On July 24, 2026, Hong Kong stocks closed lower led by Big Tech, while AI chipmakers and LLM developers bucked the trend, with MONTAGETECH surging 6.7% and Z.AI up 5.64%. Beijing unveiled policies supporting the Token Economy and inference chips, as Dongguan launched a RMB 100-billion computing power plan. Meanwhile, Agibot initiated its HK IPO, and Tesla's sharp drop weighed on autonomous driving sentiment.
NewTimeSpace News: On 24 July 2026, BIDU-SW(09888.HK) saw sluggish trading in the afternoon session. As of 14:38, the stock was quoted at HK$104.10, down 2.53%. Apollo Go has obtained an autonomous driving test license issued by the Transport Department of Hong Kong, with official road tests set to kick off on 27 July.
NewTimeSpace (newtimespace.com) reported that on July 24, 2026, the chip theme bucked the broader market trend and strengthened, with SMIC (00981.HK) fluctuating higher. As of 13:18, the stock was quoted at HKD 72.500, up 2.47%.
NewTimeSpace (newtimespace.com) reported that on July 24, 2026, the robotics theme weakened, with UBTECH (09880.HK) fluctuating lower. As of 13:04, the stock was quoted at HKD 78.050, down 4.99%.
On 23 July 2026, Hong Kong-listed AI sector saw sharp divergence. AI chip and semiconductor chains suffered a deep pullback (HUA HONG GRACE and ILUVATAR COREX slumped more than 7%), while large language model concept stocks rallied collectively (MEITUAN-W rose 4.36% and BIDU-SW gained 2.3%). Autonomous driving stocks traded mixed.On the industrial front, seven central ministries issued requirements stipulating that newly-built intelligent computing centres must source no less than 75% of chips from domestic suppliers starting September. HORIZON ROBOT-W launched a USD450 million convertible bond issue and expects to turn profitable. UBTECH ROBOTICS leads the project to set a national standard for humanoid robot data. AMD entered a USD5 billion strategic partnership with Anthropic.The market is rapidly pricing in policies for computing power localisation. Capital is rotating from hardware players to application-focused firms, with pronounced structural rotation across the sector.
NewTimeSpace News: On July 23, 2026, RoboSense (02498.HK) edged down moderately in afternoon trading. As of 15:10, its intraday quotation stood at HK$22.70, a drop of 1.22%. During the World Artificial Intelligence Conference (WAIC) held in Shanghai, RoboSense unveiled successive strategic cooperation partnerships with four corporations.
NewTimeSpace (newtimespace.com) reported that on July 23, 2026, the chip theme retreated during trading, with HUA HONG GRACE (01347.HK) fluctuating lower. As of 13:30, the stock was quoted at HKD 152.200, down 5.76%.
NewTimeSpace (newtimespace.com) reported that on July 23, 2026, the robotics theme showed choppy trading, with Midea Group (00300.HK) rising in volatile trading. As of 13:14, the stock was quoted at HKD 95.600, up 0.74%.
On July 22, Hong Kong tech equities suffered broad-based declines, placing heavy pressure on the LLM supply chain. Dragged down by massive Q2 public fund sell-offs, Tencent and NetEase both plunged over 7%, triggering steep declines in MiniMax and Mininglamp. In contrast, catalyzed by WAIC, "Super Node" concept stocks within the compute supply chain defied the trend, with Huaqin Technology and Horizon Robotics posting strong gains. On the industry front, Google launched three new Gemini models catering to specific latency and security needs; Tencent fully rolled out Miora, a multi-agent collaborative AI creative agent; and Beijing hosted the promotion conference for China's first AI Agent Interconnection standards, where 17 enterprises including Meituan and ZHIPU AI signed on for pilot applications to drive standardized and interoperable agent ecosystems.
In July 2026, HKIC portfolio company StepFun launched STEPX, the world's first LLM-native AI terminal brand, alongside the STEPX Neo agent smartphone, the agentic-native Step AOS, and the Amoo personal agent. This marks the first domestic integration of a "foundation model - system - hardware" full-stack AI ecosystem. By rebuilding the OS architecture from scratch, Step AOS enables the STEPX Neo to achieve the highest L3 certification for AI terminals and secure deep partnerships with top apps like Alipay and Meituan. Backed by HKIC's patient capital, StepFun—having dismantled its red-chip structure for an upcoming Hong Kong IPO—is rapidly closing the loop between technological breakthroughs and commercial application.
NewTimeSpace News: On 22 July 2026, XPENG-W(09868.HK) fluctuated downward in the afternoon trading session. As of 14:52, the stock was quoted at HK$50.45, down 2.79%. XPeng disclosed that cumulative orders for its flying cars have exceeded 7,000, ranking among the top tier worldwide in order volume.
NewTimeSpace (newtimespace.com) reported that on July 22, 2026, the chip theme showed choppy trading, with ASMPT (00522.HK) turning from gains to losses. As of 13:26, the stock was quoted at HKD 170.300, down 0.82%.
NewTimeSpace (newtimespace.com) reported that on July 22, 2026, the robotics theme fluctuated weaker, with Xiaomi-W(01810.HK) opening lower and declining. As of 13:08, the stock was quoted at HKD 26.600, down 2.99%.
The HKIC 2025 Annual Report highlights robust financial performance (HKD 6.459 billion in investment income, 14% net IRR) and emphasizes a strategic evolution toward "industrial empowerment and ecosystem building." In the RISC-V sector, HKIC backed pioneering chip developments by StarFive and SpacemiT to build a full-chain ecosystem, advancing national tech self-reliance and cementing Hong Kong's status as an R&D hub. Along the "Belt and Road," HKIC empowered portfolio companies like Spark EV (smart mobility), SoySource (agritech), and RushOwl (smart transit) to successfully export their technologies to Southeast Asia and other global markets. This demonstrates the critical value of HKIC's "patient capital" in bridging national strategies, industrial execution, and global expansion.
On July 21, Hong Kong equities consolidated, while the LLM and semiconductor supply chains staged a powerful rebound. ZHIPU AI skyrocketed nearly 37% after launching a 1GW all-domestic-chip data center and acquiring Zhongke Jiahe to solidify its infrastructure capabilities; MiniMax and XUNCE also posted significant gains. The semiconductor sector erupted across the board, driven by robust AI hardware demand. On the industrial front, Tencent Hunyuan launched Hyra-1.0, an agent capable of recursive self-improvement; ZHIPU AI operationalized its 10k-chip domestic computing clusters; and Alibaba released Qwen-Image-3.0, supporting ultra-long contexts for complex visual generation. This highlights the accelerating integration of foundational compute infrastructure and frontier agentic engineering.
HKIC portfolio company Moonshot AI released Kimi K3 in July 2026, the world's largest open-source model with 2.8 trillion parameters. Built on a hybrid linear attention mechanism and MoE architecture with a 2.5x scaling efficiency boost, K3 topped the Arena AI Frontend Code Arena leaderboard with 1,679 points, demonstrating exceptional long-horizon programming and autonomous Agent capabilities. Backed by HKIC's "patient capital," Moonshot AI has seen its ARR surpass USD 300 million and is advancing toward a Hong Kong IPO. Due to overwhelming user demand pushing computing clusters to their limits, the team temporarily suspended new C-end subscriptions on July 19 to prioritize cluster expansion.
