In a milestone moment for China’s artificial intelligence industry, leading startups Zhipu AI and MiniMax have been officially added to the Hang Seng Tech Index. The inclusion, which took effect on Monday, June 9, 2026, marks the first time pure-play AI companies have been integrated into Hong Kong’s benchmark technology gauge, signaling the sector’s maturation from speculative venture capital to institutional blue-chip status.
The addition of the two AI unicorns, Zhipu AI trading under its corporate name Knowledge Atlas Technology, and MiniMax Group, replaces enterprise software firms Kingdee International Software Group and Kingsoft. This reshuffle reflects a broader shift in the economy, as investors increasingly prioritize generative AI infrastructure over traditional software-as-a-service (SaaS) business models.
A Volatile Debut
Despite the prestige of index inclusion, the market debuts of the two AI firms were marred by broader macroeconomic headwinds. According to the South China Morning Post, a stronger-than-expected US jobs report triggered a regional sell-off as investors scaled back expectations for interest rate cuts.
The Hang Seng Tech Index lost 2.7 percent on Monday, dragging down the newly minted constituents. MiniMax slid 8.4 percent to close at HK$506. Zhipu AI fared better, managing to eke out a 1.3 percent gain to close at HK$1,314, buoyed in part by its simultaneous inclusion in the Stock Connect programme, which opens the stock to mainland Chinese investors. MiniMax was not included in the Stock Connect.
Passive Inflows and Liquidity
The primary benefit of joining the Hang Seng Tech Index is the mandatory capital allocation from passive investment funds that track the benchmark. In an April report, Morgan Stanley estimated that the two companies could eventually account for 5 to 7 percent of the index’s total weighting, potentially driving between $1.25 billion and $1.75 billion in passive inflows.
For the initial inclusion, Zhipu AI was assigned a weighting of 0.53 percent, while MiniMax received a 0.36 percent weighting. “The inclusion will broaden liquidity as index funds will be forced to buy,” noted Hong Hao, managing partner and chief investment officer at Lotus Asset Management.
Morgan Stanley analysts also pointed out that the AI sector’s strong performance earlier in the year could have significantly boosted the index. Had Zhipu and MiniMax been included at the time of their respective IPOs, replacing the two smallest constituents, the Hang Seng Tech Index’s year-to-date return would have been approximately 5 percentage points higher.
Looming Lock-Up Risks
While index inclusion provides a stamp of institutional approval, both companies face near-term volatility risks related to share lock-up expirations. Early venture capital backers and company insiders are typically restricted from selling their shares for a set period following an IPO.
HSBC estimates that approximately 46 percent of MiniMax’s outstanding shares are due to come out of lock-up in July 2026. This massive influx of tradable shares could put significant downward pressure on the stock price if early investors decide to cash out. Zhipu AI faces a similar, albeit delayed, hurdle, with roughly 40 percent of its shares scheduled for release at the end of January 2027.
Hong Kong’s AI Ambitions
The inclusion of Zhipu AI and MiniMax in the Hang Seng Tech Index is also a significant moment for Hong Kong’s ambitions to become a global hub for AI capital markets. The city’s stock exchange has been actively courting Chinese technology companies, particularly those in the AI sector, as it seeks to reclaim its status as Asia’s premier financial center following years of political turbulence and capital outflows.
The successful IPOs of both companies and their subsequent inclusion in the benchmark index demonstrate that Hong Kong can attract and retain the listings of China’s most strategically important technology companies. This is particularly significant given the increasing scrutiny that Chinese companies face on US exchanges, where the threat of delisting under the Holding Foreign Companies Accountable Act (HFCAA) has pushed many firms to seek primary or secondary listings in Hong Kong.
For international investors seeking exposure to China’s AI boom but wary of the risks of investing directly in mainland A-shares, the Hang Seng Tech Index now offers a more accessible, liquid vehicle. The addition of Zhipu AI and MiniMax makes the index a more representative gauge of China’s technology sector, moving beyond e-commerce and social media giants to include foundational AI companies that will define the next decade of digital innovation.
Despite these near-term market mechanics, the inclusion of Zhipu AI and MiniMax in the Hang Seng Tech Index is a watershed moment. It formally recognizes foundational AI model developers as central pillars of China’s future digital economy, paving the way for other highly valued startups, such as Moonshot AI and DeepSeek, to eventually tap public markets.