Daily Report on Hong Kong-Listed LLM Concept Stocks (July 22, 2026)

NewTimeSpace · 2026/07/22 17:24 · By Jiayi Sun

On July 22, Hong Kong tech equities suffered broad-based declines, placing heavy pressure on the LLM supply chain. Dragged down by massive Q2 public fund sell-offs, Tencent and NetEase both plunged over 7%, triggering steep declines in MiniMax and Mininglamp. In contrast, catalyzed by WAIC, "Super Node" concept stocks within the compute supply chain defied the trend, with Huaqin Technology and Horizon Robotics posting strong gains. On the industry front, Google launched three new Gemini models catering to specific latency and security needs; Tencent fully rolled out Miora, a multi-agent collaborative AI creative agent; and Beijing hosted the promotion conference for China's first AI Agent Interconnection standards, where 17 enterprises including Meituan and ZHIPU AI signed on for pilot applications to drive standardized and interoperable agent ecosystems.

I. Industry Observations

On July 22, 2026, Hong Kong stocks fluctuated and trended downward, with technology equities suffering broad-based declines. The Hang Seng Index (HSI) closed down 0.95% at 24,892.66 points, the Hang Seng TECH Index plunged 3.04% to 4,668.23 points, and the Hang Seng China Enterprises Index (HSCEI) fell 1.31% to 8,251.07 points. Total daily turnover reached HKD 312.763 billion, with Southbound trading recording a net inflow of HKD 7.517 billion.

The AI and LLM supply chains faced significant pressure. Tencent Holdings plunged 7.1%, and NetEase tumbled 7.4%, following reports that the two companies suffered the largest market value reductions from public mutual fund sell-offs in Q2. MINIMAX-W plummeted 11.4%, and KUAISHOU-W dropped 5.3%.

"Super Node" concept stocks actively defied the broader market trend: Huaqin Technology rose 7.2%, ZTE Corporation advanced 4.9%, and Lenovo Group gained 3.7%. At the 2026 World Artificial Intelligence Conference (WAIC), Super Nodes emerged as one of the most closely watched topics, with multiple compute supply chain enterprises including Huawei, Alibaba Cloud, and Biren Technology unveiling super node products. Horizon Robotics-W surged 6.7% as its H1 revenue growth exceeded expectations.

II. Market Performance of LLM Concept Stocks

Stock Code	Stock Short Name	Closing Price (HKD)	Change
00020.HK	SENSETIME-W	1.4	0.00%
03690.HK	MEITUAN-W	83.65	-1.82%
03317.HK	XUNCE	123.7	-1.83%
09888.HK	BIDU-SW	104.4	-2.61%
09988.HK	BABA-W	113.6	-2.91%
02513.HK	ZHIPU AI	1,175.00	-3.61%
01024.HK	KUAISHOU-W	42.7	-5.32%
00700.HK	TENCENT	440.6	-7.05%
02718.HK	MININGLAMP-W	106.3	-7.89%
00100.HK	MINIMAX-W	197	-11.42%

Data Source: HKEX. For reference only, not investment advice. Data as of market close onJuly 22, 2026.

III. Industry and Corporate Dynamics

1. Google: Launches Three New Models – Gemini 3.6 Flash, 3.5 Flash-Lite, and 3.5 Flash Cyber

On July 21 local time, Google DeepMind released three new models: Gemini 3.6 Flash, 3.5 Flash-Lite, and 3.5 Flash Cyber. Gemini 3.6 Flash reduces output tokens by 17%, with API pricing set at USD 1.50 per million input tokens and USD 7.50 per million output tokens. Gemini 3.5 Flash-Lite targets high-throughput, low-latency scenarios, boasting an output speed of 350 tokens per second. Gemini 3.5 Flash Cyber is dedicated to code security and is initially available only to governments and trusted partners.

2. Tencent: Miora Fully Launched, Positioned as an AI Creative Agent with Memory and Multi-Agent Collaboration Capabilities

On July 22, Tencent announced the full launch of Miora. Miora is an AI creative agent equipped with memory, demand understanding, and the ability to orchestrate multi-agent collaboration, aimed at enhancing the efficiency and quality of creative content generation. Users can describe their needs using natural language; Miora automatically decomposes the task and dispatches multiple specialized agents to complete it collaboratively, covering creative scenarios such as copywriting, design, and video scripts.

3. Special Meeting on Advancing the Application of "AI Agent Interconnection" Standards Held in Beijing; "100-City Tour" Launched

On July 21, the special meeting to advance the application of the AI Agent Interconnection series standards convened in Beijing. This series represents China's first interconnection standard framework covering the full lifecycle of AI agents. The conference released the AIP open-source code version 2.1, held the issuance ceremony for the first batch of agent identity codes, and officially launched the "AIP Agent Interconnection Application Promotion 100-City (District) Tour." Seventeen enterprises, including Meituan, ZHIPU AI, Didi, and Lenovo, signed on-site to pioneer the pilot application of this national standard.

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.
TENCENT	00020.HK	An Internet tech giant with a national-scale application ecosystem and the platform provider with the broadest LLM implementation scenarios in China	The Hunyuan LLM ranks highly in evaluations on third-party platforms such as OpenRouter. The model continues to deepen its integration into national-level social applications, Tencent Meeting, and the cloud-based collaborative office ecosystem. Backed by a massive MAU base and the Tencent Cloud intelligent computing service system, the company is accelerating the delivery/provision of AI solutions to B2B clients in government and finance, continuously expanding enterprise-level application scenarios.
BABA-W	09988.HK	China's cloud and AI leader	The company has released several new models, including Qwen3.6-Plus, with the Qwen LLM surpassing 1.4 trillion Tokens in daily API calls, setting a new global record for daily calls on third-party platforms. The Qwen consumer-facing application has exceeded 300 million MAU and has been integrated into the smart cabins of multiple automakers. It consistently ranks at the forefront in international benchmark evaluations for coding and agentic capabilities. Its business layout seamlessly matches the trend of scaled procurement of computing power and model APIs by government and enterprise clients.

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