Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Bottom-Up

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: Anthropic's accidental Mythos leak and IPO plans dominated headlines.</li>
<li>MiniMax M2.7 demand exceeded capacity; Xiaomi's MiMo-V2-Pro took #1 on OpenRouter; Stepfun launched its first subscription.</li>
<li>Moonshot AI is raising $1bn at $17-18bn pre-money ahead of a potential HK listing; Shield AI raised $2bn at $12.7bn.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: Anthropic's accidental Mythos leak and IPO plans dominated headlines.
MiniMax M2.7 demand exceeded capacity; Xiaomi's MiMo-V2-Pro took #1 on OpenRouter; Stepfun launched its first subscription.
Moonshot AI is raising $1bn at $17-18bn pre-money ahead of a potential HK listing; Shield AI raised $2bn at $12.7bn.


This Week in AI (Mar 22-28): Anthropic/Moonshot Eyeing IPOs; TurboQuant Rattles Memory Stocks

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: Jensen Huang endorsed OpenClaw at GTC 2026.</li>
<li>MiniMax launched self-evolving M2.7. Zhipu released GLM-5-Turbo optimized for OpenClaw. Alibaba and Tencent restructured AI operations.</li>
<li>Google closed $32bn Wiz deal. Anthropic and OpenAI shipped new products. Cursor's Composer 2 built on Kimi K2.5.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: Jensen Huang endorsed OpenClaw at GTC 2026.
MiniMax launched self-evolving M2.7. Zhipu released GLM-5-Turbo optimized for OpenClaw. Alibaba and Tencent restructured AI operations.
Google closed $32bn Wiz deal. Anthropic and OpenAI shipped new products. Cursor's Composer 2 built on Kimi K2.5.


This Week in AI (Mar 15-21): Jensen Huang Endorses OpenClaw; MiniMax/Zhipu New Model

Event-Driven

<ul>
<li>P removal confirmed. HKEX approved MiniMax's reclassification in 11 days, the fastest observed under Chapter 18A or 18C.</li>
<li>Index pathway. Base case: HSCI fast entry in June 2026, HSI in September. Bear case: both in September.</li>
<li>Lock-Up and supply overhang. Major unlocks in July increase tradable supply. Impact on index free float depends on HSIL’s classification of unlocked investors.</li>
</ul>


P removal confirmed. HKEX approved MiniMax's reclassification in 11 days, the fastest observed under Chapter 18A or 18C.
Index pathway. Base case: HSCI fast entry in June 2026, HSI in September. Bear case: both in September.
Lock-Up and supply overhang. Major unlocks in July increase tradable supply. Impact on index free float depends on HSIL’s classification of unlocked investors.


MINIMAX-W: P Removal Confirmed; HSCI / HK Connect Fast Entry Possible in June

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at our capping flow expectations for the June 2026 index rebal event.</li>
<li>We have also presented our index change expectations for the next semiannual index review which will take place in September 2026 (regular ADDs/DELs only take place in March and September).</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
In this insight, we take a look at our capping flow expectations for the June 2026 index rebal event.
We have also presented our index change expectations for the next semiannual index review which will take place in September 2026 (regular ADDs/DELs only take place in March and September).


Quiddity Leaderboard HSIII Jun26/Sep26: Minimal Flows in June; Multiple Changes in September

Equity Capital Markets

<ul>
<li>Stock price surge. MiniMax rose 20% on 9 March 2026 after Tencent announced internal testing of QClaw, bringing the total gain since our last note to over 35%.</li>
<li>Claw ecosystem crystallises revenue opportunities. We trace the OpenClaw backstory, map seven ecosystem variants, and explain why Tencent’s QClaw is a distribution inflection point for MiniMax.</li>
<li>Re-Rating potential. Consensus 2026E revenue implies only 5% MoM growth from the February ARR base. We assess why the street may be too conservative.</li>
</ul>


Stock price surge. MiniMax rose 20% on 9 March 2026 after Tencent announced internal testing of QClaw, bringing the total gain since our last note to over 35%.
Claw ecosystem crystallises revenue opportunities. We trace the OpenClaw backstory, map seven ecosystem variants, and explain why Tencent’s QClaw is a distribution inflection point for MiniMax.
Re-Rating potential. Consensus 2026E revenue implies only 5% MoM growth from the February ARR base. We assess why the street may be too conservative.


China

MiniMax Group is an artificial intelligence company that develops multimodal AI models and consumer applications. Its offerings include AI character apps like Talkie and Xingye, and video-generation services such as Hailuo AI. The company also creates proprietary foundation models capable of understanding, generating, and integrating various modalities including text, audio, images, video, and music. Headquartered in Shanghai, China, MiniMax was founded in December 2021.

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MiniMax (100 HK)

This Week in AI (Mar 22-28): Anthropic/Moonshot Eyeing IPOs; TurboQuant Rattles Memory Stocks

This week in AI: Anthropic's Mythos leak triggers cybersecurity selloff; Moonshot AI eyes HK IPO at $17-18bn pre-money; Google's TurboQuant could...

Ke Yan, CFA, FRM

This Week in AI (Mar 15-21): Jensen Huang Endorses OpenClaw; MiniMax/Zhipu New Model

We followed the development of AI and highlight what matters: Nvidia's Jensen Huang endorsed OpenClaw at GTC 2026, MiniMax and Zhipu launched...

Ke Yan, CFA, FRM

MINIMAX-W: P Removal Confirmed; HSCI / HK Connect Fast Entry Possible in June

MiniMax confirmed P removal. We revise our HSI inclusion timeline and walk through the July unlock that puts over 50% of shares back in play.

Ke Yan, CFA, FRM

Quiddity Leaderboard HSIII Jun26/Sep26: Minimal Flows in June; Multiple Changes in September

There could be up to four index changes in September 2026. Couple of these are high-conviction index changes and the other two are medium...

Janaghan Jeyakumar, CFA

MINIMAX-WP: Why Claws Matter?

Tencent opening door for MiniMax to 1.3 billion users across WeChat and QQ via QClaw. We assess why consensus revenue is too conservative.

Ke Yan, CFA, FRM

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