Chinese AI developer MiniMax experienced a significant surge in investor interest and its stock price after being added to the Stock Connect program on August 6. The company's shares jumped as much as 22.8% to HK$311.60 ($39.73), pushing its market capitalization above HK$100 billion. This strong performance followed a recent sell-off after the expiry of its IPO lock-up period, indicating renewed investor confidence. MiniMax, known for its Hailuo video-generation AI and Talkie companion app, had previously raised HK$16 billion ($2.05 billion) in equity and convertible bonds in July, marking one of the largest AI funding rounds of 2026.
On its first day in the Stock Connect program, MiniMax immediately became the focal point for mainland capital, with its share price rising over 17% by market close. The company attracted nearly HK$2.7 billion ($344.2 million) in net buying from southbound funds, making it the most actively traded stock. This significant inflow occurred even as overall southbound flows recorded a net sell-off of HK$1.46 billion ($186.2 million) that day, highlighting the concentrated interest in MiniMax. Investors from both Shanghai and Shenzhen were bullish, with the Shanghai-Hong Kong Stock Connect contributing HK$2.17 billion ($276.6 million) and the Shenzhen-Hong Kong Stock Connect adding HK$527 million ($67.2 million) in net buying.
MiniMax's appeal to mainland investors is largely attributed to its robust operational performance and rapid growth in annual recurring revenue (ARR). The company's ARR swiftly increased from approximately $100 million in December 2025 to roughly $430 million by April 2026. Management has expressed strong confidence in achieving an ARR target of at least $1 billion by the end of 2026. This accelerated commercialization, coupled with a 152% increase in token consumption volume between February and June, has been a key driver for the substantial buying interest. Analysts from Jefferies reiterated MiniMax as one of their "best buy ideas," citing its cost-efficient model and successful H3 model release.
