Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<ul><li>In 1H26, the Hang Seng Index (HSI) has shown a moderate correction but highly distorted signal, declining by ~3,450 points from 26,338 to 22,881 between Jan 2 and Jun 30, 2026.</li><li>However, we believe the headline index performance fails to capture the true market dynamics, particularly the ongoing AI-driven structural rally across AI foundation model, semiconductor memory and PCB names.</li><li>As a result, we believe that HSI is no longer a reliable benchmark for capturing “growth beta” in Hong Kong equities.</li></ul>

In 1H26, the Hang Seng Index (HSI) has shown a moderate correction but highly distorted signal, declining by ~3,450 points from 26,338 to 22,881 between Jan 2 and Jun 30, 2026.However, we believe the headline index performance fails to capture the true market dynamics, particularly the ongoing AI-driven structural rally across AI foundation model, semiconductor memory and PCB names.As a result, we believe that HSI is no longer a reliable benchmark for capturing “growth beta” in Hong Kong equities.

Market Strategy – When the Index Falls Behind – HSI Distortion in an AI-Driven Market

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Shares in Hong Kong-listed Chinese artificial intelligence companies Zhipu AI and MiniMax have fallen by about half over the past two weeks ahead of early-July lock-up expirations for cornerstone investors.</li><li>Zhipu AI closed Friday at HK$1,097 ($140), down 45% from a May 29 intraday high of HK$1,993 that briefly lifted its market capitalization above HK$880 billion.</li><li>MiniMax ended at HK$396, down 52.9% from its May 29 close, when it was valued at more than HK$260 billion.</li></ul>

Shares in Hong Kong-listed Chinese artificial intelligence companies Zhipu AI and MiniMax have fallen by about half over the past two weeks ahead of early-July lock-up expirations for cornerstone investors.Zhipu AI closed Friday at HK$1,097 ($140), down 45% from a May 29 intraday high of HK$1,993 that briefly lifted its market capitalization above HK$880 billion.MiniMax ended at HK$396, down 52.9% from its May 29 close, when it was valued at more than HK$260 billion.

AI Stocks Zhipu, MiniMax Slide as Lock-Up Expirations Near 

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.

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A; this week: Fable 5 launched, then Anthropic suspended foreign access after a jailbreak claim.</li>
<li>China labs launches GLM-5.2, Kimi K2.7-Code; MiniMax M3 opened parameter; Tencent's WeChat AI beta, and Xiaomi developer tools.</li>
<li>Moonshot sought a $30bn valuation, Mistral pursued funding, and OpenRouter showed 44.7T weekly tokens with Anthropic leading estimated revenue.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week: Fable 5 launched, then Anthropic suspended foreign access after a jailbreak claim.
China labs launches GLM-5.2, Kimi K2.7-Code; MiniMax M3 opened parameter; Tencent's WeChat AI beta, and Xiaomi developer tools.
Moonshot sought a $30bn valuation, Mistral pursued funding, and OpenRouter showed 44.7T weekly tokens with Anthropic leading estimated revenue.


This Week in AI (Jun 8-14): Claude's Fable 5 Launched, Jailbreaked, Export Banned; GLM-5.2/Kimi 2.7

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>The collapse of the US markets on Friday, following better-than-expected nonfarm payrolls in May, is expected to send the Asian markets into panic on Monday.</li>
<li>The IPOs in Hong Kong this year are vulnerable, especially those that performed well, like <a href="https://www.smartkarma.com/entities/knowledge-atlas-technology-joint-stock-company-limited-class-h" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Knowledge Atlas Technology (2513 HK)</a> and Beijing Deepzero Technology (2723 HK).</li>
<li>
<a href="https://www.smartkarma.com/entities/giga-device-semiconductor-inc-class-h" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a>, <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a>, and <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> are also riskier names in the current market environment. </li>
</ul>


The collapse of the US markets on Friday, following better-than-expected nonfarm payrolls in May, is expected to send the Asian markets into panic on Monday.
The IPOs in Hong Kong this year are vulnerable, especially those that performed well, like Knowledge Atlas Technology (2513 HK) and Beijing Deepzero Technology (2723 HK).

GigaDevice Semiconductor (3986 HK), Montage Technology (6809 HK), and MiniMax (100 HK) are also riskier names in the current market environment. 


HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A; this week: Anthropic filed for IPO while Alphabet and Meta moved AI capex toward equity markets.</li>
<li>MiniMax launched M3 at low-cost GPT-5.5 comps, while Tencent, Alibaba, and Moonshot pushed China agent and multimodal products.</li>
<li>Nvidia moved Vera Rubin into production, US export rules tightened chip access, and DeepSeek prepared its first external funding round.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week: Anthropic filed for IPO while Alphabet and Meta moved AI capex toward equity markets.
MiniMax launched M3 at low-cost GPT-5.5 comps, while Tencent, Alibaba, and Moonshot pushed China agent and multimodal products.
Nvidia moved Vera Rubin into production, US export rules tightened chip access, and DeepSeek prepared its first external funding round.


This Week in AI (Jun 1-6): Anthropic IPO Filing; Alphabet and Meta Tap Equity; MiniMax Launches M3

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)

Market Strategy – When the Index Falls Behind – HSI Distortion in an AI-Driven Market

In 1H26, the Hang Seng Index (HSI) has shown a moderate correction but highly distorted signal, declining by ~3,450 points from 26,338 to 22,881...

Quam Securities

AI Stocks Zhipu, MiniMax Slide as Lock-Up Expirations Near

Shares in Hong Kong-listed Chinese artificial intelligence companies Zhipu AI and MiniMax have fallen by about half over the past two weeks ahead...

Caixin Global

This Week in AI (Jun 8-14): Claude's Fable 5 Launched, Jailbreaked, Export Banned; GLM-5.2/Kimi 2.7

This week in AI: Fable 5 launched then faced US export control; GLM-5.2 and Kimi K2.7-Code launched; OpenRouter shows 44.7T weekly tokens.

Ke Yan, CFA, FRM

HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...

Osbert Tang, CFA

This Week in AI (Jun 1-6): Anthropic IPO Filing; Alphabet and Meta Tap Equity; MiniMax Launches M3

This Week in AI (Jun 1-6): Anthropic files for IPO; Alphabet and Meta tap equities; MiniMax launches M3 at GTP-5.5 comps.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Market Strategy – When the Index Falls Behind – HSI Distortion in an AI-Driven Market

In 1H26, the Hang Seng Index (HSI) has shown a moderate correction but highly distorted signal, declining by ~3,450 points from 26,338 to 22,881...

Quam Securities

AI Stocks Zhipu, MiniMax Slide as Lock-Up Expirations Near

Shares in Hong Kong-listed Chinese artificial intelligence companies Zhipu AI and MiniMax have fallen by about half over the past two weeks ahead...

Caixin Global

This Week in AI (Jun 8-14): Claude's Fable 5 Launched, Jailbreaked, Export Banned; GLM-5.2/Kimi 2.7

This week in AI: Fable 5 launched then faced US export control; GLM-5.2 and Kimi K2.7-Code launched; OpenRouter shows 44.7T weekly tokens.

Ke Yan, CFA, FRM

HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

​The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...

Osbert Tang, CFA

This Week in AI (Jun 1-6): Anthropic IPO Filing; Alphabet and Meta Tap Equity; MiniMax Launches M3

This Week in AI (Jun 1-6): Anthropic files for IPO; Alphabet and Meta tap equities; MiniMax launches M3 at GTP-5.5 comps.

Ke Yan, CFA, FRM

The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...