Daily Report on Hong Kong-Listed LLM Concept Stocks (May 28, 2026)

NewTimeSpace · 2026/05/28 17:09 · By Boyuan Chen

On May 28, Hong Kong stocks closed lower, but the AI and semiconductor sectors rallied. ZHIPU AI surged 13.54% to a new record high, while MININGLAMP-W secured a seven-day winning streak. Meanwhile, global top-tier LLMs achieved milestone breakthroughs in mathematical reasoning, Tencent Cloud launched its full-stack Agent products overseas, and Kuaishou's Kling AI reported Q1 revenue exceeding RMB 650 million.

I. Industry Observations

On May 28, 2026, Hong Kong stocks trended lower amid volatility, with losses narrowing in the afternoon. The Hang Seng Index (HSI) plunged over 2.3% in early trading, briefly losing the 25,000-point mark and hitting a new low since late March, before eventually closing down 1.27% at 25,006.16 points. The Hang Seng TECH Index fell 0.39% to 4,888.58 points, and the Hang Seng China Enterprises Index (HSCEI) dropped 1.17% to 8,364.41 points. Total daily turnover stood at HKD 356.345 billion, expanding from the previous day, with Southbound trading recording a net inflow of HKD 7.609 billion. On the broader market, heavyweight tech stocks were generally under pressure: Meituan fell 5.7%, while Tencent, Baidu, and Alibaba dropped over 2%; Xiaomi, however, rallied in the afternoon to close in positive territory. Sectors including gold, non-ferrous metals, aviation, brokerages, and heavy machinery all declined.

The AI and semiconductor supply chains bucked the broader market trend to finish higher. The two semiconductor foundry giants continued their winning streak: Hua Hong Semiconductor (01347.HK) surged 11.6% to a new high, and SMIC (00981.HK) rose 3.6%, approaching its previous peak, buoyed by reports that TSMC plans to hike prices for its 3nm process by 15% in the second half of the year. On the AI hardware front, Lenovo Group (00992.HK) gained 3.6% as its AI revenue accelerates, bringing its post-earnings cumulative gain to nearly 50%; ZTE (00763.HK) jumped 12.4% after announcing an RMB 670 million A-share buyback.

LLM concept stocks showed divergent performance.KNOWLEDGE ATLAS(02513.HK) hit another all-time high, closing up 13.54%; MININGLAMP-W (02718.HK) also reached a new record high, achieving a seven-day winning streak.

II. Market Performance of LLM Concept Stocks

Stock Code	Stock Name	Latest Price (HKD)	Change (%)
02513.HK	ZHIPU AI	1,618.00	13.54%
02718.HK	MININGLAMP-W	328.8	0.98%
03317.HK	XUNCE	243.4	-0.49%
01024.HK	KUAISHOU-W	44.88	-0.88%
00100.HK	MINIMAX-W	837	-1.53%
09988.HK	BABA-W	121.8	-2.01%
09888.HK	BIDU-SW	125.6	-2.03%
00700.HK	TENCENT	425	-2.16%
00020.HK	SENSETIME-W	1.66	-4.60%
03690.HK	MEITUAN-W	73.3	-5.66%

Data Source: HKEX. For reference only, not investment advice. Data as of market close on May 28, 2026.

III. Industry and Corporate Dynamics

1.Global LLM Milestones:Global top-tier LLMs collectively underwent upgrades, achieving milestone breakthroughs in mathematical reasoning. Anthropic released two versions of Claude 4, with Sonnet 4 supporting up to 7 hours of ultra-long continuous coding and independently completing a novel proof for a classic mathematical conjecture, marking a significant leap in AI's autonomous scientific research and reasoning capabilities. Google rolled out comprehensive updates across its Gemini 2.5 lineup, enhancing multi-link deep thinking and drastically improving image generation speeds. The competition among general LLMs has officially entered the era of "deep logic + hardcore scientific research."

2.TENCENT:On May 28, 2026, at the Tencent Cloud Day in Hong Kong, Tencent Cloud announced a full-stack upgrade tailored for Agents. The newly upgraded Agent Runtime establishes a native Agent Infra foundation covering execution, storage, memory, and secure access. Tencent Cloud's internationalization continues to accelerate, with Tencent's WorkBuddy, AI creative studio Miora, and the LLM service platform TokenHub officially opening to overseas markets.

3.KUAISHOU-W:On May 27, 2026, KUAISHOU-W (01024.HK) released its Q1 2026 financial report. Data shows that Kling AI generated over RMB 650 million in revenue in the first quarter, representing a year-on-year growth rate exceeding 300%. As of March, Kling AI's Annualized Run Rate (ARR) had reached approximately USD 500 million.

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"	Its self-developed model cluster includes the DeepMiner LLM product line (underlying engine), models such as Mano/Cito, and the Cider inference acceleration framework. These are all interconnected by the Octo platform layer to serve as a human-Agent collaboration hub, ultimately delivered in the form of Agentic Services to empower the implementation of decision-making agents in industries like marketing and mass consumption. The company bypasses the "Scaling Up" route of monolithic LLMs, opting instead for a "Scaling Out" approach through the collaboration of multiple specialized small models, achieving precision that surpasses general models in vertical scenarios. Its core moats lie in granular scenario data, specialized models, and continuous learning, culminating in an open-source, privately deployable, and white-box auditable Private AI infrastructure.
KUAISHOU-W	01024.HK	A leading multimodal content generation platform in China	The company plans to restructure Kling AI and introduce external financing. Kling AI's quarterly revenue has reached 6.5 millions of RMB, with an Annualized Run Rate (ARR) exceeding USD 500 million. Its general LLM "KwaiYii" and video generation model "Kling" are undergoing continuous iteration, demonstrating high commercial conversion efficiency in scenarios such as e-commerce live streaming and automated marketing content generation.

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