Daily Report on Hong Kong-Listed LLM Concept Stocks (June 29, 2026)

NewTimeSpace · 2026/06/29 17:17 · By Jiayi Sun

On June 29, Hong Kong equities rebounded robustly, led by large-cap tech and semiconductor stocks. Baidu gained over 5% following reports of a USD 50 billion target valuation for its AI chip subsidiary Kunlunxin's planned HK IPO, while Horizon Robotics and XUNCE both surged over 14%. On the regulatory front, China's SAMR officially issued seven national standards for AI Agent Interconnection, accelerating the standardization and compliant deployment of agent ecosystems. Globally, foundational model competition intensified: OpenAI launched its GPT-5.6 series with restricted access governed by US directives, and xAI initiated internal beta testing for Grok 4.5, announcing a strategic shift toward monthly model iterations.

I. Industry Observations

On June 29, 2026, market sentiment in Hong Kong heated up significantly. The Hang Seng Index (HSI) closed up 1.57% at 23,026.68 points, the Hang Seng TECH Index surged 3.23% to 4,393.01 points, and the Hang Seng China Enterprises Index (HSCEI) advanced 1.94% to 7,605.34 points. Total daily turnover reached HKD 315.379 billion.

The AI and semiconductor supply chains exhibited divergent performances. Horizon Robotics-W jumped 14.7% as a "duopoly" pattern takes shape in the smart driving chip market, with HSD driving continuous mass production deployments in vehicles. XUNCE surged over 15%. GigaDevice surged 14.6% to refresh its post-listing high, Hua Hong Semiconductor rose 7.8%, and SMIC advanced 6.0% after all resolutions at its annual general meeting were successfully passed.

Large-cap internet tech equities staged a collective oversold rebound. Baidu-SW gained 5.6% on reports that its AI chip subsidiary, Kunlunxin, plans to list in Hong Kong with a target valuation of USD 50 billion. Tencent advanced 2.0%, deploying HKD 500.6 million for share buybacks; Xiaomi Group-W rose 2.1%, spending HKD 203 million on buybacks; NetEase-S surged 6.4% on plans to convert to a dual-primary listing, while Alibaba and Meituan followed the upward trend. ZHIPU AI fell 4.2%, and Lenovo Group dropped 9.2%.

II. Market Performance of LLM Concept Stocks

Stock Code	Stock Name	Latest Price (HKD)	Change
03317.HK	XUNCE	119.4	15.92%
09888.HK	BIDU-SW	104.3	5.62%
03690.HK	MEITUAN-W	67.65	5.29%
00020.HK	SENSETIME-W	1.34	4.69%
09988.HK	BABA-W	93	3.91%
00700.HK	TENCENT	420.2	2.04%
01024.HK	KUAISHOU-W	41	2.02%
02718.HK	MININGLAMP-W	221.4	1.47%
00100.HK	MINIMAX-W	429.4	0.56%
02513.HK	KNOWLEDGE ATLAS	1,961.00	-4.15%

Data Source: HKEX. For reference only, not investment advice. Data as of market close onJune 29, 2026.

III. Industry and Corporate Dynamics

1. SAMR: Releases a Series of 7 National Standards for "AI Agent Interconnection," with Over 100 Enterprises Including Xiaomi and Lenovo Participating in Pilot Programs

On June 26, the State Administration for Market Regulation (SAMR) held a press conference to officially release a series of seven national standards for "AI Agent Interconnection." These standards comprehensively cover core processes including general architecture, identity codes, identity management, agent description, agent discovery, agent interaction, and agent tool invocation. This systematically constructs a full-coverage, closed-loop standard specification framework spanning "identity identification — capability description — supply and demand discovery — collaborative interaction — tool invocation."

The series effectively fills the regulatory void in national standards within the AI agent domain. Through unified architecture and interaction rules, enterprises can reuse standard components, reduce customized development, and compress product time-to-market. Simultaneously, it establishes a unified identity authentication and full-process traceability mechanism, solidifying the institutional foundation for cross-domain trusted and secure interactions. Currently, over 100 enterprises, including Xiaomi, Lenovo, Volcano Engine, and Kuaishou, have joined the "Joint Initiative for the Co-construction and Sharing of Agent Protocols," with more than 50 companies actively conducting pilot applications.

2. OpenAI: Officially Launches GPT-5.6 Series Featuring Sol, Terra, and Luna Models; Access Restricted to Trusted Partners at the Request of the US Government

On June 26, local time, OpenAI officially launched its next-generation flagship large model lineup, the GPT-5.6 series, rolling out three distinct models: the flagship Sol (Sun), the balanced Terra (Earth), and the lightweight Luna (Moon).

In the Terminal-Bench 2.1 coding evaluation, Sol scored 88.8% in standard mode, outperforming Claude Mythos 5; in cybersecurity testing, it achieved comparable performance using only about one-third of the output tokens. Terra's performance closely mirrors that of GPT-5.5, while Luna is heavily optimized for speed and cost efficiency. Regarding API pricing per million tokens, Sol is priced at $5 for input and $30 for output; Terra at $2.50 / $15; and Luna at $1 / $6. At the explicit request of the US government, limited access is currently granted only to a select group of "trusted partners," with a comprehensive rollout expected within weeks.

3. xAI: Grok 4.5 Enters Beta Testing Internally at SpaceX and Tesla; Plans to Release a New Model Monthly

On June 28, Elon Musk announced that xAI's latest large model, Grok 4.5, has initiated beta testing internally across SpaceX and Tesla. Early benchmark evaluations indicate that its performance approaches and may even surpass Anthropic's Claude Opus. The model is built upon a 1.5 trillion-parameter V9 foundation architecture and specifically incorporates training data from the AI coding tool Cursor, highlighting a strategic emphasis on software development scenarios. Looking ahead, xAI plans to release an entirely new, trained-from-scratch large model every month for the remainder of the year to accelerate its technological iteration and fortify its competitive market positioning.

IV. Introduction to LLM Concept Stocks

Stock Name	Stock Code	Market Position	LLM Products & Business Profile
XUNCE	03317.HK	A leading data infrastructure provider for financial asset management in China	Recognized by the market as the "First Token Stock." The company continues to deepen the integration of LLMs into the core business workflows of financial asset management, reconstructing investment research, trading, and risk control pipelines through underlying data governance and AI technologies. Its underlying structured data cleaning capabilities closely align with the digital transformation of financial institutions and the compliant implementation trends of LLMs.
MEITUAN-W	03690.HK	An AI technology pioneer in the local lifestyle services sector	Its AI-native community "Miyou" has validated its practical value in physical operational scenarios, helping catering brands improve operational efficiency. The company continues to optimize search, recommendation, and dispatch algorithms within the local lifestyle ecosystem using its self-developed LLM capabilities. By introducing AI agent technologies into intelligent customer service, merchant marketing assistants, and on-demand delivery route planning, it remains committed to enhancing bilateral operational efficiency and refined management levels.
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.
BIDU-SW	09888.HK	A dual-engine leader in China's AI infrastructure and autonomous driving sectors	According to its latest financial report, AI business revenue accounted for 52% of general business revenue, overtaking traditional advertising as the core growth engine. Wenxin 5.1, its latest large language model, has been launched and ranks first domestically and fourth globally on the LMArena leaderboard. The Qianfan large-model platform aggregates mainstream models for commercial API access, while intelligent cloud revenue grew 79% year-over-year. Apollo Go, its fully driverless ride-hailing service, leads in commercialization with cumulative autonomous driving mileage exceeding 330 million kilometers, and has achieved per-vehicle breakeven in some cities. Large model capabilities are steadily penetrating intelligent cloud, autonomous driving, and AI-native applications.

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