Hang Seng Indexes will announce the results of its quarterly review after the market closes today, May 22, 2026. Market attention is focused on two AI-focused stocks, Zhipu (02513.HK) and MiniMax (00100.HK), which are expected to be added to the Hang Seng Tech Index and the Composite Index. If included, this would not only grant access to the Stock Connect program but could also attract tens of billions of yuan in southbound capital inflows.

According to market analysis, Zhipu and MiniMax have become the strongest candidates for inclusion in the Hang Seng Tech Index due to their significant recent market capitalization growth. As leading representatives of China's frontier AI large language models, both companies are closely watched by investors.

Under the fast-entry rules, if added to the index, Zhipu could become eligible for Stock Connect trading as early as June 8. Given stricter requirements for companies with weighted voting rights, MiniMax may have to wait until August to meet the eligibility criteria.

Bloomberg Intelligence estimates that Zhipu could attract between 51 billion and 92 billion yuan in southbound inflows, while MiniMax might draw up to 47 billion yuan.

Bloomberg Intelligence analyst Jason Liao noted that over time, southbound demand could become a key supporting factor, as there are few pure-play AI model stocks in the A-share market. Mainland investors typically hold between 11% and 20% of major Hong Kong tech companies through Stock Connect, and these two stocks could attract a similar level of capital.

Morgan Stanley had previously anticipated that Zhipu and MiniMax would be included in the Hang Seng Tech Index in June, with a combined weighting of approximately 5% to 7%. This could drive $1.25 billion to $1.75 billion in passive fund inflows. Inclusion in Stock Connect could raise mainland ownership to between 9% and 20% of the free float within six months.

Separately, Mizuho Securities analyst Willer Chen stated that BeiGene (06160.HK), KE Holdings Inc. (02423.HK), ZHAOJIN MINING (01818.HK), and Yum China (09987.HK) are expected to be added to the Hang Seng Index. Akeso (09926.HK) may be included in the Hang Seng China Enterprises Index, while Sunny Optical (02382.HK) could be removed.

Hang Seng Indexes will announce the first-quarter review results for the Hang Seng Index Series today, with any constituent changes taking effect on Monday, June 8.