Daily Report on Hong Kong-Listed LLM Concept Stocks (June 18, 2026)

NewTimeSpace · 2026/06/18 17:26 · By Xuran Lin

On June 18, Hong Kong stocks drifted lower, yet the LLM and domestic computing power supply chains bucked the broader market decline to register substantial gains, led by ZHIPU AI surging over 26% and MiniMax jumping 12.3%. Iluvatar CoreX skyrocketed 21% amid reports of a massive chip procurement pipeline from ByteDance. The rally was primarily fueled by regulatory catalysts, as the SSE formally issued guidelines extending the STAR Market's fifth listing standard to pre-revenue AI LLM firms, sparking a sector-wide valuation rerate. Consequently, ZHIPU AI’s domestic listing process accelerated, with its IPO status upgraded to "Tutoring Acceptance." Meanwhile, the primary market witnessed a blockbuster Series A round by DeepSeek, drawing multi-billion RMB commitments from its founder, Tencent, and CATL.

I. Industry Observations

On June 18, 2026, Hong Kong stocks fluctuated downward. The Hang Seng Index (HSI) closed down 1.59% at 23,924.81 points, the Hang Seng TECH Index fell 1.39% to 4,604.35 points, and the Hang Seng China Enterprises Index (HSCEI) dropped 2.06% to 7,976.04 points. Total daily turnover reached HKD 358.715 billion, with Southbound trading recording a net outflow of HKD 6.792 billion.

The AI and LLM supply chains bucked the broader market trend to finish higher. KNOWLEDGE ATLAS (02513.HK) surged over 26%, MINIMAX-W (00100.HK) jumped 12.3%, and MININGLAMP-W (02718.HK) also posted strong gains. On the news front, the expansion of the STAR Market's fifth listing standard to encompass the AI LLM industry is expected to accelerate the "return to A-shares" process for LLM enterprises, presenting a major catalyst for a sector-wide valuation rerate.

The semiconductor and AI hardware sectors exhibited divergence. Iluvatar CoreX skyrocketed 21.2% following reports that ByteDance is in talks to procure at least 50,000 of its AI chips for Doubao's inference workloads. Hua Hong Semiconductor advanced 5.6%. ESTUN Automation surged 12.8%, buoyed by robust growth in domestic industrial robot production and the company's leading shipment volume in the Chinese market. Conversely, Lenovo Group declined 4.4%.

II. Market Performance of LLM Concept Stocks

Stock Code	Stock Name	Latest Price (HKD)	Change (%)
02513.HK	KNOWLEDGE ATLAS	2094.00	26.14
00100.HK	MINIMAX-W	497.60	12.33
02718.HK	MININGLAMP-W	211.20	1.83
09888.HK	BIDU-SW	111.70	-0.45
01024.HK	KUAISHOU-W	47.24	-0.96
00700.HK	TENCENT	440.20	-1.17
00020.HK	SENSETIME-W	1.48	-1.33
09988.HK	BABA-W	104.90	-1.87
03317.HK	XUNCE	134.00	-2.05
03690.HK	MEITUAN-W	71.80	-3.49

Data Source: HKEX. For reference only, not investment advice. Data as of market close onJune 18, 2026.

III. Industry and Corporate Dynamics

1. SSE Issues Application Guidelines for STAR Market's Fifth Listing Standard, Expanding Scope to Include AI Large Language Model Enterprises

On June 17, the Shanghai Stock Exchange (SSE) issued the "Guidelines for the Application of the Rules for Issuance and Listing Review of the Shanghai Stock Exchange No. 10 — Application of the Fifth Set of STAR Market Listing Standards for Artificial Intelligence Large Language Model Enterprises," explicitly expanding the applicability of the STAR Market's fifth listing standard to include AI large language model (LLM) companies. Originally tailored for pre-revenue biotechnology firms, this expansion aims to better support high-quality AI LLM enterprises that have not yet achieved a certain revenue scale to list under the fifth standard, thereby accelerating the innovative development of artificial intelligence. Companies such as ZHIPU AI, MiniMax, and Mininglamp Technology, which are advancing "A+H" dual-listings or initiating major financing rounds, are expected to benefit directly.

2.KNOWLEDGE ATLAS(02513.HK): STAR Market IPO Tutoring Status Updated to "Tutoring Acceptance"

On June 17, as disclosed on the official website of the China Securities Regulatory Commission (CSRC), the STAR Market IPO tutoring status of Beijing Zhipu Huazhang Technology Co., Ltd. was updated to "Tutoring Acceptance," with Guotai Haitong Securities serving as the tutoring institution. Previously, the company announced on June 1 its intention to issue A-shares and list on the STAR Market, aiming to raise RMB 15 billion, of which RMB 12 billion is allocated for the development of artificial intelligence general foundational large models. With the expansion of the STAR Market's fifth listing standard to encompass LLM enterprises, the company's "return to A-shares" listing process is poised to accelerate significantly.

3. DeepSeek Completes Series A Financing; Founder Liang Wenfeng Contributes Approximately RMB 20 Billion, Joined by Tencent, CATL, and Others

According to reports, DeepSeek has successfully closed its Series A financing round. Founder Liang Wenfeng contributed approximately RMB 20 billion, emerging as the largest single investor in this round. Tencent invested roughly RMB 10 billion; the CATL ecosystem contributed about RMB 5 billion (including investments from CATL and Puquan Capital). NetEase, JD.com, Monolith Management, and IDG Capital each invested approximately RMB 3 billion, while Loyal Valley Capital and Shixiang Capital each contributed about RMB 1.5 billion. Additionally, the National Artificial Intelligence Industry Investment Fund invested roughly RMB 980 million. Founded in July 2023 and headquartered in Hangzhou, Zhejiang province, DeepSeek has launched the DeepSeek series, which stands as a leading open-source large model lineup in the domestic market.

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.
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.
BABA-W	09988.HK	China's cloud and AI leader	The company has released several new models, including Qwen3.6-Plus, with the Qwen LLM surpassing 1.4 trillion Tokens in daily API calls, setting a new global record for daily calls on third-party platforms. The Qwen consumer-facing application has exceeded 300 million MAU and has been integrated into the smart cabins of multiple automakers. It consistently ranks at the forefront in international benchmark evaluations for coding and agentic capabilities. Its business layout seamlessly matches the trend of scaled procurement of computing power and model APIs by government and enterprise clients.

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LLM Knowledge Atlas MINIMAX-W MININGLAMP-W