Hong Kong’s Hang Seng Tech Index added pure-play AI companies MiniMax and Zhipu on August 28, 2026, marking a notable milestone for the sector amid a broader regional market slump [1]. The Hang Seng Index fell 1.2% and the Hang Seng Tech Index dropped 2.7% alongside declines in Asian markets on the same day [1].
Morgan Stanley estimated that MiniMax and Zhipu could eventually represent 5% to 7% of the Hang Seng Tech Index, implying between US$1.25 billion and US$1.75 billion in passive fund inflows as index-tracking funds adjust [1]. Initial index weightings assigned were 0.53% for Zhipu and 0.36% for MiniMax [1]. Hong Hao, managing partner and chief investment officer at Lotus Asset Management, said the addition "will broaden liquidity as index funds will be forced to buy" [1].
Zhipu’s market capitalization surpassed MiniMax’s after their recent IPOs. Zhipu ended trading on August 28 with a market cap of HK$585.8 billion, compared to MiniMax’s HK$159.3 billion [2]. This marked a sharp reversal from January 2026 when MiniMax debuted with nearly double the market cap of Zhipu. On January 8, Zhipu (listed as Knowledge Atlas Technology) had a market cap of HK$57.9 billion (US$7.4 billion) [2]. MiniMax listed the following day at HK$106.7 billion, almost twice Zhipu’s first-day value [2].
The valuation turnaround has been attributed to looming share lock-up expiries for MiniMax, Zhipu’s stronger AI model capabilities, and investor preference for enterprise-focused AI firms [2].
The Hang Seng Tech Index inclusion is expected to sustain further fund inflows as passive investors adjust portfolio holdings. The initial index weighting and Morgan Stanley’s estimates indicate strong market confidence in the growth potential of these AI pure plays even as overall tech indexes face headwinds.
