Southbound Funds Net Bought Over HKD 1 Billion in MINIMAX in a Single Day, AI Large Model Commercialization Thesis Validated by Capital Flows
Alina Collins
Northbound capital poured over HK$1 billion into MINIMAX-W on August 10, with a combined HK$1.3 billion flowing into MINIMAX and Zhipu — a concentrated bet that large-model companies are crossing the line from cash-burning growth to performance-based pricing.
What exactly is northbound money betting on?
Southbound flows totalled a net HK$2.021 billion on the day. MINIMAX-W (00100) alone absorbed HK$1.013 billion — the single largest target across the entire market.
Zhipu (02513) drew another HK$313 million. Together, the two large-model stocks attracted over HK$1.3 billion.
This means → capital is not broadly chasing AI; it is laser-focused on one thesis: large models can make money.
Why can large-model companies raise prices now?
China Merchants Securities noted that DeepSeek announced plans to sharply raise API prices. Silicon Data's token-price index for open-source models has also been climbing steadily.
In plain terms = large-model vendors used to undercut each other on price, losing money on every sale. The industry consensus has flipped — price by performance and compute, and start caring about profit quality.
This reflects a shift from loss-making land-grabs to a new phase of monetisation discipline.
What else did northbound funds buy?
Kingboard Laminates (01888) drew a net HK$599 million. The catalyst: Goldman Sachs sharply raised its AI-server PCB (printed circuit board — the board chips and components are soldered onto) market forecast to US$37.5 billion in 2027 and US$84 billion in 2028.
GenScript Biotech netted HK$472 million, YOFC HK$422 million, Xiaomi HK$384 million, and Tencent HK$376 million.
This means → northbound capital ran two parallel tracks on the same day: large-model software (MINIMAX, Zhipu) and AI hardware supply chain (Kingboard Laminates).
What was being sold?
SMIC (00981) saw net northbound selling of HK$452 million — the day's largest outflow for any single stock.
Kingboard Holdings (00148) saw a net outflow of HK$50.3 million.
In plain terms = on the same day that money flooded into AI applications and materials, it pulled back from the leading foundry — capital executed an upstream-to-downstream rotation within the AI supply chain.
How will this heavy bet be validated?
Two things to watch: ① Can large-model API pricing keep moving up, or will it collapse back into a price war? ② Can MINIMAX, Zhipu and peers deliver volume and price growth in coming earnings reports?
This means → northbound capital is not buying proven results — it is front-running a monetisation inflection point. The validation window sits in the next one to two quarters of earnings.
Content is for reference only, not financial advice.