Huaan Hang Seng Internet Technology Industry ETF(159688) Rises 1.09%; Large Model-Related Enterprises Trend Higher
NewTimeSpace News: As of 09:53 AM on May 22, 2026, the Hang Seng Internet & Information Technology Index (HSIII) rose by 0.94%. Among its constituents, Hesai-W gained 6.28%, UBTECH climbed 6.04%, and Mininglamp Technology-W rose 3.53%. Huaan Hang Seng Internet Technology Industry ETF (159688) followed the trend, rising 1.09% to a latest price of RMB 0.83.
On the news front, the valuations of Chinese large model companies have collectively trended upward recently. Moonshot AI, the parent company of Kimi, is reported to have completed a new financing round of approximately USD 2 billion, pushing its post-money valuation past USD 20 billion. StepFun is also rumored to have secured nearly USD 2.5 billion in funding and is accelerating its IPO process in Hong Kong. Large model-related enterprises such as Zhipu AI, MiniMax, and Mininglamp Technology-W have already taken the lead in listing on the Hong Kong Stock Exchange, providing a valuation benchmark for the market.
Morgan Stanley recently noted that China's AI sector is entering a new stage—shifting from catching up on technical capabilities to capturing value. The focus is moving from training to inference, from technology to application, and from potential to actual profitability. Enablers and foundation models remain key investment themes, and widespread adoption is creating investment opportunities for beneficiaries as well.
Hong Kong-listed Large Model Concept Stocks:
Zhipu (02513.HK)
A leading vendor in China’s independent large language model field (recognized for its capabilities and market position by Frost & Sullivan reports). It has released its new-generation flagship model, GLM-5, which achieved open-source SOTA (State-of-the-Art) performance in programming and agent capabilities. It has also partnered with Huawei to open-source the multimodal image generation model GLM-Image. The company focuses on new model architecture design, general reinforcement learning paradigms, and autonomous model evolution, with its business layout aligning with the trend of enterprise-level AI productivity transformation.
MINIMAX-W (00100.HK)
A leading vendor in the direction of full-modal AGI (Artificial General Intelligence). The company continuously iterates its video generation model matrix and has partnered with mainstream domestic and international chip manufacturers and inference platforms to complete underlying hardware adaptation. The total monthly active users (MAU) of its consumer (C-side) and enterprise (B-side) large model applications, as well as its multimodal API call volume, continue to grow at a high rate, further broadening its computing power ecosystem layout.
Mininglamp Technology-W (02718.HK)
As a prominent large model concept stock, Mininglamp Technology is known as the "first Agentic AI stock on the Hong Kong Stock Exchange." It has released DeepMiner, a multi-agent collaborative data analysis platform for business data analysis, and the open-source end-side GUI (Graphical User Interface) model Mano series. The company specializes in the enterprise service and data intelligence tracks, utilizing a multi-agent architecture focused on business data analysis. It reduces AI hallucination risks through structured factual data, provides decision-making AI agent pipelines for industries such as marketing and mass consumer goods, and has released AI Native hardware to expand the carriers for its intelligent agents.
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