Daily Report on Hong Kong-Listed LLM Concept Stocks (June 3, 2026)

NewTimeSpace · 2026/06/03 19:24 · By Jiayi Sun

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.

I. Industry Observations

On June 3, 2026, Hong Kong stocks opened lower and trended downwards, fluctuating at low levels throughout the day. The Hang Seng Index (HSI) closed down 1.56% at 25,633.21 points, losing the 26,000-point mark; the Hang Seng TECH Index fell 2.74% to 5,056.97 points; and the Hang Seng China Enterprises Index (HSCEI) dropped 1.90% to 8,596.59 points. Southbound trading recorded a net inflow of HKD 18.682 billion.

Heavyweight tech stocks experienced a collective pullback: Meituan fell nearly 6%, JD.com dropped over 4%, while Alibaba, Tencent, and Xiaomi declined by over 3%, and Kingdee International slumped more than 7%.

The AI and semiconductor supply chains bucked the broader market trend to finish higher. The optical communication sector surged, with YOFC jumping over 10%, Cambridge Industries Group (CIG) rising over 7%, and Lightelligence-P surging over 16%. Memory concept stocks rose collectively, with Montage Technology gaining over 6%, while SMIC and GigaDevice both posted gains. Among LLM concept stocks,KNOWLEDGE ATLAS(02513.HK) closed up 3.51%, and MINIMAX-W (00100.HK) gained 1.12%.

II. Market Performance of LLM Concept Stocks

Stock Code	Stock Name	Latest Price (HKD)	Change (%)
02513.HK	KNOWLEDGE ATLAS	1,462.00	3.54%
00100.HK	MINIMAX-W	675	1.12%
09888.HK	BIDU-SW	132.9	-1.34%
03317.HK	XUNCE	180.7	-2.80%
00700.HK	TENCENT	466.4	-3.16%
02718.HK	MININGLAMP-W	284.6	-3.20%
09988.HK	BABA-W	126.6	-3.28%
00020.HK	SENSETIME-W	1.73	-4.42%
01024.HK	KUAISHOU-W	46.74	-4.57%
03690.HK	MEITUAN-W	80.4	-5.96%

Data Source: HKEX. For reference only, not investment advice. Data as of market close onJune 3, 2026.

III. Industry and Corporate Dynamics

1.Domestic LLM Duo Concurrently Advancing A-Share Listings: MiniMax Initiates STAR Market IPO Tutoring, KNOWLEDGE ATLAS Plans to Raise RMB 15 Billion

On May 31, MINIMAX-W (00100.HK) announced the initiation of tutoring for its IPO on the STAR Market, having signed a tutoring agreement with CITIC Securities, aiming to establish a dual-platform listing (A+H shares). Concurrently, the company released its next-generation general model, MiniMax M3, on June 1. KNOWLEDGE ATLAS (02513.HK) announced on June 1 its plan to issue A-shares and list on the STAR Market to raise RMB 15 billion, of which RMB 12 billion will be allocated to the R&D of its foundation LLM. Both companies debuted on the HKEX in January 2026 and are now synchronously advancing their A-share return processes.

2.Tencent Stock Ignited by Rumors of WeChat AI Assistant Testing, Prompting a 10.5% Single-Day Surge

On June 2, market rumors suggested that Tencent is testing an AI agent prototype embedded within WeChat, a project reportedly elevated to the company's highest strategic priority. The product is expected to enter the compliance review process as early as this month. Accessible via a right-swipe interface in WeChat, the assistant can reportedly invoke millions of Mini Programs to complete complex tasks seamlessly.

3.Kuaishou's Kling AI Raising Funds at USD 18 Billion Pre-Money Valuation, Targeting HK IPO in 2027

Market sources indicate that KUAISHOU-W (01024.HK)'s video generation business, Kling AI, is undergoing its first financing round since its spin-off, at a pre-money valuation of USD 18 billion. This also serves as Kling AI's Pre-IPO financing round. Reportedly, Kling AI is internally advancing related preparations with the goal of submitting its Hong Kong IPO application materials by early 2027.

IV. Introduction to LLM Concept Stocks

Stock Name	Stock Code	Market Position	LLM Products & Business Profile
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.
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.

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