According to reports, Southbound capital has pushed domestic large model companies to the top of the monthly H-shares buying list for two consecutive months. In July, Zhipu became the most bought H-share by Southbound capital, surpassing Alibaba and Tencent in volume; in August, MiniMax saw a single-month net purchase of HK$10.6 billion, also exceeding Alibaba and Tencent. MiniMax entered the Stock Connect system on August 6, with a net purchase of HK$2.697 billion on its first day and another HK$2.226 billion the following day, raising its stake to 9.7% within less than a month.

Zhipu joined Stock Connect on June 8, recording a net purchase of HK$920 million on its debut day. During the first week of July, it accumulated net purchases of HK$13.7 billion over five consecutive trading days, followed by another HK$10.6 billion in the subsequent week. Currently, Southbound capital holds approximately 11% of Zhipu. Both companies are currently in a high-growth, high-loss phase: MiniMax reported revenue of USD 116.6 million in the first half of the year, up 283% year-on-year, with losses reaching USD 358 million; Zhipu recorded revenue of RMB 954 million during the same period, up nearly 400% year-on-year, and incurred losses of approximately RMB 2 billion.