In July, they went on a buying spree for Smart Thinking, and in August, they went all-in on MiniMax: Southbound funds focused on domestic large-cap stocks for two consecutive months.

Investrend Beating AI News Flash: For the second consecutive month, Northbound funds have turned domestic large-scale AI model companies into the top buys on the Hong Kong Stock Exchange. In July, IntellectWave became the most purchased Hong Kong stock by Northbound funds, surpassing Alibaba and Tencent. In August, the champion title shifted to MiniMax, with a single-month purchase of HK$10.6 billion, once again surpassing Alibaba and Tencent.

MiniMax had an even more aggressive fundraising pace when it first entered the Stock Connect program compared to IntellectWave. It wasn't until August 6th that it officially entered the Hong Kong Stock Connect, allowing mainland investors to purchase through this channel for the first time. On the opening day, Northbound funds net purchased HK$2.697 billion; on the second day, they bought HK$2.226 billion, totaling over HK$4.9 billion in two days. In less than a month, the Northbound funds' shareholding percentage surged to 9.7%.

IntellectWave had already gone through a round of purchases. It entered the Stock Connect program on June 8th, receiving a net purchase of HK$920 million from Northbound funds on the first day. In the first week of July, it was net purchased for 5 consecutive trading days, totaling HK$13.7 billion, followed by another HK$10.6 billion the following week. Currently, Northbound funds hold approximately 11% of IntellectWave's shares, a holding percentage still higher than that of MiniMax.

Both companies are still in a high-growth, high-loss stage. In the first half of the year, MiniMax had a revenue of $116.6 million, a year-on-year growth of 283%, but still incurred a loss of $358 million; while IntellectWave had a revenue of $954 million during the same period, with a year-on-year growth of about 400%, and a loss of approximately $2 billion.