Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac ECM and Index Rebal

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

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

Z.AI (Knowledge Atlas) 1H26 Preview: Not Just High Growth, But High Intelligence Model

MINIMAX-W: Pre-Lock-Up Expiry Update, Positioning Revised

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.

Index Rebalance

<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