The question on Zhipu and MiniMax joining the Hang Seng Tech Index: is the pop investable, or just a flow event? The inflow math is real, an estimated US$1.25 to 1.75 billion of passive buying must purchase these names regardless of price. That is a genuine near-term tailwind. But step back to valuation: both are pre-profit AI labs, valued on narrative and revenue potential, not earnings. Index inclusion changes who owns the shares, not what they are worth. My take: trade the flow if you must, but do not confuse a mechanical inclusion bid with a fundamentals call. Not investment advice.
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