Zhipu and Minimax Expected to Join Hang Seng TECH Index on June 8

Since the beginning of this year, the Hang Seng Tech Index has been低迷 with a drop of over 10% from the start of the year. However, at the same time, the two best-performing new listings in Hong Kong stocks this year just happen to be two AI large model companies—Knowledge Atlas and MiniMax, both of which have been in the top two positions among Hang Seng Tech Index IPO stocks for 2026 in terms of gains since their listing.

But the issue is that these two companies are not yet included in the Hang Seng Tech Index. The reason is straightforward: their listing time is too short and they have not met the inclusion criteria. Currently, it is expected that both Knowledge Atlas and MiniMax will be included through the Hang Seng Tech Index review in June and will officially be included on June 8, 2026, with a combined weight of about 5%-7%.

According to the Pursuing Wind Trading Desk, Morgan Stanley analysts calculated in their latest research that if Knowledge Atlas and MiniMax were included in the Hang Seng Tech Index on the day of their listing, the index's drop from the beginning of the year would narrow from -12.6% to -7.6%.

However, the real stress test is the lock-up expiration wave starting in July: 5.83% of the shares of Knowledge Atlas's cornerstone investors will be unlocked, and nearly 50% of MiniMax's shares will be unlocked, causing the floating market to expand several times over in an instant, and the scarcity premium of share prices is facing a severe test.

Hang Seng Tech Index, Has it "Strayed"?

So far this year, the Hang Seng Tech Index has fallen into a double-digit decline. On the surface, this is related to the tension of Middle Eastern geopolitics and the global contraction of risk preferences.

Analysts point out that the current structure of the Hang Seng Tech Index shows that in the index, the e-commerce sector (Alibaba, Meituan, JD.com, Ctrip, Tongcheng) accounts for 25.4%, and the automotive/new energy vehicles sector (BYD, Xiaomi, NIO, XPeng, Li Auto, Zero Run) accounts for 25.1%, with a combined total exceeding 50%.

In other words, half of the index's weight is actually on consumer and travel. At the same time, the "absence effect" of TikTok is also continuing to ferment.

If Knowledge Atlas and MiniMax were included in the index earlier, the loss for this year would be reduced by 5 percentage points

Analysts have made a hypothetical calculation: if Knowledge Atlas and MiniMax were included in the Hang Seng Tech Index on January 9th (the first trading day after listing), replacing the two smallest weighted components – Kingdee and Kingsoft, the index's total return from the beginning of the year would improve from -12.6% to -7.6%, increasing by about 5 percentage points.

These 5 percentage points can basically offset the wave of pullbacks brought about by the viral success of TikTok's Dou Bao and Ji Meng around the Spring Festival (late February).

The significance of this calculation is not just an "if" – it points more directly to an imminent reality: these two companies will soon be coming in.

As of now, it is expected that both Knowledge Atlas and MiniMax will pass the Hang Seng Tech Index review in June and will officially be included onJune 8,