Wanjia Hang Seng Internet Technology Industry ETF (159202) Aims for 5-Day Consecutive Gain as Large Model Kling Finalizes Nearly US$3 Billion Financing

NewTimeSpace (newtimespace.com) News, On July 3, 2026, Hong Kong tech-themed stocks continued to surge, with most large model concept stocks gaining momentum. Wanjia Hang Seng Internet Technology Industry ETF (159202) continued its upward trend in the morning session, rising 1.57% as of 10:30, aiming for a 5-day consecutive gain.

Data shows that leveraged funds continue to position themselves in the fund. On the previous trading day, Hang Seng Internet ETF Wanjia recorded a net margin purchase amount of RMB 2.3256 million, bringing its latest margin balance to RMB 36.8500 million.

In terms of news coverage, the 2026 Global Digital Economy Conference opened in Beijing on July 2. At the conference, senior executives from multiple enterprises held discussions around topics such as AI technological progress, application implementation, and industry ecosystems. Focusing closely on cutting-edge directions like artificial intelligence and digital industries, the conference featured the centralized debut and exhibition of over 80 cutting-edge technologies, new products, and solutions.

On July 2, Kling AI, the video generation large model under Kuaishou, finalized a financing round of nearly US$3 billion, with its post-money valuation expected to reach US$18 billion. With this financing, Kling AI set the record for the largest financing round ever achieved by a video large model company globally, marking the official launch of its independent commercial development process.

Bohai Securities stated that regarding large AI models, with the continuous popularity of agent applications, model invocation volumes have experienced substantial growth. The official version of DeepSeekV4 is set to go online in mid-July and will introduce peak-valley pricing, where daytime invocation prices will double while low-peak hours maintain low prices. Leading domestic large model developers are leveraging technical barriers to seize pricing power, optimizing computing power utilization through price adjustments, reversing the industry's low-price competition, and accelerating the commercialization of domestic large models.

Hang Seng Internet ETF Wanjia closely tracks the Hang Seng Internet Technology Industries Index. The Hang Seng Internet Technology Industries Index provides a market reference benchmark to reflect the overall performance of securities listed in Hong Kong that primarily operate information technology businesses. Its constituent stocks cover multiple large model-related enterprises listed in Hong Kong.

Hong Kong-listed Large Model Concept Stocks:

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 6.5 millions of RMB, with an Annualized Run Rate (ARR) exceeding USD 500 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.

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.

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.

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