Minimax Surpasses Alibaba and Tencent to Become Top Pick of Southbound Funds in Hong Kong
nashnova research
Southbound investors bought HK$10.6 billion in Minimax in August, making the AI startup the most-purchased Hong Kong stock via Stock Connect — the second straight month an AI newcomer has topped the old internet giants, a clear sign that mainland money is betting on AI over Big Tech.
What does HK$10.6 billion buy?
Mainland investors purchased roughly HK$10.6 billion (≈US$1.4 billion) of Minimax shares via Stock Connect in August.
Minimax joined Stock Connect on August 6. In under four weeks, southbound funds accumulated about 9.7% of the company.
This means → mainland capital built a near-ten-percent stake in less than a month — an exceptionally fast accumulation for a newly eligible name.
Why is this not a one-off?
In July, Minimax's rival Zhipu (Z.AI Co.) topped the same southbound net-buy ranking, also beating Alibaba and Tencent.
Southbound funds now hold roughly 11% of Zhipu — even more than Minimax's 9.7%.
In plain terms = two months in a row, the top southbound pick has been an AI-model company, not Alibaba, not Tencent. That is a pattern, not an accident.
Why are the internet giants losing their pull?
Alibaba and Tencent have long dominated the southbound buy list. Now two younger AI firms have overtaken them back-to-back.
This reflects a structural shift in mainland investor preference: the growth promise of AI is outweighing the certainty of established internet platforms.
Whether southbound funds keep accumulating Minimax and Zhipu will be a key indicator of capital flows into China's AI sector.
市场有风险，内容仅供研究参考，不构成投资建议。