[July Frenzy for Zhipu, August Surge for MiniMax: Southbound Funds Concentrate on Domestic AI Model Stocks for Two Consecutive Months] Beating AI News Flash: Southbound funds have made domestic AI model companies the top Hong Kong stocks for two consecutive months. In July, Zhipu became the most purchased Hong Kong stock by southbound funds, surpassing Alibaba and Tencent in scale. In August, the champion shifted to MiniMax, with a single-month purchase of HKD 10.6 billion, again exceeding Alibaba and Tencent. When MiniMax was newly added to the Stock Connect, its capital inflow was even more aggressive than Zhipu's. It officially entered the Stock Connect on August 6, and mainland investors were previously unable to buy it through this channel. On the first day of inclusion, southbound funds recorded a net purchase of HKD 2.697 billion; the next day, another HKD 2.226 billion was purchased, totaling over HKD 4.9 billion in just two days. In less than a month, southbound funds' shareholding ratio surged to 9.7%. Zhipu had already experienced a wave of buying earlier. It entered the Stock Connect on June 8, with southbound funds recording a net purchase of HKD 920 million on the first day. During the first week of July, there were five consecutive trading days of net purchases totaling HKD 13.7 billion, followed by another HKD 10.6 billion in the subsequent week. Currently, southbound funds hold approximately 11% of Zhipu's shares, a higher proportion than MiniMax. Both companies are still in a high-growth, high-loss phase. MiniMax reported revenue of USD 116.6 million in the first half of the year, a year-on-year increase of 283%, but still recorded a loss of USD 358 million. Zhipu, during the same period, reported revenue of RMB 954 million, a year-on-year increase of about 400%, with a loss of approximately RMB 2 billion. [Original Article Link]