Wanjia Hang Seng Internet Technology Industry ETF Initiating Feeder Fund-A (018475) Rises Over 10% Since July as Zhipu's ARR Reaches US$1 Billion, Completing Its Full-Year Target Ahead of Schedule

NewTimeSpace (newtimespace.com) News, On July 17, 2026, Hong Kong stock tech themes weakened with volatility. As of 10:04, the Hang Seng Internet Technology Industries Index (HSIII) fell 1.93%. Looking at recent performance, Hang Seng internet themes have rebounded strongly. Driven by AI factors such as the implementation of large models, the valuations of leading Hong Kong-listed enterprises are gradually recovering.

Choice data shows that from the beginning of July 2026 to July 16,Wanjia Hang Seng Internet Technology Industry ETF Initiating Feeder Fund-A (018475) andWanjia Hang Seng Internet Technology Industry ETF Initiating Feeder Fund-C (018476) rose by 11.89% and 11.87%, respectively.

Data indicates that as of July 16, 2026, Hang Seng Internet ETF Wanjia cumulatively "absorbed" RMB 45.8888 million over the past 5 trading days, with an average daily net inflow of RMB 9.1778 million, as capital continues to position itself in related products.

In terms of news coverage, media outlets reported that in July 2026, Zhipu's ARR (Annual Recurring Revenue) reached US$1 billion, completing its full-year target ahead of schedule. This makes it the first foundation model company in China to truly cross the US$1 billion ARR threshold. Regarding growth speed, it took Zhipu only 5 months to scale its ARR from US$100 million to US$1 billion, a pace faster than Anthropic's previous development timeline of approximately 15 months.

Industry insiders pointed out that for the capital market, model rankings determine the technological ceiling, while ARR determines commercial value. As the AI industry enters the phase of commercial realization, ARR is progressively becoming one of the core metrics for measuring the long-term competitiveness of foundation model enterprises.

Industrial Securities stated that the structural characteristics of the global market have been prominent this year, with the technology growth main line centered on AI leading the gains. Over the past two weeks of years, global equity markets have moved away from broad-based gains and losses, making structural characteristics increasingly conspicuous. Especially this year, the market has seen extreme divergence; "strong silicon-based and weak carbon-based" assets have become a common trend, and technology growth represented by the AI industry chain has become the absolute main line of market performance.

Industrial Securities also pointed out that the allocation value of the current Hong Kong tech sector is gradually becoming evident. On one hand, the valuation of Hong Kong tech has reached a relatively low level in recent years. On the other hand, as regulatory policies standardize industry competition, coupled with the progress achieved in the commercialization of AI-related businesses, the earnings of Hong Kong tech enterprises have also begun to recover.

Hong Kong-listed Large Model Concept Stocks:

KNOWLEDGE ATLAS (02513.HK)

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, 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.

MININGLAMP-W (02718.HK)

As an LLM concept stock, Mininglamp Technology is recognized by the market as the "First Agentic AI Stock in Hong Kong." Its self-developed model cluster includes the DeepMiner LLM product line (underlying engine), models such as Mano/Cito, and the Cider inference acceleration framework. These are all interconnected by the Octo platform layer to serve as a human-Agent collaboration hub, ultimately delivered in the form of Agentic Services to empower the implementation of decision-making agents in industries like marketing and mass consumption. The company bypasses the "Scaling Up" route of monolithic LLMs, opting instead for a "Scaling Out" approach through the collaboration of multiple specialized small models, achieving precision that surpasses general models in vertical scenarios. Its core moats lie in granular scenario data, specialized models, and continuous learning, culminating in an open-source, privately deployable, and white-box auditable Private AI infrastructure.

XUNCE (03317.HK)

A leading data infrastructure provider for financial asset management in China, recognized by the market as the "First Token Stock." The company continues to deepen the integration of LLMs into the core business workflows of financial asset management, reconstructing investment research, trading, and risk control pipelines through underlying data governance and AI technologies. Its underlying structured data cleaning capabilities closely align with the digital transformation of financial institutions and the compliant implementation trends of LLMs.

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