Hang Seng Tech Index Includes Domestic AI Large Models for the First Time; GF Hang Seng Technology ETF (513380) Rises 1.07% in Morning Trading

NewTimeSpace (newtimespace.com) News: As of 09:36 AM on May 26, 2026, the Hang Seng Tech Index (HSTECH) rose strongly by 1.25%, and the GF Hang Seng Technology ETF (513380) went up 1.07%, reaching a latest price of RMB 0.57.

Regarding liquidity, the GF Hang Seng Technology ETF recorded an intraday turnover rate of 0.49%, with a transaction value of RMB 58.9448 million. Looking at a broader timeframe, the ETF maintained an average daily turnover of RMB 426 million over the past year as of May 25. In terms of fund size, the latest assets under management (AUM) of the GF Hang Seng Technology ETF reached RMB 11.943 billion.

On the news front, after the close of the Hong Kong stock market on May 22, 2026, the Hang Seng Index Company announced the quarterly review results of the Hang Seng Index Series for the period ended March 31, 2026. All changes will be implemented after the market close on June 5, 2026, and will officially take effect on June 8. This adjustment involves multiple core indices, including the Hang Seng Index and the Hang Seng Tech Index. Notably, the Hang Seng Tech Index has included domestic AI large model leaders MINIMAX and Zhipu for the first time.

CSC Financial (China Securities) stated that the ARR (Annual Recurring Revenue) of large models is experiencing explosive growth. Driven by applications such as programming, large models are achieving a commercial closed-loop, and their ARR is surging exponentially. "We are very likely to see large model companies reach an ARR of approximately USD 200 billion in 2026."

Hong Kong-listed Large Model Concept Stocks:

KNOWLEDGE ATLAS (02513.HK)

Knowledge Atlas Technology Joint Stock Company Limited (02513.HK; commercially known as Zhipu AI) is a leading player in China's independent large language model (LLM) sector (recognized for its capabilities and market position by Frost & Sullivan). The company has released its next-generation flagship model, GLM-5, achieving open-source State-of-the-Art (SOTA) performance in coding and agentic capabilities. It has also open-sourced the multimodal image generation model GLM-Image in collaboration with Huawei. Focusing on novel model architecture design, generalized reinforcement learning paradigms, and autonomous model evolution, its business layout closely aligns with the trend of enterprise-level AI productivity transformation.

MINIMAX-W (00100.HK)

A top-tier player dedicated to omni-modal Artificial General Intelligence (AGI). The company continuously iterates its video generation model matrix and has partnered with mainstream domestic and overseas chip manufacturers and inference platforms to complete underlying adaptations. The total monthly active users (MAU) of its B2C and B2B LLM applications, along with multimodal API call volumes, maintain rapid growth, further broadening its computing power ecological layout.

MININGLAMP-W (02718.HK)

As an LLM concept stock, the company fully underpins its Agentic AI positioning with its self-developed edge models—Mano, Cito, and Mano-P—alongside the Cider inference framework. Its business architecture utilizes the DeepMiner LLM as the underlying engine and Octo as the collaborative hub, uniformly delivering various AI products and industry solutions in the form of Agentic Services. Mininglamp pursues a differentiated technological route, bypassing the parameter expansion of general models in favor of a "Scaling Out" approach that coordinates multiple specialized small models. Its core moats do not rely on parameter scale, but rather on granular scenario data, specialized models, and continuous learning. This enables it to achieve a level of precision in vertical scenarios that general models cannot match, as it remains committed to building an open-source, privately deployable, and white-box auditable Private AI infrastructure.

KUAISHOU-W (01024.HK)

A leading multimodal content generation platform in China, the company plans to restructure Kling AI and introduce external financing. Kling AI's quarterly revenue has reached hundreds of millions of RMB, with an Annualized Run Rate (ARR) exceeding USD 300 million. Its general LLM "KwaiYii" and video generation model "Kling" are undergoing continuous iteration, demonstrating high commercial conversion efficiency in scenarios such as e-commerce live streaming and automated marketing content generation.

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