On June 9, Hong Kong stocks fluctuated within a narrow band, with LLM concept stocks retreating sharply as ZHIPU AI plummeted over 13% and MINIMAX-W dropped over 8%, though semiconductor and AI hardware equities bucked the trend. The industry experienced major capital and structural transformations: internationally, OpenAI confidentially filed its draft S-1 with the SEC, intensifying the "mega-IPO" race against Anthropic and SpaceX. Domestically, Alibaba consolidated its LLM lines into the newly established Token Foundry Business Group under the direct oversight of its CEO, while WeChat officially opened its AI ecosystem to developers, accelerating LLM deployment across its mobile and Mini Program networks.
Mininglamp Technology-W (2718.HK)'s product matrix into a three-tier architecture of "Model → Platform → Hardware," making it the only AI company on the Hong Kong stock market to simultaneously possess the four-layer capabilities of edge-side models, inference engines, Agent collaboration platforms, and hardware entry points.
NewTimeSpace (newtimespace.com) News: On June 9, 2026, Midea Group (00300.HK) continued to climb. As of 11:47 AM, the company's share price was quoted at HK$90.60, up 1.80%.
NewTimeSpace News: BIDU-SW (09888.HK) edged higher in morning trading on 9 June 2026. As at 11:08, the stock was quoted at HK$117.20, up 1.03%. As of April 2026, Apollo Go had delivered over 22 million autonomous driving service orders for the public in total.
NewTimeSpace (newtimespace.com) News, On June 9, 2026, TENCENT (0700.HK) surged substantially during morning trading. As of 10:30 AM, the company's share price was quoted at HK$468.00, up 4.84%, leading the gains in the Hang Seng Tech Index.
On June 8, Hong Kong stocks fluctuated lower, with most LLM concept stocks undergoing a deep correction alongside the broader internet tech sector, except for ZHIPU AI, which bucked the trend after entering the Hang Seng TECH Index and Stock Connect. Conversely, embodied AI and robotics equities rallied, driven by Unitree Robotics' successful IPO hearing and NVIDIA partnerships.
The 2025 annual reports of HK-listed AI firms Knowledge Atlas（ZHIPU AI）, MiniMax, and Mininglamp reveal a stark divergence across revenue scales, gross margins, and valuations, corresponding to their unique plays in foundation models, To-C apps, and Agent services. As of June 5, 2026, their market caps reached HKD 578.3B, 173.4B, and 33B, representing P/S ratios of 733x, 281x, and 21x, respectively. Mininglamp led the trio in revenue volume and profitability with RMB 1.426B in revenue and a 55% gross margin, highlighting distinct financial and pricing frameworks across different AI layers.
On June 5, Hong Kong stocks closed lower, with the Hang Seng Index breaking below the 25,000-point mark. The semiconductor and LLM sectors underwent a deep correction, highlighted by sharp declines in ZHIPU AI and MINIMAX-W, though AI application equities diverged, with Youjia Innovation surging on an acquisition that accelerates its L4 autonomous driving commercialization. In industry news, Anthropic warned of AI autonomy risks and urged a global development pause. Meanwhile, China's domestic LLM commercialization accelerated: Huawei Cloud partnered with over 20 top-tier vendors to launch a new cloud ecosystem, and Alibaba's Qianwen fully opened to third-party Agents with major brands like Luckin Coffee and KFC going live, underscoring the ongoing shift toward enterprise-level AI productivity.
NewTimeSpace (newtimespace.com) News,on June 5, 2026, UBTECH (09880.HK) surged during intraday trading before pulling back, with its intraday gain once exceeding 4%, ultimately closing down 0.09%.
Mininglamp Technology-W (2718.HK), a prominent large model concept stock, is also referred to by the market as the "first Agentic AI stock on HKEX." It was officially listed on the Main Board of the Stock Exchange of Hong Kong on November 3, 2025, making it the first listed company on the Hong Kong stock market to possess a complete technology stack for Agentic AI autonomous intelligent agents.
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.
At 09:41 on June 5, 2026, XPENG-W (09868.HK) dipped slightly during morning session at HK$65.3, down 1.73%.
On June 4, Hong Kong stocks extended their losses, with tech stocks acting sluggish as the AI frenzy cooled. Most LLM concept stocks declined, with XUNCE and KUAISHOU-W being the rare exceptions, while the semiconductor sector shone brightly as a standalone outperformer. Meanwhile, industry capital and tech advancements remained highly active: DeepSeek is reportedly raising USD 7 billion in China's largest-ever AI financing round; WeChat partnered with Huawei, Honor, and others to enable A2A (Agent-to-Agent) interoperability, allowing native OS AI assistants to directly invoke WeChat functions; and Doubao announced an upcoming Pro version while pledging to keep daily core features free for general users.
On June 3, Hong Kong stocks closed lower as heavyweight tech stocks retreated, but AI hardware and LLM concept stocks bucked the trend, with ZHIPU AI and MINIMAX-W both posting gains. The sector's capitalization process is rapidly accelerating: ZHIPU AI and MINIMAX-W are concurrently advancing their A-share STAR Market IPO plans, while Kuaishou's Kling AI is raising Pre-IPO funds at a USD 18 billion valuation, targeting a 2027 Hong Kong listing. Additionally, reports indicate that Tencent's WeChat AI agent prototype has been elevated to the company's highest strategic priority, marking a dual acceleration in LLM commercialization and capital deployment.
On June 2, Hong Kong tech stocks exploded, with the Hang Seng TECH Index surging 4.72% as the AI and LLM sectors led the broader market rally. TENCENT soared over 10% fueled by WeChat AI assistant rumors and share buybacks, while MEITUAN-W and BABA-W also posted strong gains. In industry news, NVIDIA's Jensen Huang declared the arrival of the "Agentic AI" era and the company's official entry into the PC chip market; MININGLAMP-W was included in the Stock Connect; and MINIMAX-W launched its 1M-context model MiniMax M3 with highly competitive subscription pricing, further intensifying the commercialization race in the LLM sector.
NewTimeSpace (newtimespace.com) News, On June 1, 2026, Mininglamp Technology-W (2718.HK) was officially included as an eligible trading asset under the "Stock Connect" program. This means that qualified institutional and retail investors from Mainland China can now directly trade its shares through the Stock Connect channel. Mininglamp Technology-W (2718.HK) as the "first Agentic AI stock on HKEX,"，Choice data shows that as a prominent large model concept stock, Mininglamp Technology-W (2718.HK) has delivered a powerful performance, with its share price surging over 40% since May.
