Daily Report on Hong Kong-Listed LLM Concept Stocks (July 9, 2026)

NewTimeSpace · 2026/07/09 17:34 · By Zeyu Wu

On July 9, Hong Kong equities surged before retreating, with LLM stocks diverging while semiconductor hardware rallied against the broader market. KNOWLEDGE ATLAS successfully completed a HKD 31.41 billion discounted share placement—setting a record for the largest post-IPO equity financing in the domestic LLM sector—propelling its stock up 11.3%. Conversely, MiniMax plunged 18% as its lock-up period expired. The industry is accelerating toward edge AI and agentic capabilities: StepFun announced plans to launch the world's first native AI agent smartphone ahead of OpenAI and is preparing for a Hong Kong IPO. Meanwhile, Amazon is reportedly advancing a secret Alexa AI project, "Moonraker," though its projected GPU costs exceeding USD 100 million in 2026 have raised internal concerns.

I. Industry Observations

On July 9, 2026, Hong Kong stocks advanced initially before pulling back. The Hang Seng Index (HSI) closed down 0.70% at 24,030.18 points, the Hang Seng TECH Index closed largely flat, and the Hang Seng China Enterprises Index (HSCEI) fell 1.08%. Total daily turnover reached HKD 377.248 billion, with Southbound trading recording a net inflow of HKD 9.83 billion.

The semiconductor and AI hardware sectors trended higher against the broader market. SMIC surged 10.2%, GigaDevice skyrocketed 21.8%, Montage Technology jumped 19.4%, and Hua Hong Semiconductor rose 8.4%. The optical communication sector strengthened in the afternoon session, with Cambridge Industries surging 15.9% and Yangtze Optical Fibre and Cable (YOFC) advancing 5.5%.

The AI and LLM supply chains exhibited divergence. KNOWLEDGE ATLAS surged 11.3% after completing a share placement of approximately HKD 31.41 billion, with funds earmarked for foundational model R&D and compute infrastructure construction. Alibaba-W edged up 0.5%, supported by Alibaba Cloud's projected 45% year-on-year revenue increase for its latest fiscal quarter. Conversely, MINIMAX-W plunged 18.0% as its lock-up period expired. Lenovo Group jumped 7.7% as its PC market share expanded against industry headwinds. Additionally, Goldman Sachs released a report recommending the "GS China AI Value Chain," noting that China's AI-related market capitalization stands at approximately USD 4 trillion, significantly undervalued relative to its actual industry positioning.

II. Market Performance of LLM Concept Stocks

Stock Code	Stock Short Name	Closing Price (HKD)	Change
02513.HK	KNOWLEDGE ATLAS	2,032.00	11.34%
09988.HK	BABA-W	108	0.47%
00020.HK	SENSETIME-W	1.38	-1.43%
00700.HK	TENCENT	469.6	-1.92%
09888.HK	BIDU-SW	114.4	-2.72%
03317.HK	XUNCE	106.6	-2.83%
03690.HK	MEITUAN-W	78.5	-2.97%
01024.HK	KUAISHOU-W	42.1	-4.27%
02718.HK	MININGLAMP-W	151.1	-5.86%
00100.HK	MINIMAX-W	297.4	-17.98%

Data Source: HKEX. For reference only, not investment advice. Data as of market close onJuly 9, 2026.

III. Industry and Corporate Dynamics

1. KNOWLEDGE ATLAS (02513.HK): Completes HKD 31.41 Billion Share Placement; Funds Earmarked for Foundational Model R&D and Compute Infrastructure

On July 9, KNOWLEDGE ATLAS announced on the HKEX that it had completed a placement of new H shares under a general mandate. The placement price was set at HKD 1,588 per share, with a maximum of 19.78 million shares placed. The expected gross proceeds amount to approximately HKD 31.41 billion, with net proceeds around HKD 31.375 billion. This sets a new record for single-placement fundraising by a Hong Kong-listed tech enterprise this year and marks the largest post-IPO equity financing in the domestic LLM sector. CICC acted as the sole global coordinator and placing agent, with the placement priced at a discount of approximately 12.99%. The raised capital will primarily be deployed for foundational model R&D, compute infrastructure construction, commercial expansion, and global ecosystem layout.

2. StepFun: Preparing to Launch AI Terminal Brand, Agent System, and First AI Agent Smartphone; Accelerating Towards Hong Kong IPO

On July 9, StepFun announced the launch of a "next-generation agent terminal," revealing plans to debut an AI terminal brand, an agent operating system, and its first AI agent smartphone. This product will be the first native agent smartphone terminal deployed globally by an LLM enterprise, launching ahead of OpenAI's projected 2027 AI terminal release cycle. StepFun's Agent OS is also slated for a global debut at WAIC 2026 on July 17. According to industry reports, the company has recently dismantled its red-chip structure and is accelerating preparations for a Hong Kong IPO.

3. Amazon: Secretly Advancing Alexa AI Project "Moonraker"; 2026 GPU Costs Projected to Exceed USD 100 Million

On July 8, internal Amazon planning documents revealed that the company is secretly advancing a new Alexa AI project codenamed "Moonraker," aimed at transitioning the voice assistant into the AI agent arena. Compared to the current "Alexa+," which already assists users in booking rides or tickets via Uber or Ticketmaster, Moonraker goes a step further, enabling complex, multi-step, and multi-task operations from a single user prompt. However, the project's exorbitant R&D and operational costs have triggered widespread internal concerns. Early-year planning documents designated it as a "highest cost" new project, projecting that GPU compute expenditures alone will surpass USD 100 million in 2026.

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.
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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