Hong Kong AI Concept Stock Daily：MINIMAX-W (00100.HK) Rose 7.06%, Hong Kong's Plan Proposes Comprehensively Advancing "AI+" - 20260917

NewTimeSpace · 2026/09/17 18:07 · By Xuran Lin

On September 17, 2026, the three major Hong Kong indices opened lower and moved in a choppy range, with the Hang Seng Index down 0.44%, the Hang Seng TECH Index down 0.34%, and the Hang Seng China Enterprises Index down 0.38%. The full-day total market turnover was 185.6 billion HKD, higher than that of the previous trading day. Southbound funds saw a net inflow of 3.363 billion HKD.

Key Highlights:

AI concept themes strengthened against the trend overall, with the LLM sector mixed, AI Chips showing divergence, and most Autonomous Driving names rising.
In the LLM space, MINIMAX-W (00100.HK) rose 7.06% and Z.AI (02513.HK) rose 2.78%, with KUAISHOU-W (01024.HK) following higher;
In the AI Chips space, ILUVATAR COREX (09903.HK) rose 6.72% and GIGADEVICE (03986.HK) rose 3.69%, with BIREN TECH (06082.HK) following higher;

I. Market Overview

In the LLM space, MINIMAX-W (00100.HK) rose 7.06% and Z.AI (02513.HK) rose 2.78%, with KUAISHOU-W (01024.HK) following higher; TENCENT (00700.HK) fell 1.71% and MEITUAN-W (03690.HK) fell 2.08%, with ALIBABA-W (09988.HK) and BIDU-W (09888.HK) following lower. Z.AI raised its year-end ARR guidance by 25% to US$3 billion at its September 16 conference call.

In the AI Chips space, ILUVATAR COREX (09903.HK) rose 6.72% and GIGADEVICE (03986.HK) rose 3.69%, with BIREN TECH (06082.HK) following higher; SMIC (00981.HK) fell 1.96% and HUA HONG GRACE (01347.HK) fell 1.52%, with MONTAGE TECH (06809.HK) following lower.

In the Autonomous Driving space, PONY-W (02026.HK) rose 2.93% and HORIZONROBOT-W (09660.HK) rose 1.98%, with BLACK SESAME (02533.HK) and ROBOSENSE (02498.HK) following higher; WERIDE-W (00800.HK) fell 0.07%, a marginal move. The sector as a whole strengthened in line with AI concept stocks, and market sentiment recovered somewhat.

In the Embodied AI space, UBTECH ROBOTICS (09880.HK) rose 2.45% and XIAOMI-W (01810.HK) fell 0.15%. Xiaomi publicly disclosed for the first time the reinforcement learning training progress of its new model MiMo-V2.6.

II. Market Performance of Representative AI Stocks

Stock Code	Company Name	Closing Price (HKD)	Change(%)	Sector / Concept
00100.HK	MINIMAX-W	254.800	7.06	LLM
09903.HK	ILUVATAR COREX	125.500	6.72	AI Chips
03986.HK	GIGADEVICE	466.600	3.69	AI Chips
06082.HK	BIREN TECH	33.860	2.98	AI Chips
02026.HK	PONY-W	52.750	2.93	Autonomous Driving
02513.HK	Z.AI	740.000	2.78	LLM
09880.HK	UBTECH ROBOTICS	79.300	2.45	Embodied AI
09660.HK	HORIZONROBOT-W	4.130	1.98	Autonomous Driving
02533.HK	BLACK SESAME	9.615	1.42	Autonomous Driving
02498.HK	ROBOSENSE	16.270	1.12	Autonomous Driving
01024.HK	KUAISHOU-W	29.940	0.94	LLM
00800.HK	WERIDE-W	14.850	-0.07	Autonomous Driving
01810.HK	XIAOMI-W	26.140	-0.15	Embodied AI
09888.HK	BIDU-W	87.350	-0.80	LLM
06809.HK	MONTAGE TECH	267.600	-0.96	AI Chips
09988.HK	BABA-W	105.100	-1.04	LLM
01347.HK	HUA HONG GRACE	110.200	-1.52	AI Chips
00700.HK	TENCENT	426.000	-1.71	LLM
00981.HK	SMIC	62.400	-1.96	AI Chips
03690.HK	MEITUAN-W	72.900	-2.08	LLM

Data Source: HKEX. For reference only, not investment advice. Data as of market close on September 17, 2026.

III. AI Industry & Corporate Developments

1. Z.AI Raises Year-End ARR Guidance by 25% to US$3 Billion, with Revenue from Hosted APIs for Open-Source Models to Be Recognized from October

On September 16, Z.AI said at a conference call for analysts and investors that the company has signed revenue-sharing agreements with a number of leading domestic and overseas cloud service providers, with the related revenue to be recognized starting in October, under a cooperation model in which the GLM series of open-source models are provided as hosted APIs on overseas cloud platforms. The company's current ARR on an all-business basis has reached US$1.8 billion, and its year-end ARR guidance was raised from US$2.4 billion to US$3 billion.

2. Nubia NaviX Ultra, Equipped with the Doubao AI Phone Assistant, Officially Goes on Sale

On September 16, the Nubia NaviX Ultra equipped with the Doubao AI phone assistant officially went on sale. The phone relies on the newly launched Screen Automation Operation Declaration Protocol (SAEP) 30-day rule disclosure mechanism. At the current stage, voice-operated Agent prioritizes covering products under ByteDance, can call the full range of ByteDance products, and can also use a small number of third-party applications such as CAOCAO INC.

3. Hong Kong's First Five-Year Plan Continues to Gain Traction, with AI Empowerment and Computing Infrastructure Becoming Core Directions

The first "Five-Year Plan" and the "Policy Address" published by the Hong Kong Special Administrative Region Government on September 16 continue to attract market attention. The Plan proposes comprehensively advancing "AI+", making every effort to improve the layout of computing infrastructure, promoting interconnection with the computing infrastructure of the Guangdong-Hong Kong-Macao Greater Bay Area, and building a Greater Bay Area cooperation hub for computing power going global. The Hong Kong Productivity Council said it will fully cooperate with the development arrangements of the state and the SAR Government, promote the deep integration of technological innovation and industrial innovation, and use AI to empower the upgrading of traditional advantageous industries. In addition, the Policy Address proposes strengthening the crackdown on fraud using AI, and that AI development must "place equal emphasis on application and control".

4. Electricity Consumption of China's Internet Data Service Industry Exceeds 60 Billion kWh, with AI Becoming the Core Growth Driver

The latest data from the China Electricity Council show that the cumulative electricity consumption of the national internet data service industry has exceeded 60 billion kWh, with a year-on-year increase of more than 40%, far exceeding the total electricity consumption for the whole of 2024. As of the end of July 2026, the total scale of national intelligent computing power has reached 2.45 million PFLOPS, and the built intelligent computing scale of the eight national computing hub nodes and the three major computing-power-electricity coordinated development zones accounts for more than 85% of the national total.

IV. Profiles of Representative AI Concept Stocks

Company Name	Stock Code	Industry Position	Main Product Lines & Business Overview
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.
XIAOMI-W	01810.HK	Full-stack AI technology giant anchored by the "Human x Car x Home" ecosystem	Its foundational model family MiMo has entered the top tier of global open-source models; MiMo-V2-Pro features over 1 trillion parameters, while MiMo-V2.5-Pro tied for 1st globally among open-source models with a score of 54 on the Artificial Analysis composite index. AI capabilities fully power the "Human x Car x Home" ecosystem, driving iterative upgrades in the CyberOne humanoid and CyberDog bionic quadrupeds. Multimodal computer vision, force-control algorithms, and automated dispatch logics are deeply integrated into dark-factory production and flexible manufacturing.
ILUVATAR COREX	09903.HK	Domestic general-purpose GPU pioneer & builder of full-scenario AI compute bases	Established in 2015, it is among the earliest domestic vendors to achieve mass production of general-purpose GPUs. Product lines cover training, inference, and edge computing across the Tiangai, Zhikai, and Tongyang series. In July 2026, it launched its next-gen flagship Tiangai 300 at WAIC, matching the Nvidia Hopper architecture. As of late 2025, it served 340+ clients across 30+ industries, generating core GPGPU revenue of ~RMB 923 million (+149.6% YoY).
HORIZONROBOT-W	09660.HK	China's leading intelligent driving computing solution provider and full‑stack vehicle intelligence enabler	Founded in 2015, it offers ADAS and high‑level autonomous driving solutions. Core products include the Journey-series in-car AI chips (cumulative shipments exceeding 10 million units), the HSD full‑scenario urban driving solution, and the "Starry 6P" cockpit‑driving integrated vehicle intelligence chip. In 2025, it held a 47.7% market share in domestic ADAS for independent brands, with full‑year revenue of RMB 3.758 billion, up 57.7% YoY.
Z.AI	02513.HK	A leading player in China's independent LLM sector	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-5.2, 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.

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