Multiple Large Model Concept Stocks Continue to Surge in Morning Trading; Zhipu (2513.HK) Rises 2.95% to Refresh Share Price Record

NewTimeSpace News: During the morning session on May 28, 2026, the three major Hong Kong stock indices continued to decline, while large model concept stocks bucked the trend and strengthened. As of 10:27 AM, Zhipu (2513.HK) rose by 3.02%, continuing to refresh its all-time high by reaching HK$1,467.00, while Mininglamp Technology-W (2718.HK) followed the upward trend.

Since May, among the large model concept stocks, Zhipu and Mininglamp Technology-W have welcomed a powerful surge, with both stocks posting gains exceeding 50%, leading a crowd of related equities.

On the news front, the global competitiveness of Chinese large models continues to strengthen. Last week, the weekly invocation volume of Chinese AI large models reached 9.22 trillion tokens, a week-on-week increase of 19.89%, while that of the United States was only 4.93 trillion tokens during the same period. The weekly invocation volume of Chinese large models has exceeded that of the United States for four consecutive weeks, firmly ranking first in the world. DeepSeek-V4-Flash has also officially topped the OpenRouter global AI large model invocation leaderboard.

During the final week of May 2026, the AI sector continued to explode across the three major dimensions of technology, capital, and application. The arms race among overseas tech giants escalated, while domestic large models achieved a "lane-changing overtake" to rank among the global first tier. Furthermore, the logic behind the capital market's revaluation has become increasingly clear, as the AI industry moves comprehensively from the "money-burning" phase toward a critical window of commercial value realization.

Zhipu, which has delivered a strong performance in May, made frequent moves in business and capital. Last week, Zhipu launched its GLM-5.1 High-Speed version API, "GLM-5.1-highspeed," for selected enterprise clients. The model's output speed reaches 400 tokens/s, breaking the current global speed ceiling for APIs among large model vendors. Concurrently, the Hang Seng Index Company announced its quarterly review results, and the Hang Seng Tech Index will include MiniMax-W and Zhipu.

In addition, on May 26, Zhipu jointly funded the establishment of "Hangzhou Yuexiao Management Consulting Partnership" alongside Guotai Haitong and other institutions. The following day, Zhipu and Guotai Haitong jointly established "Shanghai Zhipu Guotai Haitong Artificial Intelligence Industry Venture Capital Partnership," accelerating its evolution toward an AI industrial ecosystem platform.

As a strongly performing large model concept stock, Mininglamp Technology-W has recently open-sourced its edge-side GUI model Mano-P, developed the Agent collaboration platform Octo, and released its first AI Native recording hardware, Octic. The company is step-by-step constructing a complete Agentic AI product matrix of "Model→Platform→Hardware."

On May 27, Kuaishou-W released its first-quarter financial report for 2026. During the first quarter of 2026, Kuaishou's Kling AI recorded a revenue exceeding RMB 650 million, representing a year-on-year increase of over 300%. In March 2026, the ARR (Annual Recurring Revenue) of Kling AI approached USD 500 million, compared to an ARR of USD 100 million in March last year, achieving a 4-fold increase within a single year.

UBS stated in a recent analysis that the valuation of most large model companies adopts the Price/ARR methodology. With the volume of revenue growing rapidly, the immense income brought by swift commercialization progress will help digest valuation levels. For tech giants, the market looks at profitability; for AI enterprises, it looks at revenue growth rates. This mutation in the valuation system reflects the capital market's collective consensus of "pricing based on the future" for the AI sector.

Kaiyuan Securities judged in its latest strategy report that innovation on the model front has entered a stage of orderly and high-quality development, and commercialization will be a critical proposition for large model companies 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.

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.

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.

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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