Daily Report on Hong Kong-Listed LLM Concept Stocks (May 25, 2026)

NewTimeSpace · 2026/05/25 14:29 · By Jiayi Sun

Although the Hong Kong market was closed for a public holiday on May 25, the AI LLM supply chain has remained the market's strongest driving force throughout the month, with KNOWLEDGE ATLAS (02513.HK) and MININGLAMP-W (02718.HK) surging 47.70% and 21.01% month-to-date, respectively.

I. Industry Observations

On Monday, May 25, 2026, the Hong Kong stock market was closed for the day in observance of the day following Buddha's Birthday. The Southbound Stock Connect and Northbound Stock Connect services were concurrently suspended.

According to Wind data, since May 2026, the Hong Kong stock market has maintained a structural trend amid volatility and divergence, with the AI LLM (Large Language Model) supply chain emerging as one of the strongest overarching themes throughout the month. As of May 22, 2026, the Hang Seng Index (HSI) edged down 0.66% for the month, whereas the Hang Seng TECH Index recorded multiple single-day surges of over 2%. LLM concept stocks bucked the broader market to chart independent trajectories.KNOWLEDGE ATLAS(02513.HK) logged multiple double-digit gains within the month, MINIMAX-W (00100.HK) remained consistently active, and MININGLAMP-W (02718.HK) has surged over 20% this month. Capital allocation toward the AI application layer and compute infrastructure significantly outpaced the broader market.

II. Market Performance of LLM Concept Stocks

Stock Code	Stock Name	Latest Price (HKD)	MTD Change (%)
02513.HK	KNOWLEDGE ATLAS	1,282.000	47.70
00100.HK	MININGLAMP-W	263.80	21.01
03317.HK	BIDU-SW	128.20	8.00
02718.HK	MINIMAX-W	768.50	7.78
01024.HK	KUAISHOU-W	45.64	6.39
09888.HK	BABA-W	127.00	0.79
09988.HK	MEITUAN-W	81.35	-2.28
00700.HK	XUNCE	241.40	-4.51
00020.HK	TENCENT	441.40	-4.54
03690.HK	SENSETIME-W	1.77	-10.61

Data Source: HKEX. For reference only, not investment advice. Data as of market close on May 22, 2026.

III. Industry and Corporate Dynamics

1. Hang Seng Index Inclusion:After the market close on May 22, 2026, Hang Seng Indexes Company Limited announced the results of its quarterly review for the Hang Seng Family of Indexes for the quarter ended March 31, 2026. All changes will be implemented after the market close on June 5, 2026, and will take effect on June 8. This review encompasses several core indices, including the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index, Hang Seng Biotechnology Index, and Hang Seng Composite Index. Notably, the Hang Seng TECH Index has included domestic AI LLM leaders for the first time, marking the most closely watched highlight of this quarterly review. Post-adjustment, the number of constituent stocks in the Hang Seng TECH Index remains at 30, with the inclusion of MINIMAX-W and ZHIPU AI, and the simultaneous removal of Kingdee International and Kingsoft.

2.ZHIPU AI:On May 25, 2026, data from Qichacha revealed the establishment of Jiangsu Zhipu Xinglian Technology Co., Ltd. Its business scope includes foundational AI software development, AI application software development, and data processing and storage support services. A shareholding structure analysis on Qichacha indicates that the company is jointly held by ZHIPU AI and other entities.

3.TENCENT:Recently, AI technology was prominently highlighted in Tencent's Q1 financial report. Tencent disclosed that its Hunyuan 3 Preview model leads in performance among models of equivalent parameter scale. The company also noted that its efficiency AI agent solutions have yielded initial results, with WorkBuddy—an AI Agent office tool launched by Tencent Cloud Copilot—currently ranking as the most widely used efficiency AI agent service in China.

IV. Introduction to LLM Concept Stocks

Stock Name	Stock Code	Market Position	LLM Products & Business Profile
KNOWLEDGE ATLAS	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, 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 in omni-modal AGI	The company has released DeepMiner, a multi-agent collaborative data analysis platform for commercial data analytics, and the open-source edge GUI (Graphical User Interface) model series, Mano. Deeply engaged in the enterprise service and data intelligence tracks, the company adopts a multi-agent architecture focusing on commercial data analysis. By utilizing structured factual data to mitigate AI hallucination risks, it provides decision-making agent pipelines for the marketing and mass consumption sectors. Additionally, it has launched AI Native hardware to expand the carriers for its agents.
MININGLAMP-W	02718.HK	LLM concept stock, dubbed the "First Agentic AI Stock in Hong Kong"	Relying on its self-developed edge models Mano, Cito, and Mano-P, along with the Cider inference framework, it fully supports its Agentic AI positioning. Its business architecture uses 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 "Scaling Up" parameter expansion of general models in favor of a "Scaling Out" approach that coordinates multiple specialized small models. Its core moats are granular scenario data, specialized models, and continuous learning, achieving precision in vertical scenarios that general models cannot match. The company is committed to building an open-source, privately deployable, and white-box auditable Private AI infrastructure.
TENCENT	00020.HK	An Internet tech giant with a national-scale application ecosystem and the platform provider with the broadest LLM implementation scenarios in China	The Hunyuan LLM ranks highly in evaluations on third-party platforms such as OpenRouter. The model continues to deepen its integration into national-level social applications, Tencent Meeting, and the cloud-based collaborative office ecosystem. Backed by a massive MAU base and the Tencent Cloud intelligent computing service system, the company is accelerating the delivery/provision of AI solutions to B2B clients in government and finance, continuously expanding enterprise-level application scenarios.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

Tags：

LLM Knowledge Atlas MINIMAX-W MININGLAMP-W