Daily Report on Hong Kong-Listed LLM Concept Stocks (July 17, 2026)

NewTimeSpace · 2026/07/17 21:25 · By Zeyu Wu

On July 17, Hong Kong equities closed sharply lower across the board, with the LLM and semiconductor supply chains suffering heavy losses. Driven by a global technology rout, KNOWLEDGE ATLAS plummeted over 28%, MiniMax tumbled 15%, and both SMIC and Hua Hong Semiconductor dropped over 10% as crowded sector positionings loosened. Despite market volatility, industry milestones and capital expansion remained robust: the World Artificial Intelligence Cooperation Organization (WAICO) agreement was signed by 29 founding nations with its headquarters set in Shanghai; DeepSeek completed its first funding round at an RMB 351 billion valuation, with Tencent as its largest shareholder holding over 33%; and Moonshot AI launched Kimi K3, the world's largest open-source model to date at 2.8 trillion parameters.

I. Industry Observations

On July 17, 2026, Hong Kong stocks fluctuated and dropped sharply, with technology equities experiencing an across-the-board correction. The Hang Seng Index (HSI) closed down 1.78% at 24,562.24 points, the Hang Seng TECH Index plummeted 4.37% to 4,623.17 points, and the Hang Seng China Enterprises Index (HSCEI) fell 2.18% to 8,136.73 points. Total daily turnover reached HKD 347.325 billion, with Southbound trading recording a net outflow of HKD 1.457 billion.

The AI and semiconductor supply chains underwent a massive correction. KNOWLEDGE ATLAS plummeted 28.5%, and MINIMAX-W tumbled 15.6%, as the domestic large model "duopoly" collapsed simultaneously, loosening the crowded positioning across the AI hardware track. The semiconductor sector led the declines, with SMIC dropping 10.0%, Hua Hong Semiconductor crashing 11.9%, and Shanghai Fudan Microelectronics falling over 10%, amid a broad sell-off across global technology sectors.

Robotics concept stocks declined, with MicroPort MedBot-B falling over 17%, DOBOT dropping over 12%, and XPeng-W down 8.7%. Large-cap internet tech equities trended lower across the board: Tencent Holdings dropped 4.63%, Alibaba fell 3.68%, KUAISHOU-W plunged 7.8%, and Xiaomi Group retreated 2.25%.

II. Market Performance of LLM Concept Stocks

Stock Code	Stock Short Name	Closing Price (HKD)	Change (%)
09888.HK	BIDU-SW	106.5	-3.45%
09988.HK	BABA-W	112.6	-3.68%
03690.HK	MEITUAN-W	83.65	-4.07%
00700.HK	TENCENT	461.6	-4.63%
00020.HK	SENSETIME-W	1.29	-7.19%
01024.HK	KUAISHOU-W	43.28	-7.76%
03317.HK	XUNCE	91.1	-8.81%
00100.HK	MINIMAX-W	216	-15.63%
02718.HK	MININGLAMP-W	110.3	-16.06%
02513.HK	KNOWLEDGE ATLAS	1,107.00	-28.49%

Data Source: HKEX. For reference only, not investment advice. Data as of market close onJuly 17, 2026.

III. Industry and Corporate Dynamics

1. Agreement on the World Artificial Intelligence Cooperation Organization Signed in Shanghai; 29 Countries Become Founding Members

On July 16, the signing ceremony for the agreement establishing the World Artificial Intelligence Cooperation Organization (WAICO) was held in Shanghai, with Chinese representatives signing the document. The agreement defines WAICO as an independent intergovernmental international organization that adheres to the purposes of the UN Charter, upholds the principles of extensive consultation, joint contribution, and shared benefits, and maintains a people-centered approach. Its objective is to promote internationa l AI cooperation and global governance, ensuring the healthy and orderly development of AI in a beneficial, safe, and equitable direction to benefit all of humanity. The organization is headquartered in Shanghai, China. Representatives from 29 countries, including Kazakhstan, Laos, Pakistan, Russia, and Indonesia, signed the agreement to become founding member states. UN Secretary-General António Guterres and representatives from various nations and international organizations attended the ceremony.

2. DeepSeek Completes First Round of Financing with Valuation Reaching Approximately RMB 351 Billion; Second Round Initiated

On the evening of July 16, the listed company Korrun issued an investment progress announcement, disclosing the latest market valuation of DeepSeek, a leading domestic AI enterprise. Based on the data provided in the announcement, DeepSeek's post-money valuation following this round has climbed to approximately RMB 351 billion. Sources close to DeepSeek confirmed that upon the completion of this financing round, the company immediately initiated its second round of financing; however, it remains undetermined whether it will file for a STAR Market IPO by the end of the year. The National Artificial Intelligence Industry Fund holds an approximate 0.28% stake in DeepSeek, while Tencent, through two holding platforms, commands a combined share of over 33% in Hangzhou Chengli, making it the largest shareholder.

3. Moonshot AI: Releases Next-Generation Model Kimi K3, Reaching 2.8 Trillion Parameters to Become the World's Largest Open-Source Model

On July 16, Moonshot AI officially launched its next-generation model, Kimi K3. With a parameter scale of 2.8 trillion, it stands as the world's first open-source model approaching the 3-trillion parameter threshold and is currently the largest open-source model globally. The model provides native support for visual understanding and features a 1-million-token context window. It is specifically optimized for complex task scenarios such as software engineering, knowledge work, in-depth research, and multimodal understanding. Over the past 12 months, the Kimi model has maintained the ceiling for open-source model scale for 9 months. The complete model weights are scheduled for open-source release by July 27.

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"	Mininglamp Technology is 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.
BIDU-SW	09888.HK	A dual-engine leader in China's AI infrastructure and autonomous driving sectors	According to its latest financial report, AI business revenue accounted for 52% of general business revenue, overtaking traditional advertising as the core growth engine. Wenxin 5.1, its latest large language model, has been launched and ranks first domestically and fourth globally on the LMArena leaderboard. The Qianfan large-model platform aggregates mainstream models for commercial API access, while intelligent cloud revenue grew 79% year-over-year. Apollo Go, its fully driverless ride-hailing service, leads in commercialization with cumulative autonomous driving mileage exceeding 330 million kilometers, and has achieved per-vehicle breakeven in some cities. Large model capabilities are steadily penetrating intelligent cloud, autonomous driving, and AI-native applications.
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.

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