Weekly Report on Hong Kong-Listed LLM Concept Stocks (June 29–July 3, 2026)

I. Market Overview

This week (June 29–July 3), the Hong Kong market trended higher before experiencing a pullback. The Hang Seng Index (HSI) recorded a cumulative weekly gain of 2.99%, while the Hang Seng TECH Index rose 5.72%. Equities across the LLM and AI supply chains exhibited a pattern characterized by an initial rally, subsequent contraction, and severe structural divergence.

Early Week (June 29):The AI and semiconductor supply chains led a market rebound. XUNCE surged 15.92%, BIDU-SW gained 5.62%, and MEITUAN-W rose 5.29%. KNOWLEDGE ATLAS was the outlier, falling 4.15% due to profit-taking.

Mid-Week (June 30):KNOWLEDGE ATLAS rebounded 7.29%, and BIDU-SW continued its upward trajectory, adding 5.08%. Conversely, MINIMAX-W retreated 2.89%.

July 1:The Hong Kong market was closed for a public holiday.

July 2:Reports indicating that Meta plans to sell its surplus AI computing capacity triggered market anxieties regarding hardware oversupply. The overnight Philadelphia Semiconductor Index plunged over 6%, precipitating a collective, heavy sell-off in Hong Kong’s AI and semiconductor sectors. KNOWLEDGE ATLAS plummeted 16.63%, MINIMAX-W slumped 14.44%, SMIC dropped 10.1%, and Hua Hong Semiconductor fell 13.5%.

July 3:Market sentiment recovered, driven by an across-the-board eruption in robotics concept stocks. SENSETIME-W advanced 4.55%, and KNOWLEDGE ATLAS rebounded 2.22%. However, MINIMAX-W extended its slide by 2.86%, and XUNCE fell 5.25%.

Capital Flows:Southbound trading exhibited high volume this week, recording a net inflow of approximately HKD 6.1 billion on June 29, a net inflow of HKD 5.895 billion on June 30, a net outflow of HKD 1.974 billion on July 2, and a net inflow of HKD 4.538 billion on July 3.

II. Weekly Performance of LLM Concept Stocks

Data Source: HKEX. For reference only, not investment advice. Data as of market close on July3, 2026.

Weekly Summary Notes:

Performance among LLM concept stocks diverged extremely this week. XUNCE (+13.88%) led the gains, catalyzed by its strategic cooperation with the Beijing International Data Exchange and favorable financing developments. BIDU-SW (+12.30%) and MEITUAN-W (+11.44%) also ranked among the top performers, propelled respectively by Baidu’s Kunlunxin planning a Hong Kong IPO at a USD 50 billion target valuation, and Meituan’s launch of its trillion-parameter LongCat-2.0 model.

Conversely, MINIMAX-W (-18.83%) led the declines, heavily dragged by the systemic sell-off in the AI hardware sector triggered by Meta’s compute-leasing news, compounded by psychological overhang from an impending massive lock-up expiration on July 9 (representing roughly 63% of total shares). KNOWLEDGE ATLAS fell 12.37% for the week, primarily impacted by the systemic sector plunge on July 2, despite a 2.22% rebound on Friday. SENSETIME-W (+7.81%) demonstrated resilience, lifted by the momentum in robotics concept stocks.

III. Macro and Industry News Review

1. Meta Plans to Lease AI Computing Capacity; Anthropic Negotiates Custom Chips—The AI Industry Enters a Refined Operations Cycle

From July 1 to 2, two major developments surfaced globally. Meta is reportedly structuring a "Meta Compute" cloud infrastructure project to sell surplus AI computing capacity and model access to external clients (via managed API and bare-metal leasing). Concurrently, Anthropic is in deep discussions with Samsung regarding custom AI chip development. These moves indicate a transition in the AI capital cycle from an unconstrained compute-hoarding arms race to a mature phase prioritizing refined operations and capital return efficiency.

2. Kuaishou's Kling AI Completes USD 3 Billion Financing at a USD 18 Billion Post-Money Valuation, Setting a Global Record for Video LLMs

On July 2, KUAISHOU-W (01024.HK) announced that Beijing Kling, the operating entity for its Kling AI video generation model, completed an external capital increase capped at USD 3 billion. The transaction establishes a post-money valuation of USD 18 billion—the highest globally for a video large model company. The round was jointly led by CPE, Guofang Capital, BlueFive, Tencent, Zhongguancun Science City Fund, and CITIC Securities, drawing industrial capital from Alibaba Cloud and Baidu. Kuaishou plans to initiate the Hong Kong IPO process for Kling AI within 12 months.

3. Meituan Releases Trillion-Parameter Model LongCat-2.0, the Industry's First Trained on a 50,000-Card Domestic Compute Cluster

On June 29, Meituan officially launched LongCat-2.0, a new generation trillion-parameter large model slated for open source. It is the industry's first trillion-parameter model (1.6T total parameters) to complete its entire training and inference pipeline on a domestic computing cluster comprising 50,000 cards. It natively supports a 1M context window, with an architecture designed specifically around Agentic Coding tasks.

4. SAMR Releases 7 National Standards for "AI Agent Interconnection"

On June 26 (disclosed this week), the State Administration for Market Regulation (SAMR) officially issued seven national standards for "AI Agent Interconnection." The standards mandate comprehensive frameworks covering general architecture, identity codes, identity management, agent description, discovery, interaction, and tool invocation. Over 100 enterprises, including Xiaomi, Lenovo, Volcano Engine, and Kuaishou, are participating in pilot programs.

5. OpenAI Launches GPT-5.6 Series, Restricted to Trusted Partners per US Government Request

On June 26, local time, OpenAI launched its GPT-5.6 series, featuring the flagship Sol, balanced Terra, and lightweight Luna models. Sol scored 88.8% in the Terminal-Bench 2.1 standard mode coding test, outperforming Claude Mythos 5. At the request of the US government, access is currently limited to a select group of "trusted partners."

6. DeepSeek Introduces Peak-and-Valley Pricing Mechanism; V4 Official Release Scheduled for Mid-July

On June 29, DeepSeek adjusted its API pricing strategy, adopting a peak-and-valley billing structure to optimize resource allocation and enhance service stability. The official version of DeepSeek V4 is scheduled for launch in mid-July.

7. 2026 Global Digital Economy Conference Opens in Beijing

On July 2, the 2026 Global Digital Economy Conference opened in Beijing. The event focuses on core agendas such as artificial intelligence, digital governance, and data elements, and is expected to release nearly 20 industry rules and standardizations.

IV. Key Corporate Dynamics

KUAISHOU-W (01024.HK):On July 2, Kling AI secured an external capital increase of up to USD 3 billion at a post-money valuation of USD 18 billion, a global record for video LLMs. Kuaishou expects to launch a Hong Kong IPO for Kling AI within 12 months.

XUNCE (03317.HK):On July 2, launched a concurrent issuance of convertible bonds (RMB 1.36 billion) and placement of new H shares (netting approx. HKD 771 million), aiming to raise a total of HKD 2.35 billion. Previously on June 29, it signed a strategic framework agreement with the Beijing International Data Exchange to accelerate data tokenization in vertical industries.

MEITUAN-W (03690.HK):On June 29, launched the open-source, trillion-parameter LongCat-2.0. The 1.6T parameter model is the first natively trained on a 50,000-card domestic compute cluster and supports a 1M context window.

BIDU-SW (09888.HK):Ranked among the top performers this week, bolstered by news that its AI chip subsidiary Kunlunxin plans a Hong Kong IPO targeting a USD 50 billion valuation. Additionally, on July 1, Sun Tianxiang, core architect of the Fudan MOSS model, officially joined Baidu as the head of the Basic Model Unit.

MININGLAMP-W (02718.HK):CITIC Securities initiated coverage with a "Buy" rating, noting the company is in a critical transition phase from traditional data intelligence to an Agentic AI strategy. Its Agentic Services, deployed since H2 2025, have already realized high growth. Backed by 20 years of multimodal commercial data and its proprietary DeepMiner agent platform, the company exhibits substantial growth headroom.

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