Daily Report on Hong Kong-Listed LLM Concept Stocks (July 13, 2026)

NewTimeSpace · 2026/07/13 18:54 · By Xuran Lin

On July 13, Hong Kong equities consolidated in a narrow range, with the LLM and semiconductor sectors facing significant headwinds. Dragged by SK Hynix's record 15%+ plunge and downgraded earnings forecasts, Hong Kong memory chip and hardware stocks tumbled, with GigaDevice dropping over 15%. Among LLM stocks, MiniMax crashed over 17% as placement pressure persisted. On the industry front, OpenRouter data showed Chinese LLMs leading global API volumes for the 11th consecutive week at 27.58 trillion tokens, topped by Tencent's Hy3 (free). Amid market volatility, founders of ZHIPU AI and MiniMax issued internal letters to stabilize sentiment: ZHIPU launched the "Touch High" AGI initiative, while MiniMax's CEO pledged zero salary and 5% personal equity to incentivize the team and open-source community. Additionally, SenseTime fully open-sourced its SenseNova-Vision unified model.

I. Industry Observations

On July 13, 2026, Hong Kong stocks consolidated within a narrow range. The Hang Seng Index (HSI) closed up 0.16% at 24,213.72 points, the Hang Seng TECH Index fell 0.96% to 4,676.43 points, and the Hang Seng China Enterprises Index (HSCEI) edged up 0.33% to 8,065.97 points. Total daily turnover reached HKD 309.515 billion, with Southbound trading recording a net inflow of HKD 9.038 billion.

The AI and semiconductor supply chains suffered significant declines. MINIMAX-W plummeted 17.1% as placement pressure continued to release, while SENSETIME-W fell 5.7%. KUAISHOU-W, BABA-W, and KNOWLEDGE ATLAS posted marginal gains.

The memory chip sector led the broader market decline. The South Korean stock market triggered circuit breakers twice, with SK Hynix crashing 15.37% at the close—its largest single-day drop on record. Consequently, GigaDevice tumbled 15.3%, Montage Technology fell 5.2%, and Hua Hong Semiconductor dropped 7.1%. A local South Korean brokerage downgraded SK Hynix's Q2 earnings forecast, noting that an overly high proportion of High Bandwidth Memory (HBM) shipments caused its Average Selling Price (ASP) to fall below the market average.

II. Market Performance of LLM Concept Stocks

Stock Code	Stock Short Name	Closing Price (HKD)	Change
01024.HK	KUAISHOU-W	43.6	1.30%
09988.HK	BABA-W	110.7	0.45%
02513.HK	KNOWLEDGE ATLAS	1,645.00	0.30%
02718.HK	MININGLAMP-W	137.3	-0.51%
00700.HK	TENCENT	457.6	-0.56%
03690.HK	MEITUAN-W	77.95	-0.95%
09888.HK	BIDU-SW	114.3	-0.95%
00020.HK	SENSETIME-W	1.33	-5.67%
03317.HK	XUNCE	83.95	-6.15%
00100.HK	MINIMAX-W	222.6	-17.13%

Data Source: HKEX. For reference only, not investment advice. Data as of market close onJuly 13, 2026.

III. Industry and Corporate Dynamics

1. OpenRouter: Global AI LLM Call Volume Reaches 54.6 Trillion Tokens, with Chinese Models Leading for the 11th Consecutive Week

According to the latest data calculations from OpenRouter, the total global API call volume for AI large models reached 54.6 trillion tokens last week (July 6 to 12), representing a 12.6% week-on-week growth. Among this, Chinese AI models accounted for 27.58 trillion tokens (up 17.61% WoW), achieving growth for seven consecutive weeks and maintaining the global top spot over the US for the 11th consecutive week; in the same period, US AI models recorded 6.33 trillion tokens. The top six models globally by call volume were all Chinese: Tencent's Hy3 (free) ranked first with 6.13 trillion tokens; DeepSeek-V4-Flash remained the top paid model for the seventh consecutive week with 5.34 trillion tokens; Xiaomi's MiMo-V2.5 ranked second among paid models (4.38T); MiniMax M3 ranked third (4.11T); ZHIPU GLM-5.2 broke into the top five (2.58T); and StepFun's Step 3.7 Flash ranked sixth (1.55T).

2. Internal Letters from Founders of ZHIPU AI and MiniMax: ZHIPU Launches "Touch High" Plan Aiming at AGI; MiniMax Founder Pledges Zero Salary and 5% Equity to Bind Team and Open Source Community

On July 11, ZHIPU AI founder Tang Jie issued an internal letter titled "The Great Wave Has Arrived," announcing the launch of the "Touch High" plan. The company will forgo short-term monetization pursuits over the next two years to target the next AGI high ground directly, focusing on four core areas: long-horizon tasks, autonomous agents, self-training, and model safety. ZHIPU plans to invest tens of billions in resources to tackle mechanistic interpretability, emphasizing that "anything less than reaching the summit is a failure."

On July 10, MiniMax founder and CEO Yan Junjie released an internal letter addressing recent market volatility. He announced that he will forgo his salary from this day forward until AGI is realized. Furthermore, he plans to allocate 4% of the company's total equity from his personal shares over the next four years to incentivize long-term contributing team members, and an additional 1% to establish a dedicated fund supporting the open-source community.

3. SENSETIME-W (00020.HK): Officially Releases and Fully Open-Sources SenseNova-Vision, a Unified Vision Large Model

On July 13, SenseTime officially launched and fully open-sourced the SenseNova-Vision model, marking a significant visual capability upgrade for its SenseNova large model ecosystem. The core innovation of this model lies in making vision a native capability of general foundation models, deeply integrating it into the LLM architecture. This enables a native, unified approach to all classical vision tasks, including object detection, image segmentation, depth estimation, and 3D reconstruction.

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.
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.
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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LLM Knowledge Atlas MININGLAMP-W KUAISHOU-W