Daily Report on Hong Kong-Listed LLM Concept Stocks (June 17, 2026)

NewTimeSpace · 2026/06/17 17:25 · By Xuran Lin

On June 17, Hong Kong stocks saw narrow consolidation, but the LLM and semiconductor supply chains erupted. ZHIPU AI surged over 12% following the launch and open-sourcing of its GLM-5.2 flagship model, which ranked first globally on the Code Arena benchmark. KUAISHOU-W jumped 7.3% on rumors of a USD 2 billion financing round for Kling AI, while the memory and PCB sectors soared amid price hikes and shortage forecasts. In major industry developments, the CSRC expanded the STAR Market's fifth listing standard to accommodate pre-revenue AI LLM companies, clearing regulatory hurdles for IPOs. Meanwhile, to mitigate soaring compute costs, Microsoft's Copilot Cowork is pivoting to usage-based pricing and exploring cost-effective open-source alternatives like DeepSeek V4.

I. Industry Observations

On June 17, 2026, Hong Kong stocks consolidated within a narrow range. The Hang Seng Index (HSI) closed down 0.74% at 24,312.16 points, the Hang Seng TECH Index rose 0.22% to 4,669.07 points, and the Hang Seng China Enterprises Index (HSCEI) fell 1.17% to 8,144.03 points. Total daily turnover reached HKD 270.412 billion, with Southbound trading recording a net outflow of HKD 3.222 billion.

The AI and LLM supply chains delivered stellar performances. ZHIPU AI surged 12.62% as the company officially launched and open-sourced GLM-5.2, which ranked first globally among commercially available models on Code Arena, a front-end code evaluation platform driven by blind testing across over one million users. MINIMAX-W rose 6.34% following reports that MiniMax M3 was recently integrated into Alipay Token Pay. KUAISHOU-W jumped 7.34% amid market rumors that Kling AI is negotiating a USD 2 billion financing round led by General Atlantic.

The semiconductor and memory sectors erupted. GigaDevice H-shares skyrocketed 14.5%, bolstered by a Morgan Stanley note indicating that memory shortages in AI data centers could persist until 2028. Hua Hong Semiconductor surged 8.5%, and SMIC advanced 2.4%. The PCB concept remained red-hot, with Kingboard Holdings surging 17.7% to refresh its all-time high following the implementation of its fifth price hike of the year. Memory chips and power semiconductors led the gains, with Montage Technology rallying 11.2% and SICC advancing 10.1%.

II. Market Performance of LLM Concept Stocks

Stock Code	Stock Name	Latest Price (HKD)	Change (%)
02513.HK	KNOWLEDGE ATLAS	1660.00	12.62
01024.HK	KUAISHOU-W	47.70	7.34
00100.HK	MINIMAX-W	443.00	6.34
00020.HK	SENSETIME-W	1.50	3.45
09888.HK	BIDU-SW	112.20	1.36
09988.HK	BABA-W	106.90	-0.09
00700.HK	TENCENT	445.40	-0.45
03690.HK	MEITUAN-W	74.40	-1.20
03317.HK	XUNCE	136.80	-2.56
02718.HK	MININGLAMP-W	207.40	-8.63

Data Source: HKEX. For reference only, not investment advice. Data as of market close onJune 17, 2026.

III. Industry and Corporate Dynamics

1. CSRC: STAR Market's Fifth Listing Standard Expanded to the AI Large Language Model Industry

On June 17, the China Securities Regulatory Commission (CSRC) announced at the opening ceremony of the 2026 Lujiazui Forum that the scope of the STAR Market’s fifth set of listing standards will be expanded to encompass the AI large language model (LLM) industry. Originally tailored specifically for pre-revenue biotechnology enterprises, the expansion of this standard underscores regulatory efforts to establish a more compatible public listing pathway for AI companies. Domestic pioneers such as ZHIPU AI and MiniMax, which are currently advancing "A+H" dual-listings or embarking on critical financing rounds, are expected to be direct beneficiaries.

2.KNOWLEDGE ATLAS(02513.HK): Formally Launches and Open-Sources GLM-5.2, Ranking First Globally Among Available Models on Code Arena Benchmark

On June 17, ZHIPU AI announced the official launch and open-sourcing of its next-generation flagship model, GLM-5.2, under the permissive MIT License. Specially engineered for long-horizon tasks, the model supports a Solid 1M lossless context window. It secured the number one spot globally among commercially available models on Code Arena, a front-end development evaluation platform driven by blind testing across millions of users. In the FrontierSWE benchmark, GLM-5.2 trailed Claude Opus 4.8 by a mere 1% while outperforming GPT-5.5. Furthermore, the model achieved Day-0 inference adaptation across major domestic computing power platforms, including Huawei Ascend, T-Head, Moore Threads, Cambricon, Kunlun Chip, MetaX, Hygon, and Biren Technology.

3. Microsoft: Copilot Cowork Pivots to Usage-Based Pricing, Explores Open-Source Models Like DeepSeek V4 for Cost Reduction

On June 17, industry sources revealed that Microsoft is transitioning its AI agent product, Copilot Cowork, toward a consumption-based "usage-based billing" model. Concurrently, the tech giant is exploring fine-tuned versions of DeepSeek V4 or other open-source models as lower-cost alternatives to its current deployments of premium Anthropic and OpenAI models. Charles Lamanna, Corporate Vice President at Microsoft, noted that internal data indicated unlimited flat-rate access models are financially unsustainable, as heavy users executing hundreds of tasks weekly generate exorbitant compute costs. Notably, Anthropic's latest Fable 5 model carries a cost-per-token that is approximately 50 times higher than that of DeepSeek-V4 Pro.

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-5.2, 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 dedicated to omni-modal Artificial General Intelligence (AGI)	The company continuously iterates its video generation model matrix and has partnered with mainstream domestic and overseas chip manufacturers and inference platforms to complete underlying adaptations. The total monthly active users (MAU) of its B2C and B2B LLM applications, along with multimodal API call volumes, maintain rapid growth, further broadening its computing power ecological layout.
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.
SENSETIME-W	00020.HK	A leading domestic provider of computer vision and generative AI infrastructure	Accelerating its transition towards Model-as-a-Service (MaaS) and generative AI services. The company has released and open-sourced the SenseNova U1 series, a native unified understanding and generation model, and the lightweight multimodal model SenseNova 6.7 Flash-Lite. Leveraging the computing reserves of its AI infrastructure (AIDC), it translates foundational computing power into omni-modal generation pipelines tailored for vertical industries such as automotive and healthcare.

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LLM Knowledge Atlas MINIMAX-W MININGLAMP-W