Daily Report on Hong Kong-Listed LLM Concept Stocks (July 10, 2026)

NewTimeSpace · 2026/07/10 18:57 · By Zeyu Wu

On July 10, Hong Kong equities advanced initially before pulling back, with the LLM and semiconductor sectors undergoing a sharp correction. KNOWLEDGE ATLAS plunged over 19%, while MiniMax and XUNCE also suffered heavy losses; GigaDevice crashed 21% ahead of a major lock-up expiration. On the industry front, OpenAI officially opened its full GPT-5.6 series (Sol, Terra, Luna) to the public, establishing an astronomically-themed product matrix with distinct iteration cadences. In capital markets, MiniMax announced a combined equity placement and convertible bond issuance to raise over HKD 16 billion, heavily betting on compute infrastructure and model R&D. Furthermore, Tencent Cloud launched Agent Bucket, providing isolated cloud storage solutions for massive AI agents, thereby fortifying the foundational infrastructure for agentic ecosystems.

I. Industry Observations

On July 10, 2026, Hong Kong stocks advanced initially before pulling back. The Hang Seng Index (HSI) closed up 0.60% at 24,175.12 points, the Hang Seng TECH Index edged down 0.21% to 4,721.66 points, and the Hang Seng China Enterprises Index (HSCEI) rose 0.52% to 8,039.19 points. Total daily turnover reached HKD 339.592 billion.

The AI and LLM supply chains underwent a substantial correction. KNOWLEDGE ATLAS plummeted 19.3%, and MINIMAX-W tumbled 9.7%, indicating a significant cooling in sector sentiment. The semiconductor chip sector suffered a collective heavy sell-off. GigaDevice crashed 21.1%; despite projecting a year-on-year net profit growth of approximately 1,099% for the first half of the year, the company faces a massive lock-up expiration for its cornerstone investors next Monday. SMIC fell 4.7%, Hua Hong Semiconductor dropped 8.1%, Iluvatar CoreX plunged 18.7%, and XUNCE slumped 16.1%.

II. Market Performance of LLM Concept Stocks

Stock Code	Stock Short Name	Closing Price (HKD)	Change
01024.HK	KUAISHOU-W	43.04	2.23%
00020.HK	SENSETIME-W	1.41	2.17%
09988.HK	BABA-W	110.2	2.04%
09888.HK	BIDU-SW	115.4	0.87%
03690.HK	MEITUAN-W	78.7	0.25%
00700.HK	TENCENT	460.2	-2.00%
02718.HK	MININGLAMP-W	138	-8.67%
00100.HK	MINIMAX-W	268.6	-9.68%
03317.HK	XUNCE	89.45	-16.09%
02513.HK	KNOWLEDGE ATLAS	1,640.00	-19.29%

Data Source: HKEX. For reference only, not investment advice. Data as of market close onJuly 10, 2026.

III. Industry and Corporate Dynamics

1. OpenAI: Officially Launches and Fully Opens GPT-5.6 Series Models, Adopting Astronomical Imagery for Naming

On July 9, OpenAI officially announced the public launch of its full GPT-5.6 series models, ending the limited preview period previously restricted to a select group of trusted partners. The series utilizes astronomical imagery to construct a long-term product lineage, with the three models corresponding to the Sun, Earth, and Moon; moving forward, they will iterate independently at their respective paces. Sol serves as the flagship model of the series, representing OpenAI's current pinnacle of intelligence, targeted at high-tier scenarios such as complex programming, frontier scientific research, and cybersecurity offense/defense. Terra is positioned as the balanced workhorse, with comprehensive performance benchmarking against the predecessor GPT-5.5, focusing on daily office tasks, conventional business workflows, and general development needs. Luna is the highly cost-effective, lightweight model, emphasizing low latency and low-cost API calls, tailored for high-frequency, lightweight interactive scenarios. Regarding API pricing, Sol is priced at USD 5 for input and USD 30 for output per million tokens; Terra is USD 2.50 / USD 15; and Luna is USD 1 / USD 6.

2. MINIMAX-W (00100.HK): Plans to Place 35.6 Million Shares and Issue HKD 6.5 Billion in Convertible Bonds, Raising Approximately HKD 16 Billion in Total

On July 10, MINIMAX-W (00100.HK) issued an announcement stating its intention to place 35.6 million new Class A shares under a general mandate. The placement price is set at HKD 268 per share, representing a discount of approximately 9.89% to the closing price of HKD 297.40 on the last trading day. The expected gross proceeds are approximately HKD 9.541 billion, with net proceeds around HKD 9.491 billion. Concurrently, the company plans to issue HKD 6.5 billion in zero-coupon guaranteed convertible bonds due in 2027, with an initial conversion price of HKD 335 per share, representing a premium of approximately 12.64% over the closing price. The combined fundraising from the placement and bond issuance totals approximately HKD 16.04 billion. Approximately 80% of the proceeds will be allocated to further strengthen AI infrastructure and model R&D, about 10% to accelerate the global commercialization and development of Harness products, and the remaining 10% for working capital and general corporate purposes.

3. Tencent Cloud: Officially Launches Agent Bucket, Providing Independent Cloud Storage for Hundreds of Millions of Agents

On July 9, Tencent Cloud officially released Agent Bucket, an independent storage solution designed specifically for massive scale AI agents. The product introduces a new "Space" logical layer within the Cloud Object Storage (COS) architecture. A single Agent Bucket can host hundreds of millions of Spaces, with each Space possessing independent storage quotas, permission policies, and access credentials, effectively resolving challenges related to multi-tenant isolation, high-concurrency access, and file management. Developers only need to ensure compatibility with standard S3 interfaces to rapidly build native, independent environments for vast numbers of agents, eliminating the need to develop complex capabilities like multi-tenant isolation in-house. Agent Bucket has already been integrated into Tencent Agent applications such as WorkBuddy, QClaw, and ClawPro, and is highly suitable for scenarios including AI PCs and in-vehicle cloud storage.

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.
SENSETIME-W	00020.HK	A leading domestic provider of computer vision and generative AI infrastructure	Accelerating its transition towards Model-as-a-Service (MaaS) and generative AI services. The company has released and open-sourced the SenseNova U1 series, a native unified understanding and generation model, and the lightweight multimodal model SenseNova 6.7 Flash-Lite. Leveraging the computing reserves of its AI infrastructure (AIDC), it translates foundational computing power into omni-modal generation pipelines tailored for vertical industries such as automotive and healthcare.

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