Daily Report on Hong Kong-Listed LLM Concept Stocks (June 24, 2026)

NewTimeSpace · 2026/06/24 17:20 · By Jiayi Sun

On June 24, Hong Kong stocks fluctuated higher, driven by a broad rally in the semiconductor sector, where Hua Hong Semiconductor skyrocketed over 15% to an all-time high following acquisition approvals. AI application stocks diverged: Tencent advanced 3.4% as its WeCom AI Agent entered closed beta, while MiniMax continued to decline. Industry developments highlighted that over 900 large models are now operational in China, with regulators drafting new AI agent guidelines. Meanwhile, Alibaba launched Qwen-AgentWorld, the first native language world model, and Mininglamp rolled out its "Agent Ready" solution, integrating with WeChat and Qwen to accelerate enterprise AI commercialization.

I. Industry Observations

On June 24, 2026, Hong Kong stocks fluctuated and climbed. The Hang Seng Index (HSI) closed up 0.33% at 23,412.18 points, the Hang Seng TECH Index rose 1.81% to 4,479.02 points, and the Hang Seng China Enterprises Index (HSCEI) edged up 0.07% to 7,764.97 points. Total daily turnover reached HKD 322.918 billion, with Southbound trading recording a net inflow of HKD 15.751 billion.

The semiconductor and chip sectors registered broad and substantial gains. SMIC advanced 8.9%, driven by expected price hikes for TSMC's advanced foundry processes, leading the market to project that global foundry revenue could grow by over 20% this year. Hua Hong Semiconductor skyrocketed 15.5% to hit an all-time high after its acquisition of Huali Microelectronics was approved by the Shanghai Stock Exchange (SSE).

AI application stocks exhibited divergence. Tencent advanced 3.4% amid news that its WeCom AI Agent, "Dayuan," has entered closed beta testing; Goldman Sachs previously noted that Tencent's valuation repair would heavily depend on the progression of its AI narrative. Conversely, MINIMAX-W plunged 7.3%, and XUNCE dropped nearly 6%.

II. Market Performance of LLM Concept Stocks

Stock Code	Stock Name	Latest Price (HKD)	Change
00700.HK	TENCENT	428.8	3.38%
09888.HK	BIDU-SW	107.1	2.29%
02718.HK	MININGLAMP-W	226.6	1.61%
09988.HK	BABA-W	99.4	0.45%
02513.HK	KNOWLEDGE ATLAS	2,174.00	0.18%
00020.HK	SENSETIME-W	1.39	0.00%
01024.HK	KUAISHOU-W	42.92	-0.69%
03690.HK	MEITUAN-W	67.75	-2.66%
03317.HK	XUNCE	116.8	-5.96%
00100.HK	MINIMAX-W	477.6	-7.26%

Data Source: HKEX. For reference only, not investment advice. Data as of market close onJune 24, 2026.

III. Industry and Corporate Dynamics

1. CAC: Over 900 Large Models Deployed Online in China; Regulations Formulating for AI Agent Standardized Applications

On June 24, at the opening ceremony of MWC Shanghai 2026, the Cyberspace Administration of China (CAC) stated that China has become the world's largest internet market, establishing a comprehensive industrial ecosystem in artificial intelligence spanning foundational infrastructure, model frameworks, and industry applications. To date, more than 900 large models have been officially deployed for public services, covering diverse sectors such as industrial manufacturing, agriculture, education, scientific research, culture, and tourism. Furthermore, China is actively researching and formulating regulatory frameworks, including measures for the identification management of AI-generated and synthesized content, the management of anthropomorphic interactive services, the information service management of digital virtual humans, as well as the standardized application and innovative development of AI agents.

2. Alibaba Qwen Launches Qwen-AgentWorld, the First Native Language World Model Covering Seven Agent Interaction Domains

On June 24, Alibaba's Qwen team formally unveiled Qwen-AgentWorld, the industry's first Native Language World Model (LWM) capable of simulating AI agent interaction environments across seven distinct domains. Rather than executing a post-hoc adaptation on a general large language model, this architecture integrates environment modeling as a core objective right from the Continued Pre-Training (CPT) phase, embedding it natively throughout the CPT, Supervised Fine-Tuning (SFT), and Reinforcement Learning (RL) pipelines. A single model simultaneously accommodates text-based environments (MCP, Search, Terminal, SWE) and Graphical User Interface (GUI) environments (Web, OS, Android). The accompanying AgentWorldBench evaluation benchmark spans all seven domains, with each test sample provisioned with ground-truth environmental observation data yielded from live environment executions.

3. MININGLAMP-W (02718.HK) Initiates Integrations with WeChat and Qwen, Launching "Agent Ready" Solutions for Consumer Brands

On June 23, MININGLAMP-W (02718.HK) announced that it has initiated integration pipelines with leading AI platforms such as WeChat and Tongyi Qianwen (Qwen), rolling out its comprehensive "Agent Ready" solution for enterprise brand owners. Configured around four core dimensions—intent understanding optimization, recommendation strategy fine-tuning, business rule alignment, and multi-platform protocol adaptation—the solution empowers brands to precisely capture user intent, balance personalized consumer demands with corporate commercial strategies, and flexibly handle operational business rules such as promotions and inventory management. By establishing standardized access protocols, the framework rapidly ensures cross-compatibility with diverse Agent platforms and intelligent terminals, significantly reducing integration scaling costs while enabling brands to secure a premium foothold in AI entry portals and capture market mindshare.

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"	The company fully underpins its Agentic AI positioning with its self-developed edge models—Mano, Cito, and Mano-P—alongside the Cider inference framework. Its business architecture utilizes 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 parameter expansion of general models in favor of a "Scaling Out" approach that coordinates multiple specialized small models. Its core moats do not rely on parameter scale, but rather on granular scenario data, specialized models, and continuous learning. This enables it to achieve a level of precision in vertical scenarios that general models cannot match, as it remains 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.
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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