Officially Included in the Hang Seng Tech Index; Zhipu (2513.HK) Bucked the Trend to Rise Nearly 5%; Large Model Concept Stocks Unlock Diverse Allocation Channels

NewTimeSpace (newtimespace.com) News,On June 8, 2026, the three major Hong Kong stock indices opened lower and fluctuated, while the large model concept stock   Zhipu (2513.HK)   strengthened against the market trend during the morning session. Its intraday gain once exceeded 10%, and it rose by 4.55% as of 10:50 AM.

On the news front, the quarterly adjustments to the Hang Seng Tech Index officially took effect on June 8. The index included MINIMAX and Zhipu , while removing Kingsoft and Kingdee International. Concurrently, the Shenzhen Stock Exchange announced that the eligible securities list for the Shenzhen-Hong Kong Stock Connect had undergone adjustments effective June 8, 2026, incorporating enterprises such as Zhipu and Mingming Henmang.

As a prominent large model concept stock, Zhipu Tech has made frequent moves in business and capital recently. In late May, it 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. In early June, Zhipu announced via the Hong Kong Stock Exchange (HKEX) that it intends to apply for an A-share listing on the Science and Technology Innovation Board (STAR Market), aiming to raise RMB 15 billion.

Similarly, other enterprises within the large model sector have demonstrated active performances recently. MINIMAX initiated its A-share IPO counseling at the end of May and launched its next-generation M3 model in early June, with all pricing at least doubling compared to the previous M2.7 generation. Meanwhile, Mininglamp Technology-W (2718.HK)   announced its inclusion in the Stock Connect program in early June, officially granting Southbound capital an allocation channel.

China Galaxy Securities   stated that telecom operators launching token data packages are accelerating the commercialization of AI into an era of universal adoption. Accompanied by the continuous iterative upgrading of artificial intelligence technology, applications such as large models and intelligent agents are embracing explosive growth. Leveraging their competitive edges in computing networks, cloud-network synergy infrastructure, and massive customer resources, telecom operators' introduction of token packages will facilitate the exploration and innovation of traditional operator business models, ushering AI applications into an era of universal popularity.

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.

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