On May 27, the large model concept sector in the Hong Kong stock market showed strong performance. As of the morning of that day, MINIMAX-W (00100.HK) had a midday gain of over 8%, and Zhipu (02513.HK) also showed a strong performance of nearly 5%.

1. Market Background: Continued Strength of AI Leaders

Recently, the large model sector in the Hong Kong stock market has shown continuous growth. According to market data, this sector has been strong for multiple trading days:

  • MINIMAX-W: After being announced by the Hang Seng Index Company on May 22 to be included in the technology stock index, market attention increased further, and its recent stock performance has remained active.

  • Industry Synergy: As the "AI large model twins" of the Hong Kong stock market, MiniMax and Zhipu have become the preferred choices for investors to invest in the AI track due to their deep technical accumulation and progress in commercialization.

2. Company Overview: Core Assets of Hong Kong's AI Sector

  • MiniMax (00100.HK): Listed on the Hong Kong Stock Exchange on January 9, 2026. As a leading global AI large model company, MiniMax has a mature product portfolio including the Hailuo series models, MiniMax Agent, and Xingye. Its total market value has exceeded 24 billion HKD and it is a leading enterprise in the AI large model field.

  • Zhipu (02513.HK): Listed on the Hong Kong Stock Exchange on January 8, 2026, and known as the "first stock of global AGI." Its self-developed GLM (General Language Model) architecture has shown significant advantages in long text, logical reasoning, and hallucination control, occupying a core position in the domestic large model ecosystem.

3. Core Driving Forces of the Market

Analysts believe that the collective strength of AI stocks is mainly driven by the following factors:

  1. Regulatory Expectations Being Realized: With the improvement of AI safety evaluation mechanisms globally, leading large model vendors, due to their stronger compliance and safety assessment capabilities, have gained higher market certainty.

  2. Accelerated Commercialization: Recently, MiniMax and Zhipu have made frequent progress in Agent (intelligent agents), AI hardware access (such as AI glasses), and enterprise-level services, with increasingly clear commercial closed loops.

  3. Investor Preference: With MiniMax being included in the Hong Kong technology stock index, more passive fund configuration demands have flowed in, driving the upward revision of the overall sector valuation.