Daily Report on Hong Kong-Listed LLM Concept Stocks (July 20, 2026)

NewTimeSpace · 2026/07/20 17:21 · By Boyuan Chen

On July 20, Hong Kong stocks rebounded, while the LLM sector exhibited sharp structural divergence. Shares tied to embodied AI and agent implementation surged, with XUNCE and SenseTime rising, and Chinasoft International skyrocketing 23% following a Token partnership with Moonshot AI; conversely, pure-play LLMs like ZHIPU AI and MiniMax continued their slide. On the corporate front, Moonshot AI sent IPO proposals aiming for a Hong Kong listing within six months as ARR reached USD 300 million; Tencent launched a standalone App for its efficiency agent WorkBuddy; and China Renaissance initiated coverage on Mininglamp, praising its Agentic AI monetization. The sector is accelerating its pivot toward commercialization and ecosystem monetization.

I. Industry Observations

On July 20, 2026, Hong Kong stocks initiated a strong rebound. The Hang Seng Index (HSI) closed up 2.36% at 25,143.05 points, the Hang Seng TECH Index surged 2.79% to 4,752.15 points, and the Hang Seng China Enterprises Index (HSCEI) jumped 3.01% to 8,381.90 points. Total daily turnover reached HKD 306.413 billion, with Southbound trading recording a net outflow of HKD 5.962 billion.

The AI and LLM supply chains experienced severe structural divergence. SENSETIME-W rose 5.4% after officially releasing its SenseNova U1 Pro model at the WAIC conference. Chinasoft International skyrocketed 23.0% upon signing a "Moonshot Plan" agreement for Token revenue-sharing and joint innovation cooperation with Moonshot AI. XUNCE surged 18.2% after joining forces with Grandway to heavily expand TokenOS deployment, alongside entering into a comprehensive strategic partnership with Xinchen Tech. MININGLAMP-W closed up nearly 2%.

On the other hand, pure-play LLM stocks continued their downward slide, with ZHIPU AI plunging 19.6% and MINIMAX-W tumbling 10.6%. Elsewhere, NetEase rose 4.0%, and NIO-SW gained 3.9% as its subsidiary Shenji debuted at WAIC to showcase the "Ruidong" embodied AI development platform.

II. Market Performance of LLM Concept Stocks

Stock Code	Stock Short Name	Closing Price (HKD)	Change (%)
03317.HK	XUNCE	107.7	18.22%
00020.HK	SENSETIME-W	1.36	5.43%
01024.HK	KUAISHOU-W	45.26	4.57%
09988.HK	BABA-W	116.8	3.73%
00700.HK	TENCENT	477.8	3.51%
03690.HK	MEITUAN-W	86.3	3.17%
09888.HK	BIDU-SW	109.2	2.54%
02718.HK	MININGLAMP-W	112.3	1.81%
00100.HK	MINIMAX-W	193.1	-10.60%
02513.HK	KNOWLEDGE ATLAS	890.5	-19.56%

Data Source: HKEX. For reference only, not investment advice. Data as of market close onJuly 20, 2026.

III. Industry and Corporate Dynamics

1. Moonshot AI: Dispatches IPO Proposal to Investors, Targeting Hong Kong IPO Within Six Months at the Earliest

According to market sources on July 19, leading LLM enterprise Moonshot AI has dispatched an IPO proposal to its investors, targeting a Hong Kong listing within six months at the earliest. Following its Annual Recurring Revenue (ARR) reaching USD 300 million in June and surging multi-fold post-K3 model release, the company believes the timing has matured. Moonshot AI's ARR previously tripled within three months, and its new Kimi K3 model has outperformed competitors in overall capabilities, trailing only Claude Fable 5 and GPT-5.6.

2. Tencent: In-House Efficiency Agent WorkBuddy Releases Standalone App, Simultaneously Launching Across iOS, Android, and HarmonyOS

On July 18, Tencent's self-developed efficiency agent WorkBuddy officially released its standalone App, launching simultaneously across iOS, Android, and HarmonyOS—making it the first general agent application to land on HarmonyOS. The App retains most desktop capabilities while enabling remote task execution to PCs from mobile devices via direct PC-connection or cloud execution modes. It features Skills, Expert Groups, automated scheduled tasks, artifact downloads/sharing, and project management, integrating with Tencent Docs and ima Knowledge Base. Input modalities include text, voice, camera uploads, and local file imports. According to Tencent's Q1 2026 earnings report, WorkBuddy has become the most popular efficiency AI agent service in China by daily active accounts (DAU).

3. China Renaissance: Initiates Coverage on Mininglamp Technology (02718-W), Highlighting Agentic AI Monetization and Growth Headroom

Recently, China Renaissance released a research report initiating coverage on Mininglamp Technology (02718-W). The report emphasized that Mininglamp has successfully transformed from a data intelligence provider into an integrated Agentic AI execution operator. Its strengths include high monetization potential under outcome-based pricing, exceptional customer stickiness via its proprietary open-source full-stack LLM supporting localized deployment, and accelerated client acquisition. China Renaissance's revenue forecasts for Mininglamp for 2026–2028 are 4–7% above market consensus, noting that investors have underestimated its Agentic AI monetization and growth potential.

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.
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.
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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LLM Knowledge Atlas XUNCE MININGLAMP-W