Hong Kong AI Concept Stock Daily: Z.AI Plunges 12.40%, Data Upload Controversy over Z.AI's Coding Tool Escalates - 20260923

NewTimeSpace · 2026/09/23 17:10 · By Xuran Lin

Hong Kong stocks fell on September 23, with the HSI down 1.01%. PONY-W gained 5.07% while Z.AI plunged 12.40% as AI concept stocks pulled back broadly.

Key Highlights:

The HSI fell 1.01%, the HSTECH fell 1.33% and the HSCEI fell 1.06%, with southbound net buying exceeding HKD 3 billion intraday.
PONY-W rose 5.07%, WERIDE-W rose 2.42% and HUA HONG GRACE rose 0.35%; Z.AI fell 12.40%, ILUVATAR COREX fell 8.75% and BIRENTECH fell 6.39%.
The Z.AI coding tool data controversy weighed on LLM names; Anthropic and OpenAI released lower-priced models on the same day; Omdia reported record Q2 global semiconductor revenue; PONY-W led gains on overnight strength in China concept shares.

I. Market Overview

On September 23, 2026, the three major Hong Kong indices fell collectively, with the Hang Seng Index down 1.01% at 24,834.12, the Hang Seng TECH Index down 1.33% at 4,379.07 and the Hang Seng China Enterprises Index down 1.06% at 8,273.81. Southbound funds stayed net buyers, with net purchases HKD 3.449 billion intraday; the full-day figure is still pending. AI concept stocks pulled back broadly, with only autonomous driving bucking the trend.

In the LLM space, MEITUAN-W (03690.HK) fell 0.48%, BIDU-W (09888.HK) fell 1.06%, KUAISHOU-W (01024.HK) fell 1.41%, TENCENT (00700.HK) fell 2.35%, MINIMAX-W (00100.HK) fell 3.98%, BABA-W (09988.HK) fell 4.36% and Z.AI (02513.HK) fell 12.40%, the worst performer among AI concept stocks, as the data upload controversy surrounding its coding tool continued to escalate.

In the AI Chips space, HUA HONG GRACE (01347.HK) rose 0.35% and GIGADEVICE (03986.HK) closed flat; SMIC (00981.HK) fell 0.78%, MONTAGETECH (06809.HK) fell 0.97%, BIRENTECH (06082.HK) fell 6.39% and ILUVATAR COREX (09903.HK) fell 8.75%. Omdia data showed global semiconductor revenue hit a record high in the second quarter, underscoring continued industry momentum.

In the Autonomous Driving space, PONY-W (02026.HK) rose 5.07%, the top gainer among AI concept stocks, and WERIDE-W (00800.HK) rose 2.42%; HORIZONROBOT-W (09660.HK) fell 0.98%, BLACK SESAME (02533.HK) fell 1.35% and ROBOSENSE (02498.HK) fell 3.37%.

In the Embodied AI space, UBTECH ROBOTICS (09880.HK) fell 1.19% and XIAOMI-W (01810.HK) fell 3.75%.

II. Market Performance of Representative AI Stocks

Stock Code	Company Name	Closing Price (HKD)	Change(%)	Sector / Concept
02026.HK	PONY-W	56.000	5.07	Autonomous Driving
00800.HK	WERIDE-W	15.630	2.42	Autonomous Driving
01347.HK	HUA HONG GRACE	114.200	0.35	AI Chips
03986.HK	GIGADEVICE	516.000	0.00	AI Chips
03690.HK	MEITUAN-W	72.850	-0.48	LLM
00981.HK	SMIC	63.800	-0.78	AI Chips
06809.HK	MONTAGETECH	306.600	-0.97	AI Chips
09660.HK	HORIZONROBOT-W	4.050	-0.98	Autonomous Driving
09888.HK	BIDU-W	88.550	-1.06	LLM
09880.HK	UBTECH ROBOTICS	79.050	-1.19	Embodied AI
02533.HK	BLACK SESAME	10.200	-1.35	Autonomous Driving
01024.HK	KUAISHOU-W	30.780	-1.41	LLM
00700.HK	TENCENT	441.000	-2.35	LLM
02498.HK	ROBOSENSE	16.340	-3.37	Autonomous Driving
01810.HK	XIAOMI-W	26.180	-3.75	Embodied AI
00100.HK	MINIMAX-W	275.000	-3.98	LLM
09988.HK	BABA-W	109.800	-4.36	LLM
06082.HK	BIRENTECH	40.160	-6.39	AI Chips
09903.HK	ILUVATAR COREX	127.200	-8.75	AI Chips
02513.HK	Z.AI	650.000	-12.40	LLM

Data Source: HKEX. For reference only, not investment advice. Data as of market close on September 23, 2026.

III. AI Industry & Corporate Developments

1. Data Upload Controversy over Z.AI's Coding Tool Escalates, Dragging Down Hong Kong LLM Names

Hong Kong large model concept stocks fell collectively on September 23, with Z.AI (02513.HK) down 12.40%, MINIMAX-W (00100.HK) down 3.98% and BABA-W (09988.HK) down 4.36%. The controversy stems from allegations that the company's AI coding tool uploaded local project workspaces to the cloud without user consent. The company said the issue originated in its Repo Wiki feature, that uploaded data was used only to generate knowledge base pages and destroyed afterwards, and that a security audit has been completed with the relevant code open-sourced. An enterprise client has publicly demanded explanations on where the data went, whether it was transferred across borders and whether it has been fully deleted, with a written response deadline of October 10. Everbright Securities International said agentic AI progress offers China's AI industry a replicable commercialization blueprint, but technology roadmaps and rollout paces differ across companies, and optimism towards China's AI sector may be difficult to sustain.

2. Anthropic and OpenAI Release Lower-Priced Models on the Same Day, Intensifying Price Competition

On September 23, two overseas AI labs launched lower-priced versions of their flagship models. Anthropic released Claude Opus 5.5, cutting usage costs by about 40% versus the prior generation with output speed up more than 30%; OpenAI launched GPT-6 Sol and GPT-6 Luna, priced 50% below the promotional price of the previous generation. Market participants see overseas price cuts accelerating the scaled deployment of agent applications while pressuring the pricing power and commercialization pace of domestic model vendors.

3. Omdia: Global Semiconductor Revenue Hit a Record High in Q2, Seen Topping USD 500 Billion in Q3

According to Omdia's latest research report on September 23, global semiconductor revenue exceeded USD 425 billion in the second quarter of 2026, up 31.4% quarter on quarter and a record high; the firm expects third-quarter revenue to top USD 500 billion, with the first three quarters combined potentially exceeding USD 1.25 trillion. Memory and logic chip momentum continued, with the Philadelphia Semiconductor Index up more than 2% overnight, Micron Technology up 5% and SanDisk up more than 6%.

4. Overnight Strength in US Semiconductors and China Concepts Lifts Hong Kong Autonomous Driving Names

Autonomous driving names in Hong Kong bucked the market on September 23, with PONY-W (02026.HK) up 5.07% and WERIDE-W (00800.HK) up 2.42%. Overnight, the Nasdaq Composite rose 0.45% to a record closing high; the Philadelphia Semiconductor Index gained more than 2% to 12,689.82, its highest close since mid-July; and the Nasdaq Golden Dragon China Index rose 0.32%, with Pony.ai up nearly 6% in US trading, lifting related Hong Kong names at the open.

5. Hong Kong AI Leaders Keep Buying Back Shares, with TENCENT and XIAOMI-W Leading on a Year-To-Date Basis

On September 22, TENCENT (00700.HK) repurchased HKD 100 million worth of shares, BIDU-W (09888.HK) repurchased HKD 49.9958 million and XIAOMI-W (01810.HK) repurchased HKD 48.9285 million, ranking among the largest buybacks by Hong Kong-listed companies. As of September 22, TENCENT and XIAOMI-W had repurchased HKD 30.838 billion and HKD 12.154 billion respectively year to date, signalling confidence to the market during the current pullback.

IV. Profiles of Representative AI Concept Stocks

Company Name	Stock Code	Industry Position	Main Product Lines & Business Overview
PONY-W	02026.HK	Global commercialization leader in L4 autonomous mobility and logistics	The first autonomous driving company in China to secure fully driverless Robotaxi commercial operation permits across all four top-tier cities (Beijing, Shanghai, Guangzhou, Shenzhen). Core operations span autonomous ride-hailing (Robotaxi) and freight services (Robotruck), with Robotaxi deployments across 9 countries and public operations in overseas markets including Croatia, Qatar, Singapore, and South Korea. Targeting a global fleet exceeding 3,000 vehicles across 20+ cities by 2026, the company has achieved positive unit economics per vehicle.
WERIDE-W	00800.HK	The world's only L4 cross-scenario autonomous driving platform holding permits across seven countries	Holds autonomous driving permits across China, the UAE, Singapore, France, Saudi Arabia, Belgium, and the US. Built upon the proprietary WeRide One platform, the company covers smart mobility, logistics, and sanitation across five core product lines: Robotaxis, Robobuses, Robosweepers, Robovans, and Advanced Driving Assistance Systems (ADAS). Operations cover over 30 cities across 11 countries, supported by an L4 fleet exceeding 1,500 vehicles.
HUA HONG GRACE	01347.HK	Global leader in specialty process wafer foundry	A world leading specialty process wafer foundry, the company operates 8 inch and 12 inch production lines serving new energy vehicles, industrial control, and data center power management. It provides customized manufacturing in power devices, embedded non volatile memory, analog ICs, and power management chips, with multiple automotive grade certifications and sustained high capacity utilization.
GIGADEVICE	03986.HK	Platform semiconductor leader spanning memory, MCUs, analog ICs, and sensors	Offers complete product categories including memory (NOR Flash, DRAM), microcontrollers (GD32 MCU), analog ICs, and sensors. Focuses on deep integration between AI and end applications across embodied AI, data centers/servers, industrial energy, and automotive. In March 2026, its DRAM procurement quota with CXMT surged from RMB 1.182 billion to RMB 5.711 billion. In July, it partnered strategically with Neusoft Reach to empower the smart vehicle sector.
MEITUAN-W	03690.HK	AI technology pioneer in local life services	Its AI-native community application "Miyu" has demonstrated operational value in physical retail and dining environments, boosting merchant efficiency. The company continuously enhances search, recommendation, and dispatch algorithms across its local commerce ecosystem using proprietary foundation models. By deploying AI Agent technologies in customer service, merchant marketing assistants, and instant delivery route planning, the company improves dual-sided operational efficiency and management precision.

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