The Hang Seng Indexes Company is set to announce the results of its quarterly review after today's market close. With robust technical capabilities and strong market performance, the star AI company MiniMax (00100) has become a central focus of market attention. There is a high expectation that it will be included in the Hang Seng TECH Index and the Composite Index, marking the start of a new dual cycle for capital and development. As a benchmark for China's cutting-edge large AI models, MiniMax has shown rapid recent development momentum with frequent product iterations, continuously highlighting its core strengths.
On the technical front, the flagship model M2.5, launched in February this year, achieved breakthrough progress. It reached top industry levels in high-economic-value tasks such as programming, intelligent agent tool invocation, and office scenarios, with a SWE-Bench Verified score of 80.2%. The speed of completing complex tasks increased by 37% compared to the previous generation, rivaling top international models like Claude Opus 4.6. In terms of cost, it possesses disruptive competitiveness. Running M2.5 at a rate of 100 tokens per second costs only $1 per hour, dropping to as low as $0.3 at 50 tokens per second, which is 1/10th to 1/20th the price of comparable models, truly enabling low-cost, large-scale deployment.
In March, MiniMax officially released the M2.7 model, focusing on optimizing core AI agent scenarios. It achieved significant improvements in complex task execution, multi-skill coordination, and long-text understanding, approaching the level of top international models in authoritative evaluations while maintaining a significant cost advantage, laying the foundation for large-scale commercialization.
In May, the company upgraded its AI Agent product to Mavis, introducing the "Agent Teams" collaborative mode, which addresses the capability ceiling of single agents and greatly enhances practical implementation capabilities. Concurrently, it launched the "10x Team" plan, targeting five vertical sectors including industrial software, chip design, and finance, deeply aligning with the national direction of developing new quality productive forces.
Regarding market capitalization, MiniMax's stock price and market value have surged significantly recently. As of midday on May 22nd, its total market capitalization reached HKD 238.206 billion, with its intraday stock price once rising over 20%, making it a strong candidate for inclusion in the Hang Seng TECH Index. If successfully included, although MiniMax, due to its weighted voting rights structure, would need to wait until August to qualify for Stock Connect trading, its long-term capital attractiveness is very strong.
Bloomberg Intelligence predicts that MiniMax could attract up to RMB 47 billion in southbound fund inflows. Morgan Stanley estimates that MiniMax and another AI firm, Zhipu, together could contribute 5%-7% weight to the Hang Seng TECH Index, driving $1.25 to $1.75 billion in passive fund inflows. Within six months of Stock Connect inclusion, mainland holdings could rise to 9%-20% of its free float.
Market analysts are generally optimistic about MiniMax's future performance. A Bloomberg Intelligence analyst noted that pure-play AI model stocks are scarce in the A-share market, and southbound funds have strong demand for high-quality AI assets. As a leader with both technical prowess and commercialization capabilities, MiniMax is expected to continue benefiting from southbound fund support.
With the Hang Seng Index's quarterly review results imminent, MiniMax is poised to leverage the potential index inclusion opportunity to further solidify its industry position and usher in a dual-benefit period for both capital and industrial development.