Hong Kong AI Concept Stock Daily: ILUVATAR COREX Leads Declines with a 13.64% Drop as US and Japanese Equities Slumped Overnight - 20261015

NewTimeSpace · 2026/10/15 17:34 · By Xuran Lin

On October 15, 2026, the HSTECH fell 2.72% and the HSI dropped 1.03%. XIAOMI-W was the only gainer in the pool, up 2.65%, while ILUVATAR COREX fell 13.64%.

Key Highlights:

The HSTECH fell 2.72%, the HSI fell 1.03% and the HSCEI fell 0.98%; full-day turnover on the HSI reached HKD 224.2 billion, up sharply from a day earlier, with the HSI narrowly holding the 24,000 mark.
XIAOMI-W rose 2.65%, the only gainer; ILUVATAR COREX fell 13.64%, MINIMAX-W fell 12.10%, BIRENTECH fell 11.86%, MONTAGETECH fell 11.09% and Z.AI fell 10.23%.
Overnight, the Nasdaq fell 1.88%, its biggest single-day drop since July 23, and the Philadelphia Semiconductor Index fell 4.3%, while Japan's Nikkei 225 fell 4.90%; concerns over AI investment risk mounted; SK Hynix was said to have delayed some HBM4 back-end equipment orders; LENOVO's third-quarter PC shipments fell 20%.

I. Market Overview

On October 15, 2026, the three major Hong Kong indices opened lower and fell through the session. The Hang Seng TECH Index dropped 2.72% to 4,060.99, having fallen more than 3% at one point to a fresh recent low; the Hang Seng Index fell 1.03% to 24,062.72, narrowly holding the 24,000 mark; and the Hang Seng China Enterprises Index fell 0.98% to 8,103.27. Full-day turnover on the Hang Seng Index reached HKD 224.2 billion, up sharply from HKD 193.5 billion a day earlier. AI concept stocks declined broadly, with only 1 of the 20 names closing higher; AI chips, LLM and autonomous driving names all pulled back.

In the LLM space, TENCENT (00700.HK) fell 1.32%, MEITUAN-W (03690.HK) fell 2.14%, KUAISHOU-W (01024.HK) fell 3.18%, BABA-W (09988.HK) fell 3.71%, BIDU-W (09888.HK) fell 4.51%, Z.AI (02513.HK) fell 10.23% and MINIMAX-W (00100.HK) fell 12.10%.

In the AI Chips space, all six names fell sharply: SMIC (00981.HK) fell 3.96%, GIGADEVICE (03986.HK) fell 5.90%, HUA HONG GRACE (01347.HK) fell 7.83%, MONTAGETECH (06809.HK) fell 11.09%, BIRENTECH (06082.HK) fell 11.86% and ILUVATAR COREX (09903.HK) fell 13.64%, the worst performer among AI concept stocks.

In the Autonomous Driving space, BLACK SESAME (02533.HK) fell 2.11%, HORIZONROBOT-W (09660.HK) fell 3.04%, ROBOSENSE (02498.HK) fell 4.07%, WERIDE-W (00800.HK) fell 7.88% and PONY-W (02026.HK) fell 8.26%.

In the Embodied AI space, XIAOMI-W (01810.HK) rose 2.65%, the only gainer among AI concept stocks, while UBTECH ROBOTICS (09880.HK) fell 6.77%.

II. Market Performance of Representative AI Stocks

Stock Code	Company Name	Closing Price (HKD)	Change(%)	Sector / Concept
01810.HK	XIAOMI-W	27.080	2.65	Embodied AI
00700.HK	TENCENT	417.800	-1.32	LLM
02533.HK	BLACK SESAME	7.880	-2.11	Autonomous Driving
03690.HK	MEITUAN-W	75.450	-2.14	LLM
09660.HK	HORIZONROBOT-W	3.830	-3.04	Autonomous Driving
01024.HK	KUAISHOU-W	28.580	-3.18	LLM
09988.HK	BABA-W	106.400	-3.71	LLM
00981.HK	SMIC	52.150	-3.96	AI Chips
02498.HK	ROBOSENSE	14.600	-4.07	Autonomous Driving
09888.HK	BIDU-W	78.350	-4.51	LLM
03986.HK	GIGADEVICE	335.000	-5.90	AI Chips
09880.HK	UBTECH ROBOTICS	62.650	-6.77	Embodied AI
01347.HK	HUA HONG GRACE	76.550	-7.83	AI Chips
00800.HK	WERIDE-W	10.870	-7.88	Autonomous Driving
02026.HK	PONY-W	39.300	-8.26	Autonomous Driving
02513.HK	Z.AI	513.500	-10.23	LLM
06809.HK	MONTAGETECH	202.000	-11.09	AI Chips
06082.HK	BIRENTECH	24.980	-11.86	AI Chips
00100.HK	MINIMAX-W	179.500	-12.10	LLM
09903.HK	ILUVATAR COREX	79.800	-13.64	AI Chips

Data Source: HKEX. For reference only, not investment advice. Data as of market close on October 15, 2026.

III. AI Industry & Corporate Developments

1. ILUVATAR COREX Leads Declines with a 13.64% Drop as AI Chip Names Fall Sharply

On October 15, ILUVATAR COREX (09903.HK) closed down 13.64% at HKD 79.800, the worst performer among AI concept stocks; BIRENTECH (06082.HK) fell 11.86%, MONTAGETECH (06809.HK) fell 11.09%, HUA HONG GRACE (01347.HK) fell 7.83%, GIGADEVICE (03986.HK) fell 5.90% and SMIC (00981.HK) fell 3.96%, with AI chip names occupying the six largest declines in the pool. The stock had closed 8.83% higher a day earlier.

2. US and Japanese Equities Slump Overnight as AI Investment Risk Concerns Mount

In the early hours of October 15, the three major US indices closed lower, with the Nasdaq down 1.88%, or more than 510 points, its biggest single-day drop since July 23. The Philadelphia Semiconductor Index fell 4.3%, Arm dropped nearly 7%, SK Hynix fell more than 6%, and AMD and SanDisk fell more than 5%; in optical communications, Applied Optoelectronics dropped 11.8% and Lumentum and Coherent fell more than 9%. In Asia-Pacific, Japan's Nikkei 225 fell 4.90%, its sixth straight session of declines and its third-largest single-day point drop on record, as AI and semiconductor stocks were sold heavily. Market reports said a sharp fall in the bond price of US cloud computing company CoreWeave was the trigger, with investors' concerns over the scale of AI investment, corporate funding costs and balance sheet conditions building up.

3. Memory and Optical Communication Names Slide Further as SK Hynix Is Said to Delay Some HBM4 Back-end Equipment Orders

On October 15, Hong Kong memory semiconductor, optical communication and PCB concept sectors fell sharply again. Media reports said SK Hynix has delayed some HBM4 back-end equipment orders, weighing on related equipment and packaging and testing names, with ASMPT (00522) down more than 8%. The two-times leveraged long Samsung Electronics product fell nearly 21%, reflecting deep pessimism towards Korean memory giants. KB LAMINATES (01888.HK), YOFC (06869.HK) and MONTAGETECH (06809.HK) all fell sharply on the day. Some analysts said the violent swings in international memory giants' share prices include short-term sentiment factors, while over the longer term they point to a reassessment of the sector's supply structure.

4. LENOVO Falls More Than 15% as Third-quarter PC Shipments Drop 20%

On October 15, LENOVO (00992.HK) fell more than 15% to HKD 25.98, with turnover of HK$3.564 billion. Its third-quarter PC shipments fell 20%; overnight, US AI server-related names Dell and Hewlett Packard Enterprise plunged 11% and 8.28% respectively, reviving discussion over the timing of enterprise AI spending. Hong Kong smartphone supply chain stocks fell across the board on the day.

5. XIAOMI-W Rises 2.65% as the Only Gainer Among AI Concept Stocks

On October 15, XIAOMI-W (01810.HK) closed up 2.65% at HKD 27.080, the only gainer among AI concept stocks; its US ADR rose 3.5% overnight. Large internet stocks fell broadly on the day, with BIDU-W (09888.HK) down 4.51%, BABA-W (09988.HK) down 3.71%, MEITUAN-W (03690.HK) down 2.14% and TENCENT (00700.HK) down 1.32%, while Chinese mainland bank stocks strengthened late in the session.

IV. Profiles of Representative AI Concept Stocks

Company Name	Stock Code	Industry Position	Main Product Lines & Business Overview
XIAOMI-W	01810.HK	Full-stack AI technology giant anchored by the "Human x Car x Home" ecosystem	Its foundational model family MiMo has entered the top tier of global open-source models; MiMo-V2-Pro features over 1 trillion parameters, while MiMo-V2.5-Pro tied for 1st globally among open-source models with a score of 54 on the Artificial Analysis composite index. AI capabilities fully power the "Human x Car x Home" ecosystem, driving iterative upgrades in the CyberOne humanoid and CyberDog bionic quadrupeds. Multimodal computer vision, force-control algorithms, and automated dispatch logics are deeply integrated into dark-factory production and flexible manufacturing.
TENCENT	00700.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 large model ranks near the top in evaluations on third-party platforms such as OpenRouter. The models are increasingly embedded in its national-scale social applications, Tencent Meeting and cloud-based collaborative office ecosystem. Leveraging its vast monthly active user base and Tencent Cloud intelligent computing services, the company is accelerating the delivery of AI solutions to government and financial enterprise clients, continuously expanding enterprise-level application scenarios.
BLACK SESAME	02533.HK	Leading provider of automotive grade computing SoCs and SoC based solutions for intelligent vehicles	Founded in 2016 and listed on the HKEX in 2024 as the "first smart car AI chip stock", the company offers the Huashan series (assisted driving) and Wudang series (cross domain computing). Huashan A1000 has been integrated into models from Geely, BYD and others; Wudang C1200 advanced to mass production in 2025; Huashan A2000 is the world's first 7nm panoramic high compute chip. 2025 revenue reached RMB 822 million, up 73.4% YoY.
MEITUAN-W	03690.HK	AI technology pioneer in local life services	Its AI-native community application "Miyu" has demonstrated operational value in physical retail and dining environments, boosting merchant efficiency. The company continuously enhances search, recommendation, and dispatch algorithms across its local commerce ecosystem using proprietary foundation models. By deploying AI Agent technologies in customer service, merchant marketing assistants, and instant delivery route planning, the company improves dual-sided operational efficiency and management precision.
HORIZONROBOT-W	09660.HK	China's leading intelligent driving computing solution provider and full stack vehicle intelligence enabler	Founded in 2015, it offers ADAS and high level autonomous driving solutions. Core products include the Journey-series in-car AI chips (cumulative shipments exceeding 10 million units), the HSD full scenario urban driving solution, and the "Starry 6P" cockpit driving integrated vehicle intelligence chip. In 2025, it held a 47.7% market share in domestic ADAS for independent brands, with full year revenue of RMB 3.758 billion, up 57.7% YoY.

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