Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>We expect MiniMax’s H1 2026 revenue to be at least 5x its H1 2025 level.</li>
<li>Technical rankings, such as intelligence and speed, dropped in August.</li>
<li>The stock has been capped by 60-day moving average, but Price/Sales suggests a buying opportunity.</li>
</ul>


We expect MiniMax’s H1 2026 revenue to be at least 5x its H1 2025 level.
Technical rankings, such as intelligence and speed, dropped in August.
The stock has been capped by 60-day moving average, but Price/Sales suggests a buying opportunity.


MiniMax (100 HK): 1H26 Preview, Robust Revenue with Both Tech Risk and Buying Opportunity

Equity Long-Short

Mo Aziz

<ul>
<li>
<strong>Southbound Stock Connect buying begins this morning;</strong> the Zhipu precedent saw US$4.9bn of inflow in eight weeks — yet a 57m-share unlock lands just four weeks later, in early Sept.</li>
<li>Vendor screens still show negative equity and 343% gearing from preferred shares that converted on listing day; MiniMax actually holds US$3.45bn of cash, ~25% of its market capitalisation.</li>
<li>
<strong>We initiate BULLISH with a HK$340 fair value</strong> — 18x our FY2028E sales of US$700m plus HK$20.4bn net cash — sitting 1.5% above July's institutional convertible strike.</li>
</ul>



Southbound Stock Connect buying begins this morning; the Zhipu precedent saw US$4.9bn of inflow in eight weeks — yet a 57m-share unlock lands just four weeks later, in early Sept.
Vendor screens still show negative equity and 343% gearing from preferred shares that converted on listing day; MiniMax actually holds US$3.45bn of cash, ~25% of its market capitalisation.

We initiate BULLISH with a HK$340 fair value — 18x our FY2028E sales of US$700m plus HK$20.4bn net cash — sitting 1.5% above July's institutional convertible strike.


MiniMax (00100 HK): AI Play with Net Cash, Connect Flows and the September Test

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>We continue to expect five index changes for September 2026 and we currently estimate one-way flows ~US$153mn.</li>
<li>The index changes will be announced after the close on Friday 21st August 2026.</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).
We continue to expect five index changes for September 2026 and we currently estimate one-way flows ~US$153mn.
The index changes will be announced after the close on Friday 21st August 2026.


Quiddity Leaderboard HSIII Sep26: Announcement in Two Weeks; 5 Changes Likely

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> listed on 9 January and was added to the Hang Seng Composite Index (HSCI) in June.</li>
<li>As a security with Weighted Voting Rights (WVR), <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> will be added to Southbound Stock Connect from the start of trading on 6 August.</li>
<li>The stock is trading 80% lower from its highs and there should be a lot of interest from mainland investors.</li>
</ul>



MiniMax (100 HK) listed on 9 January and was added to the Hang Seng Composite Index (HSCI) in June.
As a security with Weighted Voting Rights (WVR), MiniMax (100 HK) will be added to Southbound Stock Connect from the start of trading on 6 August.
The stock is trading 80% lower from its highs and there should be a lot of interest from mainland investors.


MiniMax (100 HK): Stock Connect Buying Starts Today

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

Shenton Research

Shenton 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>Connect inclusion. We expect MiniMax (100 HK) to enter southbound Stock Connect on 6 Aug 2026 after exchange announcements before the open.</li>
<li>Southbound demand. We use Zhipu's (2513 HK) post-inclusion southbound accumulation as the closest precedent for MiniMax.</li>
<li>Revision, tokens and re-rating. Revenue upgrades are running ahead of share supply. OpenRouter data suggest a valuation gap vs Zhipu.</li>
</ul>


Connect inclusion. We expect MiniMax (100 HK) to enter southbound Stock Connect on 6 Aug 2026 after exchange announcements before the open.
Southbound demand. We use Zhipu's (2513 HK) post-inclusion southbound accumulation as the closest precedent for MiniMax.
Revision, tokens and re-rating. Revenue upgrades are running ahead of share supply. OpenRouter data suggest a valuation gap vs Zhipu.


MINIMAX-W: Pre-Connect Inclusion Update and Positioning

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)

MiniMax (100 HK): 1H26 Preview, Robust Revenue with Both Tech Risk and Buying Opportunity

We expect MiniMax’s H1 2026 revenue to be at least 5x its H1 2025 level. Technical rankings, such as intelligence and speed, dropped in August....

Ming Lu

MiniMax (00100 HK): AI Play with Net Cash, Connect Flows and the September Test

Southbound Stock Connect buying begins with potential for significant inflow; MiniMax holds substantial cash reserves, leading to a bullish...

Mo Aziz

Quiddity Leaderboard HSIII Sep26: Announcement in Two Weeks; 5 Changes Likely

On average, the expected ADDs have sharply underperformed the expected DELs in the last 1 month. This has been the case with many index rebal...

Janaghan Jeyakumar, CFA

MiniMax (100 HK): Stock Connect Buying Starts Today

MiniMax listed on 9 January and was added to the HSCI in June. As a WVR security, MiniMax will be added to Southbound Stock Connect from the start...

Brian Freitas

MINIMAX-W: Pre-Connect Inclusion Update and Positioning

MiniMax is approaching Southbound Stock Connect inclusion with Zhipu as the closest precedent. We analyze the trade prior to exchange announcement.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MiniMax (100 HK): 1H26 Preview, Robust Revenue with Both Tech Risk and Buying Opportunity

We expect MiniMax’s H1 2026 revenue to be at least 5x its H1 2025 level. Technical rankings, such as intelligence and speed, dropped in August....

Ming Lu

MiniMax (00100 HK): AI Play with Net Cash, Connect Flows and the September Test

​Southbound Stock Connect buying begins with potential for significant inflow; MiniMax holds substantial cash reserves, leading to a bullish...

Mo Aziz

Quiddity Leaderboard HSIII Sep26: Announcement in Two Weeks; 5 Changes Likely

On average, the expected ADDs have sharply underperformed the expected DELs in the last 1 month. This has been the case with many index rebal...

Janaghan Jeyakumar, CFA

MiniMax (100 HK): Stock Connect Buying Starts Today

MiniMax listed on 9 January and was added to the HSCI in June. As a WVR security, MiniMax will be added to Southbound Stock Connect from the start...

Brian Freitas

MINIMAX-W: Pre-Connect Inclusion Update and Positioning

MiniMax is approaching Southbound Stock Connect inclusion with Zhipu as the closest precedent. We analyze the trade prior to exchange announcement.

Ke Yan, CFA, FRM

Southbound Stock Connect buying begins with potential for significant inflow; MiniMax holds substantial cash reserves, leading to a bullish...