base Case** (Southbound holdings reach 8%-9% of free float): - MiniMax: Cumulative net Southbound inflow of approximately **HK$18.4 billion** within 180 days of inclusion, equivalent to about **12.8 days** of its average daily turnover in April 2026 - KNOWLEDGE ATLAS: Cumulative net Southbound inflow of approximately **HK$18.6 billion**, equivalent to about **10 days** of average daily turnover **Optimistic Case** (referencing small-float new listings like Horizon Robotics, where Southbound holdings rise to about 20%): - MiniMax: Cumulative net Southbound inflow of approximately **HK$43.4 billion**, equivalent to about **30 days** of average daily turnover - KNOWLEDGE ATLAS: Cumulative net Southbound inflow of approximately **HK$43.9 billion**, equivalent to about **23.5 days** of average daily turnover Combined for both stocks, Southbound capital would be approximately **HK$37 billion** in the base case and close to **HK$88 billion** in the optimistic case. Given the extreme scarcity of similar investment targets in the current Hong Kong and A-share markets, the capital inflows attracted after the inclusion of these two stocks will support their share prices and valuations, and drive broader market sentiment as well as institutional and retail participation. ## **Stock Lifting Is the Real Stress Test** While expectations for capital inflows are optimistic, the other side cannot be ignored. Currently, the free float of both companies is extremely small: KNOWLEDGE ATLAS's actual free float rate is only about **2.67%**, and MiniMax's is about **5.44%**, with over 90% of shares in lock-up. This means current share prices are formed on a very small chip base, exhibiting a significant liquidity premium. There are two key time nodes: **First Hurdle: July 7/8, 2026 (approximately 6 months after listing)** 5.83% of shares held by KNOWLEDGE ATLAS's cornerstone investors will be unlocked; for MiniMax, approximately 44.29% of old shareholders (with a six-month lock-up period) and 5.34% of cornerstone investors, totaling nearly 50% of shares, will be unlocked. At that time, the number of tradable shares in the market will suddenly expand several times over, causing the first reversal in supply and demand dynamics. **Second Hurdle: January 2027 (approximately 12 months after listing)** Mainly affecting KNOWLEDGE ATLAS—over 60% of shares held by non-controlling shareholders will be unlocked, concentrating the cash-out demands of early investors and employees. At that time, the market pricing logic will switch from "scarcity premium" back to fundamentals: revenue growth rates, the pace of loss narrowing, and the effectiveness of commercialization implementation will all become hard indicators. Based on current financial data, both companies face considerable pressure. KNOWLEDGE ATLAS recorded revenue of RMB 191 million in the first half of 2025, with R&D expenses of RMB 1.594 billion, corresponding to about RMB 8 in R&D investment for every RMB 1 of revenue; MiniMax recorded revenue of $53.44 million in the first nine months of 2025, with R&D expenses of $180 million, corresponding to about $3.37 in R&D investment for every $1 of revenue. ## **The Hong Kong IPO Market Is Being Reshaped by AI** The listings of KNOWLEDGE ATLAS and MiniMax are not isolated events but a microcosm of a larger structural shift. Year-to-date in 2026, the total fundraising amount for Hong Kong IPOs has reached **HK$139 billion**, approximately 50% of the full-year total for 2025. Among this, the information technology sector's IPO fundraising amounted to **HK$54 billion**, accounting for **39%** of the total fundraising. This not only exceeds the IT sector's full-year total of HK$40 billion in 2025, but the proportion has also jumped significantly from 14% in 2025. The semiconductor sector is particularly prominent, with its share of total fundraising rising from 3% in 2025 to **21%**. Regarding the IPO pipeline, among the approximately 390 companies currently queued for listing in Hong Kong, information technology accounts for about **43%**, healthcare for 22%, and consumer goods for 13%. Behind this shift is clear policy propulsion. In September 2024, the HKEX and the Securities and Futures Commission (SFC) lowered the minimum market capitalization threshold for Chapter 18C (Specialist Technology Companies)—for commercialized companies from HK$6 billion to HK$4 billion, and for pre-commercialized companies from HK$10 billion to HK$8 billion, valid for three years. Meanwhile, the HKEX and SFC jointly launched the "Technology Enterprise Channel" (TECH), providing exclusive fast-track listing and confidential filing options for AI and large model companies. At the policy level, the 2025-26 fiscal budget allocated **HK$10 billion** to establish an Innovation and Technology Industry Guidance Fund, and **HK$1 billion** to establish the Hong Kong Artificial Intelligence R&D Institute; the 2026-27 budget further established the "AI+ and Industrial Development Strategy Committee," listing AI as a core industry. 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