Commercial Models of Large Model Enterprises Gradually Form a Closed Loop; Orient Artificial Intelligence Theme Hybrid Fund-A (005844) Rises Over 70% Since 2026

NewTimeSpace (newtimespace.com) News, on June 5, 2026, the Hang Seng Tech Index in the Hong Kong stock market fluctuated and pulled back in morning trading, dropping 1.02% as of 11:04 AM. Accompanied by the explosive growth of tokens driven by Agents since the beginning of this year, and propelled by the mapping effect of the overseas AI sector, artificial intelligence-related tech stocks have become a highly concentrated investment direction in the market. Consequently, AI-themed funds have also gained favor from capital, with related themed ETFs demonstrating a strong performance in 2026.

Choice data shows that Orient Artificial Intelligence Theme Hybrid Fund-A (005844) and Orient Artificial Intelligence Theme Hybrid Fund-C (017811) have delivered robust performances, rising by 26.58% and 26.54% respectively over the past month, and surging by 70.48% and 70.19% respectively since the beginning of 2026.

On the news front, artificial intelligence-related companies have made frequent moves in the capital markets. DeepSeek, a star domestic AI company, has officially initiated its first round of external financing, aiming to raise approximately USD 7 billion (around RMB 50 billion), with its post-money valuation potentially reaching up to USD 59 billion.

Concurrently, the trend of domestic large model concept stocks seeking listings back in the A-share market is advancing. MiniMax (0100.HK) has launched its IPO counseling for the Science and Technology Innovation Board (STAR Market), while Zhipu (2513.HK) intends to raise RMB 15 billion.

Kling AI, the video generation business unit under Kuaishou (1024.HK), is currently conducting its first round of financing since its spin-off, with a pre-money valuation of USD 18 billion. This also marks the Pre-IPO round of financing for Kling AI.

As a prominent large model concept stock, Mininglamp Technology-W (2718.HK) was also officially included as an eligible trading asset under the "Stock Connect" program on June 1. The company has recently open-sourced its edge-side GUI model Mano-P, developed the Agent collaboration platform Octo, and launched its first AI Native recording hardware, Octic. The company is progressively constructing a comprehensive Agentic AI product matrix of "Model→Platform→Hardware."

Guosen Securities stated that alongside the explosive growth of tokens driven by Agents since the beginning of this year, the commercial models of large model vendors are gradually forming a closed loop. Revenue growth is far outpacing the increase in training costs, and the gross margins of model vendors are continuously scaling up. The current AI investment narrative has progressively shifted from the demand side to whether the supply side can sustain subsequent order deliveries.

Kaiyuan Securities expressed that AI is changing with each passing day, and autonomous security is accelerating its implementation. From models to computing power and applications, AI innovation never stops. On the model front, model innovation has entered a stage of orderly and high-quality development, with AI model capabilities continuously improving; commercialization will be a critical proposition for large model companies in 2026. On the computing power front, global CSP (Cloud Service Provider) capital expenditures are growing robustly, and the AI chip businesses of NVIDIA and Broadcom continue to see high growth, proving that the demand for AI computing power remains consistently buoyant. On the application front, demand for Vibe Coding and Agents is highly robust.

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, Mininglamp Technology is recognized by the market as the "First Agentic AI Stock in Hong Kong." Its self-developed model cluster includes the DeepMiner LLM product line (underlying engine), models such as Mano/Cito, and the Cider inference acceleration framework. These are all interconnected by the Octo platform layer to serve as a human-Agent collaboration hub, ultimately delivered in the form of Agentic Services to empower the implementation of decision-making agents in industries like marketing and mass consumption. The company bypasses the "Scaling Up" route of monolithic LLMs, opting instead for a "Scaling Out" approach through the collaboration of multiple specialized small models, achieving precision that surpasses general models in vertical scenarios. Its core moats lie in granular scenario data, specialized models, and continuous learning, culminating in 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 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.

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