--- title: "Hong Kong tech gauge welcomes MiniMax, Zhipu in AI milestone amid slump" type: "News" locale: "en" url: "https://longbridge.com/en/news/289028151.md" description: "MiniMax and Zhipu were added to the Hang Seng Tech Index, marking the first inclusion of pure-play AI firms. Analysts predict this could drive $1.25-$1.75 billion in passive inflows. Despite the positive index update, shares moved divergently amid a broader regional tech sell-off triggered by US jobs data; MiniMax fell 8.4% while Zhipu rose 1.3%. Zhipu was also added to Stock Connect, broadening investor access." datetime: "2026-06-08T09:01:19.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/289028151.md) - [en](https://longbridge.com/en/news/289028151.md) - [zh-HK](https://longbridge.com/zh-HK/news/289028151.md) --- # Hong Kong tech gauge welcomes MiniMax, Zhipu in AI milestone amid slump Chinese artificial intelligence firms MiniMax Group and Knowledge Atlas Technology were added to the Hang Seng Tech Index on Monday, marking the first inclusion of pure-play AI companies in Hong Kong’s benchmark technology gauge, in a move analysts said could drive substantial passive inflows. The shares moved in opposite directions, as a broader market sell-off weighed on regional benchmarks. MiniMax slid 8.4 per cent to HK$506, while Knowledge Atlas – also known as Zhipu – gained 1.3 per cent to HK$1,314 at the close of trading, as Asia’s technology stocks retreated after a stronger-than-expected US jobs report prompted investors to scale back expectations for interest-rate cuts. The downturn spread across regional markets, dragging key indices lower. Hong Kong’s Hang Seng Index fell 1.2 per cent and the Hang Seng Tech Index lost 2.7 per cent, while South Korea’s Kospi plunged 8.3 per cent and Taiwan’s Taiex dropped 3.5 per cent. Analysts said the inclusion could broaden liquidity as index-tracking funds adjust portfolios. Morgan Stanley estimated in an April report that the two companies could eventually account for 5 to 7 per cent of the benchmark, implying US$1.25 billion to US$1.75 billion of passive inflows. Their initial weightings are 0.53 per cent for Zhipu and 0.36 per cent for MiniMax. Morgan Stanley further projected that had MiniMax and Zhipu been included in the Hang Seng Tech Index at the time of their initial public offerings (IPOs), replacing the benchmark’s two smallest constituents, the index’s year-to-date return would have been about 5 percentage points higher. “The inclusion will broaden liquidity as index funds will be forced to buy,” said Hong Hao, managing partner and chief investment officer at Lotus Asset Management. He added that Zhipu’s larger market capitalisation could result in a higher index weighting and relatively stronger performance than peers. As part of the latest index review, software developers Kingdee International Software Group and Kingsoft were removed from the benchmark. Zhipu was added to the Stock Connect programme with effect from Monday, according to an announcement on the same day by the Shenzhen Stock Exchange, opening the stock to a broader pool of mainland Chinese investors. MiniMax was not included. The changes come as investors increasingly channel money into mainland companies seen as direct beneficiaries of China’s AI push, even as Hong Kong technology stocks struggle to regain momentum. The reshuffle also precedes a wave of share lock-up expiries. While the expiry of shareholder restrictions is expected to increase market supply, analysts said inflows linked to index inclusion and, in Zhipu’s case, Stock Connect participation could help absorb part of the additional shares. HSBC estimated that roughly 65 per cent of MiniMax’s shares were due to come out of lock-up in July, while about 40 per cent of Zhipu’s shares were scheduled to be released at the end of January next year, according to domestic media reports on May 31. Still, analysts cautioned that a sharp increase in tradeable shares could limit the impact of passive inflows. “Once lock-up periods expire, profit-taking by early investors who have enjoyed substantial gains since the IPOs is inevitable,” Lotus Asset’s Hong said. ### Related Stocks - [00100.HK](https://longbridge.com/en/quote/00100.HK.md) - [STECH.HK](https://longbridge.com/en/quote/STECH.HK.md) - [02513.HK](https://longbridge.com/en/quote/02513.HK.md) - [03032.HK](https://longbridge.com/en/quote/03032.HK.md) - [03033.HK](https://longbridge.com/en/quote/03033.HK.md) - [03067.HK](https://longbridge.com/en/quote/03067.HK.md) - [07226.HK](https://longbridge.com/en/quote/07226.HK.md) - [07552.HK](https://longbridge.com/en/quote/07552.HK.md) - [00HSI.HK](https://longbridge.com/en/quote/00HSI.HK.md) - [MS.US](https://longbridge.com/en/quote/MS.US.md) - [00268.HK](https://longbridge.com/en/quote/00268.HK.md) - [03888.HK](https://longbridge.com/en/quote/03888.HK.md) - [00005.HK](https://longbridge.com/en/quote/00005.HK.md) - [HSBC.US](https://longbridge.com/en/quote/HSBC.US.md) - [MS-O.US](https://longbridge.com/en/quote/MS-O.US.md) - [MS-Q.US](https://longbridge.com/en/quote/MS-Q.US.md) - [MS-E.US](https://longbridge.com/en/quote/MS-E.US.md) - [MS-I.US](https://longbridge.com/en/quote/MS-I.US.md) - [MS-L.US](https://longbridge.com/en/quote/MS-L.US.md) - [MS-P.US](https://longbridge.com/en/quote/MS-P.US.md) - [MS-A.US](https://longbridge.com/en/quote/MS-A.US.md) - [MS-F.US](https://longbridge.com/en/quote/MS-F.US.md) - [MS-K.US](https://longbridge.com/en/quote/MS-K.US.md) - [DTIW.SG](https://longbridge.com/en/quote/DTIW.SG.md) - [HSBA.UK](https://longbridge.com/en/quote/HSBA.UK.md) ## Related News & Research - [Xiaomi (XIACF): New Buy Recommendation for This Technology Giant](https://longbridge.com/en/news/288369028.md) - [Hong Kong stocks face pressure after Beijing tightens capital controls](https://longbridge.com/en/news/287558412.md) - [Why Hong Kong is now the launch pad for mainland China’s AI champions](https://longbridge.com/en/news/288403176.md) - [MiniMax explores Star Market listing after Hong Kong debut](https://longbridge.com/en/news/288464539.md) - [Zhipu vs MiniMax: what’s driving the widening valuation gap in Hong Kong](https://longbridge.com/en/news/289126939.md)