On May 27, Hong Kong’s large-model AI stocks continued their rally, with the so-called “AI duo” — Zhipu (02513.HK) and MiniMax (00100.HK) — both surging to record highs. Zhipu closed up 5.95% at HK$1,425.00, after hitting an intraday high of HK$1,468.00, bringing its market cap to HK$635.326 billion with turnover of HK$1.379 billion. MiniMax gained 10.53% to close at HK$850.00, reaching an intraday high of HK$856.00, with a market cap of HK$266.59 billion and turnover of HK$2.757 billion.
The catalyst? Hang Seng Indexes Company’s recent quarterly review. After the market closed on May 22, the review revealed that Zhipu and MiniMax would be added to the Hang Seng Tech Index, with the change taking effect on June 8. Market analysts say the anticipated inclusion boosted investor attention and drew pre-emptive buying from passive index funds and medium- to long-term allocators, providing strong liquidity support.
Beyond the index effect, both companies have been making frequent technical and commercial moves that shore up their valuations. Zhipu recently launched a GLM-5.1 high-speed API, significantly pushing the boundaries of model inference speed. MiniMax released a teaser for its M3 sparse attention (MSA) technology and a full 35-page technical report on its M2 series, detailing key innovations in long-context processing and agent training systems — while its global API call volumes remain among the highest in the sector. As the only pure-play large-model assets listed in Hong Kong, Zhipu and MiniMax are seeing their valuation ceilings lifted by a combination of technological tailwinds and capital inflows.