On May 22, the Hang Seng Index Company will announce the results of its quarterly review, with the market widely expecting that the domestic AI large model leader MiniMax (00100.HK) will successfully join the Hang Seng TECH Index constituents. If included, it will not only be an authoritative recognition of its industry position but will also open a channel for a massive inflow of southbound funds, highlighting the scarcity of AI-related stocks in the Hong Kong market.
MiniMax's ability to continue leading in the AI sector is driven by dual forces of technological iteration and product implementation, with recent highlights continuously emerging. On the technical front, the company made breakthrough progress with its flagship model M2.5 launched in February this year, achieving top industry levels in high-value economic tasks such as programming, agent tool invocation, and office scenarios. M2.5 operates at a speed of 100 tokens per second, costing only $1 per hour, and at a speed of 50 tokens per second, it costs as low as $0.3, making it 1/10 to 1/20 the price of models at the same level, truly achieving low-cost large-scale deployment. In March, the company officially released M2.7, focusing on optimizing core scenarios for AI agents, achieving leapfrog improvements in dimensions such as complex task execution, multi-skill collaboration, and long text understanding, nearing the level of top international models in authoritative evaluations, while also possessing significant cost advantages, laying the foundation for large-scale commercialization.
In terms of product matrix construction, MiniMax has a clear layout rhythm, progressively improving the agent ecosystem. In March, the company was the first to adapt the open-source framework OpenClaw (Lobster) and launched the MaxClaw cloud-based agent service, lowering the threshold for using AI agents and supporting individuals and enterprises to quickly build their own digital employees, covering multiple scenarios such as office work, development, and data analysis, quickly becoming a mainstream choice in the market after its launch. In April, MaxHermes was officially launched as the world's first cloud-based self-evolving AI agent, relying on the capabilities of the M2.7 model to autonomously learn and iterate during task execution, continuously optimizing its skill set and achieving dynamic growth in capabilities, representing a new direction for AI agent development. In May, MiniMax completed the upgrade of its Agent product and named it Mavis, innovatively introducing a multi-agent team collaboration model that breaks through the capability limits of single agents through role division and collaboration mechanisms, efficiently handling ultra-long complex tasks and comprehensively upgrading its implementation capabilities.
On the capital front, MiniMax's market value has recently surged, becoming a core target in the Hong Kong AI sector, meeting the inclusion criteria for the Hang Seng TECH Index. If successfully included in the index, although the Hong Kong Stock Connect eligibility will not be available until August, the expectation of fund inflows has already begun to heat up. Bloomberg Industry Research estimates that MiniMax could attract 47 billion yuan in southbound funds; Morgan Stanley is optimistic that its combination with Zhizhu will bring an incremental weight of 5% to 7% to the index, driving tens of billions in passive funds into the market.
Industry insiders believe that with the adjustment of the Hang Seng Index being implemented, MiniMax will welcome index dividends and capital support, combined with its own accelerated technological iteration and product implementation, entering a golden period of development

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The Hang Seng Index Company will announce the quarterly review results on May 22, and the market generally expects MiniMax to be successfully included in the Hang Seng TECH Index, which is expected to attract hundreds of billions of southbound capital inflows. MiniMax, leveraging its technological iteration and product matrix advantages, has launched the M2.5 and M2.7 models, which have significant cost advantages, promoting the development of the AI intelligent ecosystem and becoming a mainstream choice in the market

同壁财经

Hang Seng TECH Index

MINIMAX-W

HSTECH ETF

CAM HS TECH

ISHARESHSTECH

Hang Seng TECH ETF I

ChinaAMC Hang Seng Technology ETF(QDII)

Dacheng Hang Seng Technology ETF(QDII)

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

CSOP HS TECH

Tianhong Hang Seng TECH ETF(QDII)

CMS HS TECH

GX HS TECH

KNOWLEDGE ATLAS

Morgan Stanley

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

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MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

The expectation of index inclusion catalyzes, MiniMax leverages technological iteration and product matrix advantages to embrace the trillion yuan capital windfall