Weekly Report on Hong Kong-Listed LLM Concept Stocks (July 13–July 17, 2026)

I. Market Overview

This week (July 6–July 10), the Hong Kong market advanced initially before pulling back. The Hang Seng Index (HSI) recorded a cumulative weekly gain of 1.60%, while the Hang Seng TECH Index fell 2.09%. Equities across the Large Language Model (LLM) and AI supply chains exhibited an extreme divergence pattern characterized by "initial suppression, subsequent rally, and a Friday crash."

Monday (July 13): MINIMAX-W plummeted 17.13%, and the memory chip sector suffered a heavy drop, dragged down by the South Korean stock market.

Tuesday (July 14): Sector divergence emerged; compute hardware stocks staged a strong rebound with XUNCE gaining nearly 8%, while BIDU-SW plunged 7.26%.

Wednesday (July 15): The market fully recovered as a steeper-than-expected cooling in US CPI data boosted global risk appetite. MINIMAX-W surged 13.30%, ZHIPU AI rose 6.69%, and all 10 concept stocks closed in the green.

Thursday (July 16): Volatile divergence returned; XUNCE rose 5.66% and KUAISHOU-W gained 4.97%, whereas ZHIPU AI tumbled 9.31%.

Friday (July 17): Market conditions deteriorated rapidly as tech equities underwent an across-the-board correction. The Hang Seng TECH Index plummeted 4.37%, ZHIPU AI crashed 28.49%, and MINIMAX-W dropped 15.63%, driving sector sentiment to the freezing point.

Capital Flows: Southbound trading this week recorded a net inflow of HKD 9.038 billion on July 13, HKD 10.997 billion on July 14, HKD 13.364 billion on July 15, and HKD 5.039 billion on July 16, followed by a net outflow of HKD 1.457 billion on July 17.

II. Weekly Performance of LLM Concept Stocks

Data Source: HKEX. For reference only, not investment advice. Data as of market close on July17, 2026.

Weekly Summary Notes:

Performance among LLM concept stocks was extremely divergent this week. MEITUAN-W (+6.29%) led the gains, benefiting from consumption recovery expectations and the continuous deployment of AI Agents in local lifestyle scenarios. BABA-W (+2.18%) and XUNCE (+1.84%) also recorded positive returns; Alibaba was boosted by news that Tongyi Qianwen (Qwen) was fully integrated into Apple Intelligence in China and its Qoder product ranking first in IDC's China AI coding market report. XUNCE benefited from the dual catalysts of TokenOS deploying in Europe and a recovery in the compute hardware supply chain.

Conversely, ZHIPU AI (-32.50%) led the declines, plunging 28.49% on Friday to mark its largest single-day drop since listing. The direct cause was market panic over selling pressure following the lock-up expiration of placed shares, while the deeper underlying cause reflects the vulnerability of highly valued AI targets in a high-volatility environment. MINIMAX-W (-19.58%) also suffered a significant decline. SENSETIME-W (-8.51%) and BIDU-SW (-7.71%) experienced relatively milder losses.

III. Macro and Industry News Review

1. Agreement on the World Artificial Intelligence Cooperation Organization Signed; 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. Representatives from 29 countries, including Kazakhstan, Russia, and Indonesia, signed the agreement to become founding member states. The organization is headquartered in Shanghai, China, and UN Secretary-General António Guterres attended the ceremony. This marks a significant institutional contribution by China to the global AI governance landscape.

2. DeepSeek Completes First Round of Financing at an Approx. RMB 351 Billion Valuation; Second Round Initiated

On July 16, based on calculations from Korrun's corporate announcement, DeepSeek's post-money valuation following this round has climbed to approximately RMB 351 billion. Sources close to DeepSeek confirmed that the company has already initiated its second round of financing. The National Artificial Intelligence Industry Fund holds an approximate 0.28% stake, while Tencent remains the largest shareholder.

3. Moonshot AI Releases Kimi K3: The World's Largest Open-Source Model with 2.8 Trillion Parameters

On July 16, Moonshot AI officially launched Kimi K3. With a parameter scale of 2.8 trillion, it is the world's first open-source model approaching the 3-trillion parameter threshold. It natively supports visual understanding and features a 1-million-token context window. The complete model weights will be released as open source by July 27.

4. Tencent Hunyuan Hy3 Total Call Volume Surges Over 68x in First Week; Ranks First Globally on OpenRouter

On July 15, Tencent Hunyuan officially stated that the total API call volume for Hy3 has grown over 68 times compared to the previous generation, ranking first on the OpenRouter global large model call volume leaderboard just one week after launch. Among Agent products, 60% of users selecting their preferred model on WorkBuddy opted for Hy3.

5. IDC Releases 2025 China AI Coding Market Share Report; Alibaba's Qoder Leads with 47.6% Share

On July 16, an IDC report revealed that Alibaba's Qoder ranked first with a 47.6% market share, exceeding the combined total of the second through fifth places. The China AI coding market size was RMB 399 million in 2025, and it is projected to grow rapidly to RMB 1.173 billion by the end of 2026.

IV. Key Corporate Dynamics

ZHIPU AI (02513.HK):On July 16, the Hangzhou Zhipu Ciyuan Application Research Institute was established with a registered capital of RMB 20 million, indirectly wholly owned by ZHIPU AI. Founder Tang Jie issued an internal letter on July 11 launching the "Touch High" plan, aiming directly at AGI without pursuing short-term application monetization over the next two years. However, dragged by anxieties over the lock-up expiration of placed shares and a systemic sector collapse, the stock plunged 28.49% on Friday, closing the week down 32.50%.

MINIMAX-W (00100.HK):Founder and CEO Yan Junjie issued an internal letter on July 10, announcing he will forgo his salary until AGI is realized. Over the next four years, he plans to allocate his personal shares equivalent to 4% of the total equity to incentivize the team, with an additional 1% allocated to support the open-source community. The stock fell 19.58% for the week.

TENCENT (00700.HK):On July 15, Tencent's Hunyuan Hy3 saw its total call volume surge over 68 times within a week of its launch, ranking first globally on OpenRouter. The IDC report showed Tencent's CodeBuddy ranking fourth in the China AI coding market with a 6.9% share. The stock edged up 0.30% for the week.

BABA-W (09988.HK):On July 15, Tongyi Qianwen (Qwen) confirmed its full integration into Apple Intelligence in China and completed its edge-side generative AI service filing. On July 16, the IDC report showed Alibaba's Qoder leading the China AI coding market with a 47.6% share. The stock gained 2.18% for the week.

MEITUAN-W (03690.HK):Led the sector with a 6.29% weekly gain. The primary driving forces were the continuous deployment of AI Agents in local lifestyle scenarios and prevailing expectations of a consumption recovery.

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