North Water Trends | Beishui's net purchase of 3.18 billion MINIMAX (00100) revenue accelerated ARR surpassed expectations, and Beishui raised nearly HK$900 million throughout the day

The Zhitong Finance App learned that on August 27, in the Hong Kong stock market, Beishui traded a net purchase of HK$3.18 billion. Among them, Hong Kong Stock Connect (Shanghai) had a net purchase of HK$1,575 billion, and Hong Kong Stock Connect (Shenzhen) had a net purchase of HK$1,605 billion.

The individual stocks that Beishui Net bought the most were MINIMAX-W (00100), Xiaomi Group-W (01810), and Tencent (00700). The individual stocks sold the most by Beishui Net were Zhaoyi Innovation (03986), Jiantao Laminate (01888), and Alibaba-W (09988).

Hong Kong Stock Connect (Shanghai) active trading stocks

Hong Kong Stock Connect (Shenzhen) active trading stocks

MINIMAX-W (00100) received a net purchase of HK$887 million. MiniMax announced interim results. Revenue for the first half of the year increased 283.1% year-on-year to about US$120 million, reaching 1.5 times the full year revenue of 2025 in just half a year. Among them, B-side revenue increased 703.1% year over year to US$73.9 million, making it the company's largest source of revenue. MINIMAX revealed at the results meeting that the company's annual recurring revenue (ARR) in August had exceeded 800 million US dollars, second-quarter revenue increased 81.8% month-on-month compared to the first quarter, token consumption in July had reached 20 times that of January, and the B-side business contributed more than 80% to the overall ARR.

Xiaomi Group-W (01810) received a net purchase of HK$491 million. On August 26, Xiaomi Auto's overseas official website and social media account were officially launched. The all-English site system showcased Xiaomi's brand story, core achievements, global R&D and car building capabilities, and prominently marked “Coming to Europe in 2027”, marking the further acceleration of the globalization of Xiaomi cars.

Tencent (00700) received a net purchase of HK$447 million, while Alibaba-W (09988) had a net sale of HK$14.99 million. J.P. Morgan said the market was overreacting to Ali's allotment of shares. The bank believes that Alibaba's AI investment cycle may be longer than expected, but the economic benefits of related computing power are still attractive, and there are substantial differences in the financing risks of the three major cloud service providers. The bank maintains an “gain” rating on Alibaba, Tencent, and Baidu, and advises investors to buy Alibaba stock before the September quarterly results are released.

Huahong Hongli (01347) and SMIC (00981) each received net purchases of HK$338 million. Shengang Securities believes that in the current situation of production expansion and demand spillover, the competitive pattern of OEM prices is good, and it still supports a steady increase in gross margin. The performance of the foundry industry exceeded expectations and optimism showed a boom in demand for downstream AI computing power and semiconductors such as storage, power, and simulation. Domestic foundry leaders benefited from the upward demand spillover cycle, and domestic substitution and profit growth or continuation.

Cambridge Technology (06166) and Changfei Optical Fiber Cable (06869) received net purchases of HK$90.74 million and HK$23.34 million respectively. Nvidia released strong financial reports, igniting the market in the optical communications sector. Domestically, in the first half of 2026, global AI computing power infrastructure construction continued to accelerate, the capital expenditure of cloud computing giants rose at a high level, and high-speed optical modules ushered in a super boom cycle where volume and price were rising sharply. With large-scale delivery of 800G products, accelerated commercial implementation of 1.6T products, and iterative breakthroughs in cutting-edge technology of 3.2T products, domestic optical module industry chain enterprises performed well in the first half of the year.

In addition, Jiantao Laminate (01888) and Zhaoyi Innovation (03986) received net sales of HK$64.21 million and HK$215 million respectively.