Daily Report on Hong Kong-Listed LLM Concept Stocks (July 2, 2026)

NewTimeSpace · 2026/07/02 17:18 · By Jiayi Sun

On July 2, Hong Kong stock indices diverged. Triggered by overnight plunges in US chip stocks and anxieties over Meta's surplus AI capacity sales, the semiconductor and LLM supply chains suffered heavy losses, with KNOWLEDGE ATLAS and MiniMax dropping over 14% and SMIC tumbling 10%. In macro and corporate milestones, the 2026 Global Digital Economy Conference opened in Beijing; AWS invested USD 1 billion in a dedicated AI division deploying thousands of onsite engineers for enterprise deployment; and Baidu appointed MOSS architect Sun Tianxiang as head of its Basic Model Unit to fortify its foundational AI infrastructure.

I. Industry Observations

On July 2, 2026, major Hong Kong stock indices exhibited divergent trends. The Hang Seng Index (HSI) closed up 0.76% at 23,055.03 points, the Hang Seng TECH Index fell 0.40% to 4,454.28 points, and the Hang Seng China Enterprises Index (HSCEI) advanced 0.72% to 7,612.48 points. Total daily turnover reached HKD 369.633 billion, with Southbound trading recording a net outflow of HKD 1.974 billion.

The AI and semiconductor supply chains suffered a heavy sell-off. Reports that Meta plans to sell its surplus AI computing capacity to external clients triggered market anxieties regarding AI hardware overcapacity and a potential peaking of capital expenditures. This caused the overnight Philadelphia Semiconductor Index to plunge over 6%, leading to a collective retreat in Hong Kong's semiconductor and hardware sectors.

SMIC tumbled 10.1%, Hua Hong Semiconductor fell 13.5%, KNOWLEDGE ATLAS plummeted 16.6%, and MINIMAX-W slumped 14.4%. Upstream components also faced sharp corrections, with GigaDevice dropping 18.4% and Yangtze Optical Fibre and Cable (YOFC) crashing 22.4%. Conversely, Horizon Robotics-W bucked the broader sector rout to gain 5.2%.

II. Market Performance of LLM Concept Stocks

Stock Code	Stock Short Name	Closing Price (HKD)	Change
03690.HK	MEITUAN-W	70.85	3.43%
01024.HK	KUAISHOU-W	42.64	2.50%
09988.HK	BABA-W	94.5	1.78%
03317.HK	XUNCE	123.8	1.64%
09888.HK	BIDU-SW	110	0.36%
00700.HK	TENCENT	430.2	0.09%
00020.HK	SENSETIME-W	1.32	-1.49%
02718.HK	MININGLAMP-W	199.6	-3.76%
00100.HK	MINIMAX-W	356.8	-14.44%
02513.HK	KNOWLEDGE ATLAS	1,754.00	-16.63%

Data Source: HKEX. For reference only, not investment advice. Data as of market close onJuly 2, 2026.

III. Industry and Corporate Dynamics

1. 2026 Global Digital Economy Conference Opens in Beijing, Focusing on Artificial Intelligence and Digital Governance

On July 2, the 2026 Global Digital Economy Conference (GDEC) opened at the China National Convention Center in Beijing, running through July 5. Themed *"Building Digital-Friendly Cities — Boundless Intelligence, Global Data Connectivity,"* the conference focuses on core issues across key domains such as artificial intelligence, digital governance, and data elements, facilitating exchanges and mutual learning among nearly 40 high-level international delegations and over a thousand guests. The event is structured around a "1+1+N" framework, comprising one opening ceremony, one main forum on the Global Digital-Friendly City Construction Dialogue, and N specialized forums. More than 50 specialized forums will be rolled out during the main session, closely aligned with two core tracks: "Industrial Digitalization" and "AI Plus." Furthermore, nearly 20 industry rules and standards are slated for release. Concurrently, the United Nations Development Programme (UNDP) Innovation Laboratory for Digital Friendliness and Sustainable Digital Economy will be officially established in Beijing.

2. AWS Invests USD 1 Billion to Establish Dedicated AI Division, Deploying Thousands of Engineers to Accelerate Enterprise AI Adoption

On June 30, local time, Amazon Web Services (AWS) announced a USD 1 billion investment to establish a brand-new artificial intelligence division dedicated exclusively to helping enterprise clients build and deploy AI systems. The new unit will feature thousands of Forward Deployment Engineers (FDEs). Operating in specialized teams of 5 to 6, these engineers will be stationed onsite at client enterprises to collaborate deeply with internal business, R&D, and security departments. Working alongside collaborative AI agents, these teams aim to help clients establish self-sufficient, operational technical units within weeks and deliver comprehensive, end-to-end AI solutions. AWS stands as the first hyperscale cloud provider to introduce this type of dedicated, onsite engineering deployment service, and has already initiated partnerships with high-profile organizations including the NBA, Southwest Airlines, and the NFL.

3. Baidu Appoints MOSS Core Architect Sun Tianxiang as Head of Basic Model Unit

On July 1, Sun Tianxiang, a prominent technical expert in the large language model field, officially joined Baidu as the head of the Basic Model Unit (BMU) and was appointed to the Baidu Model Committee (BMC). Born in 1997, Sun received his Ph.D. in Computer Science and Technology from Fudan University in 2024. He was the core R&D lead and architect of MOSS, China's first ChatGPT-like conversational large model to publicly invite users for open beta testing. Previously, Baidu optimized its organizational architecture by establishing the Basic Model Unit (BMU) and the Application Model Unit (AMU), with the latter remaining under the leadership of Jia Lei.

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"	It 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.
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.
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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