Hong Kong AI Concept Stock Daily (July 28, 2026)

I. Market Overview

On July 28, 2026, Hong Kong's three major indices rallied in volatile trading. The Hang Seng Index closed up 0.41%, the Hang Seng Tech Index rose 0.61%, and the Hang Seng China Enterprises Index gained 0.85%. Turnover reached HKD 250.6 billion, up from the previous trading day. Southbound capital recorded a net outflow of HKD 2.495 billion.

The large-model sector suffered a heavy blow, with Zhipu (02513.HK) closing down over 18% and MINIMAX-W (00100.HK) falling more than 14%. HSBC Research lowered its target price for Zhipu, and the open-sourcing of Kimi K3 intensified competition in the large-model arena, triggering a concentrated flight of capital from the sector.

The autonomous driving direction strengthened: Horizon Robotics-W (09660.HK) rose nearly 10% during intraday trading, hitting a high of HKD 5.07, a new peak since June 8. The company's deepening partnership with Volkswagen on AI foundation model collaboration was well received by the market.

Horizon Robotics-W's interim guidance exceeded market expectations, with gross margins reaching as high as 66%. In addition, the company's deepened cooperation with Volkswagen Group earned it a positive rating from Citigroup.

The AI chip and hardware segment came under pressure, as overnight weakness in U.S. semiconductor and chip stocks triggered market dynamics. Yichuang Innovation (03986.HK) dropped over 17%, while Montage Technology (06809.HK) fell more than 13%.

In the embodied intelligence sector, ZHIYUAN Innovation formally initiated its Hong Kong IPO process and is expected to list on the Hong Kong stock exchange as early as August, with a valuation target of approximately HKD 40–50 billion, drawing market attention to the embodied intelligence track. Related concept stock UBTECH (09880.HK) edged up nearly 2% on the day. Stradbotics filed its listing application with the Hong Kong stock exchange for the third time, and Cross-Wei Intelligence was also rumored to be considering a Hong Kong IPO, signaling a clear acceleration in the capitalization process of the industry.

II. Market Performance of Representative AI Stocks

Data Source: HKEX. For reference only, not investment advice. Data as of market close on July 28, 2026. 

III. AI Industry & Corporate Developments

1. Kimi K3 officially open-sourced: 2.8 trillion-parameter MoE model made available globally

On the evening of July 27, Moon's Dark Side officially released the Kimi K3 technical report and simultaneously made the full model weights available. Kimi K3 adopts a Mixture of Experts (MoE) architecture, with a total of 2.8 trillion parameters and approximately 104 billion activated parameters. It features native visual understanding capabilities and supports a context window of up to 1 million tokens. According to data from third-party platform Artificial Analysis, while maintaining top-tier performance, K3's single-task cost on the BrowseComp benchmark is only half that of GPT-5.6 Sol. Kimi K3 employs a specialized license that sets thresholds for commercial applications.

2. Special action launched to enhance IPv6 capabilities for AI large models

On July 28, the "Special Action for Enhancing IPv6 Capabilities of AI Large Models" was jointly launched in Xiong'an New Area by the Cyberspace Administration of China (CAC), in collaboration with the cyberspace administrations of Beijing, Shanghai, Zhejiang, and Shenzhen, together with five leading large-model enterprises. The initiative aims to promote generative large-model applications with full IPv6 support, laying a solid network foundation for the intelligent era.

3. Over 50 companies sign industry open letter supporting open-source large models, advancing AI security defense systems within open-source ecosystems

As of July 27, the number of companies signing the industry open letter in support of open-source large models exceeded 50. Major tech giants including NVIDIA, Google, Microsoft, Meta, AMD, and OpenAI are all signatories. On the same day, from the perspective of security in the coexistence of open- and closed-source models, NVIDIA took the lead in establishing the Open Security AI Alliance, joining forces with Hugging Face, Dell, CrowdStrike, and other companies to promote the development of AI security defense systems grounded in the open-source ecosystem.

4. National Data Bureau: 1.4 million PFLOPS of intelligent computing power connected to the national integrated computing network

On July 28, the National Data Bureau held a press conference in Beijing for the 2026 China International Big Data Industry Expo. According to the briefing, as of the end of June, the country's total intelligent computing power reached 2.4 million PFLOPS, and the eight national computing hubs had built intelligent computing capacity accounting for over 80% of the national total. Currently, 1.4 million PFLOPS of intelligent computing power have been connected to the national integrated computing network pilot verification platform.

IV. Profiles of Representative AI Concept Stocks

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