Daily Report on Hong Kong-Listed LLM Concept Stocks (July 6, 2026)

NewTimeSpace · 2026/07/06 17:08 · By Boyuan Chen

On July 6, Hong Kong stocks trended higher, though the LLM supply chain faced severe divergence. Hit by news of Nvidia's NVL144 rack deployments being delayed to 2028 due to PCB manufacturing hurdles, AI hardware stocks plummeted, while KNOWLEDGE ATLAS plunged nearly 15%. Conversely, AI application players demonstrated strength: Tencent rose 4.8% following the launch of its MoE-based Hunyuan Hy3 model, competitive API pricing, and clear WeChat Agent commercialization prospects, while Kuaishou jumped 8% as Kling AI initiated independent commercialization. On the regulatory front, five departments issued interim measures governing AI personified interactive services, prompting Doubao and Qwen to deprecate user-customized agents, signaling a compliance-driven restructuring of product matrices.

I. Industry Observations

On July 6, 2026, Hong Kong stocks trended higher amid volatility. The Hang Seng Index (HSI) closed up 1.14% at 23,616.32 points, the Hang Seng TECH Index rose 0.94% to 4,541.23 points, and the Hang Seng China Enterprises Index (HSCEI) advanced 1.46% to 7,812.35 points. Total daily turnover reached HKD 314.717 billion, with Southbound trading recording a massive net inflow of HKD 20.53 billion.

The AI and LLM supply chains experienced severe divergence. Following reports that Nvidia's Kyber NVL144 rack systems face deployment delays of over 12 months—pushing delivery to 2028 due to manufacturing challenges with the PCB mid-boards—the AI hardware sector suffered a heavy sell-off. Yangtze Optical Fibre and Cable (YOFC) plummeted 14.8%, Kingboard Laminates dropped 12.6%, and Victory Giant Technology fell 8.4%.

Among LLM concept stocks, KNOWLEDGE ATLAS plunged 14.7%. Conversely, Tencent surged 4.8% following the official launch of its Hunyuan Hy3 model and the booming performance of its WorkBuddy product; institutions noted that WeChat AI Agent has materialized into a highly visible project, further augmented by the company's HKD 501 million share buyback. KUAISHOU-W jumped 8.0% as the independent commercialization process for Kling AI officially commenced.

II. Market Performance of LLM Concept Stocks

Stock Code	Stock Short Name	Closing Price (HKD)	Change
01024.HK	KUAISHOU-W	46	7.98%
00700.HK	TENCENT	452	4.82%
03690.HK	MEITUAN-W	74.95	4.68%
09988.HK	BABA-W	95.95	1.97%
09888.HK	BIDU-SW	110.5	-0.36%
00020.HK	SENSETIME-W	1.34	-2.90%
00100.HK	MINIMAX-W	335	-3.35%
03317.HK	XUNCE	113.2	-3.50%
02718.HK	MININGLAMP-W	168.2	-10.53%
02513.HK	KNOWLEDGE ATLAS	1,530.00	-14.67%

Data Source: HKEX. For reference only, not investment advice. Data as of market close onJuly 6, 2026.

III. Industry and Corporate Dynamics

1. Doubao and Qwen Concurrently Deprecate User-Customized Agent Functions; Qwen Suspends Personified Interactive Agents First

On July 3, ByteDance's Doubao and Alibaba's Qwen issued a joint adjustment announcement, declaring the official deprecation of user-customized agent functions on their platforms, effective July 15. Notably, Qwen's web-based personified interactive agents will be taken offline earlier, starting July 10. Doubao has reserved a data backup period for users until October 15, after which traffic will be redirected to its Maoxiang (Catbox) App. Meanwhile, Qwen advised its users to proactively back up their configuration data via copying text, taking screenshots, or exporting conversation logs.

2. Five Government Departments Jointly Issue the "Interim Measures for the Management of AI Personified Interactive Services," Effective July 15

On July 3, five government departments, including the Cyberspace Administration of China (CAC), jointly promulgated the Interim Measures for the Management of Artificial Intelligence Personified Interactive Services. The measures mandate an inclusive, prudent, and tiered regulatory framework for AI services that simulate human personality traits and provide continuous emotional interactions. Conversely, services strictly focused on knowledge-based Q&A that do not involve ongoing emotional engagement are explicitly excluded from this regulatory scope. The interim measures will officially come into effect on July 15.

3. Tencent Officially Launches Hunyuan Hy3; API Goes Live on TokenHub with Pricing Announced

On July 6, Tencent officially released its Hunyuan Hy3 model. Utilizing a Mixture of Experts (MoE) architecture, the model features 295B total parameters (21B activated), supports a 256K context window, and functions as a fast-slow thinking fusion model. Its API is now live on Tencent Cloud's TokenHub, priced at RMB 1 per million tokens for input and RMB 4 per million tokens for output, with a cache-hit input price of RMB 0.25 per million tokens. Currently, Hy3 has been integrated into multiple business lines including WorkBuddy/CodeBuddy, Yuanbao, Marvis, and ima, with sequential rollouts planned across several overseas API platforms. Tencent stated that by enhancing training compute scale and data quality, Hy3 has achieved another leap in performance across various tasks compared to its April preview version, matching the efficacy of flagship large-scale models globally despite its more compact footprint.

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.
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.
KUAISHOU-W	01024.HK	A leading multimodal content generation platform in China	Kling AI has completed independent financing with a total cap of USD 3 billion, at a post-money valuation of USD 18 billion, setting a global record for video foundation model companies, with plans to initiate a Hong Kong IPO within the next 12 months. Kling AI's quarterly revenue has exceeded 650 million RMB, with an Annualized Run Rate (ARR) of nearly USD 500 million. Its general LLM "KwaiYii" and video generation model "Kling" are undergoing continuous iteration, demonstrating high commercial conversion efficiency in scenarios such as e-commerce live streaming and automated marketing content generation.

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