Hong Kong AI Concept Stock Daily: MONTAGETECH Leads with an 8.97% Gain as Third-quarter Interconnect Chip Revenue Reaches RMB 2.047 Billion - 20261021

NewTimeSpace · 2026/10/21 17:27 · By Jiayi Sun

On October 21, the HSTECH fell 1.26% below 4,000 and the HSI lost 0.90%. MONTAGETECH led AI concept stocks with an 8.97% gain, while TENCENT fell 4.04%.

Key Highlights:

the HSTECH fell 1.26% below the 4,000 mark, the HSI fell 0.90% and the HSCEI fell 1.08%; full-day turnover on the HSI reached HKD 176.6 billion, down from HKD 190.5 billion a day earlier.
WERIDE-W rose 2.55%, PONY-W rose 1.71%, HORIZONROBOT-W rose 1.59% and Z.AI rose 2.31%; TENCENT fell 4.04% to below HKD 400, ROBOSENSE fell 3.19%, SMIC fell 2.42% and KUAISHOU-W fell 2.30%; both embodied AI names closed lower.
MONTAGETECH guided third-quarter net profit up 153.6% to 174.7%, with interconnect chip revenue of RMB 2.047 billion; MiniMax launched M3.1 Flash with a threefold speed gain and a 70% cost cut; the Physical AI and World Model Conference opened in Nanjing with national standard pre-research starting; Robotaxi unit economics turned positive in some regions.

I. Market Overview

On October 21, 2026, the three major Hong Kong indices opened higher and sold off through the session. The Hang Seng Index opened at 24,139.11, which was also its intraday high, before sliding to 23,651.87, down 0.90%; the Hang Seng TECH Index opened at 4,110.74 and closed at 3,994.77, down 1.26% and below the 4,000 mark; and the Hang Seng China Enterprises Index closed at 7,943.41, down 1.08%. Full-day turnover on the Hang Seng Index reached HKD 176.6 billion, down from HKD 190.5 billion a day earlier. AI concept stocks were split evenly, with 10 of the 20 names closing higher; AI chips and autonomous driving diverged internally, while LLM names mostly declined and TENCENT was the worst performer in the pool.

In the LLM space, Z.AI (02513.HK) rose 2.31% and MINIMAX-W (00100.HK) rose 0.23%, while BABA-W (09988.HK) fell 1.14%, BIDU-W (09888.HK) fell 1.15%, MEITUAN-W (03690.HK) fell 1.84%, KUAISHOU-W (01024.HK) fell 2.30% and TENCENT (00700.HK) fell 4.04%, dropping below HKD 400.

In the AI Chips space, MONTAGETECH (06809.HK) rose 8.97%, the top gainer among AI concept stocks; GIGADEVICE (03986.HK) rose 3.15%, BIRENTECH (06082.HK) rose 1.12% and HUA HONG GRACE (01347.HK) rose 0.20%, while ILUVATAR COREX (09903.HK) fell 0.06% and SMIC (00981.HK) fell 2.42%.

In the Autonomous Driving space, WERIDE-W (00800.HK) rose 2.55%, PONY-W (02026.HK) rose 1.71%, HORIZONROBOT-W (09660.HK) rose 1.59% and BLACK SESAME (02533.HK) rose 0.06%, while ROBOSENSE (02498.HK) fell 3.19%.

In the Embodied AI space, both names declined: XIAOMI-W (01810.HK) fell 0.96% and UBTECH ROBOTICS (09880.HK) fell 1.61%.

II. Market Performance of Representative AI Stocks

Stock Code	Company Name	Closing Price (HKD)	Change(%)	Sector / Concept
06809.HK	MONTAGETECH	221.200	8.97	AI Chips
03986.HK	GIGADEVICE	347.600	3.15	AI Chips
00800.HK	WERIDE-W	11.280	2.55	Autonomous Driving
02513.HK	Z.AI	496.000	2.31	LLM
02026.HK	PONY-W	40.500	1.71	Autonomous Driving
09660.HK	HORIZONROBOT-W	3.825	1.59	Autonomous Driving
06082.HK	BIRENTECH	25.200	1.12	AI Chips
00100.HK	MINIMAX-W	171.900	0.23	LLM
01347.HK	HUA HONG GRACE	73.500	0.20	AI Chips
02533.HK	BLACK SESAME	8.315	0.06	Autonomous Driving
09903.HK	ILUVATAR COREX	80.150	-0.06	AI Chips
01810.HK	XIAOMI-W	26.800	-0.96	Embodied AI
09988.HK	BABA-W	103.700	-1.14	LLM
09888.HK	BIDU-W	77.700	-1.15	LLM
09880.HK	UBTECH ROBOTICS	67.350	-1.61	Embodied AI
03690.HK	MEITUAN-W	74.700	-1.84	LLM
01024.HK	KUAISHOU-W	28.040	-2.30	LLM
00981.HK	SMIC	49.960	-2.42	AI Chips
02498.HK	ROBOSENSE	14.870	-3.19	Autonomous Driving
00700.HK	TENCENT	393.800	-4.04	LLM

Data Source: HKEX. For reference only, not investment advice. Data as of market close on October 21, 2026.

III. AI Industry & Corporate Developments

1. MONTAGETECH Guides a Sharp Rise in Third-quarter Profit as Interconnect Chip Revenue Reaches RMB 2.047 Billion

On October 20, MONTAGETECH (06809.HK) issued its preliminary results for the third quarter of 2026, projecting revenue of about RMB 2.079 billion, up roughly 46.0% year on year and 10.9% quarter on quarter, and net profit attributable to shareholders of RMB 1.20 billion to RMB 1.30 billion, up 153.6% to 174.7% year on year. Revenue from the interconnect chip product line reached about RMB 2.047 billion, about 98.5% of total revenue, up roughly 49.3% year on year and 20.9% quarter on quarter; gross margin for the line is expected at 68.0% to 68.5%, up 2.31 to 2.81 percentage points year on year. The company said DDR5 memory interface and module companion chip shipments rose sharply, with a higher share of third-, fourth- and fifth-generation RCD chips, and it expects demand to rise further in the fourth quarter. JEDEC is continuing to discuss DDR6 memory interconnect technology and standards, with each DDR6 module set to carry more memory interface chips. The stock closed up 8.97% on the day, the top gainer among AI concept stocks.

2. GIGADEVICE Rises 3.15% as Memory Operations Benefit from Niche DRAM Supply Contraction

GIGADEVICE (03986.HK) covers NOR Flash, niche DRAM, microcontrollers and sensors. According to Web-Feet Research, the company holds a 20.4% global share of NOR Flash, ranking second worldwide, with a stable base in IoT, AI PCs and automotive firmware; niche DRAM is the main source of earnings elasticity this cycle, as overseas majors exit the segment and supply contraction drives both volumes and prices higher. Its earlier periodic reports showed that tight supply in the memory chip industry lifted profitability in the memory business. The stock closed up 3.15% on the day, second only to MONTAGETECH in the AI chip space.

3. MiniMax Launches the M3.1 Flash Model as Inference Cost and Speed Take Centre Stage

On the evening of October 19, MiniMax launched its M3.1 Flash model, saying it delivers a threefold increase in inference speed and a 70% reduction in cost. In the same period, DeepSeek released V4.1-Flash-1017 and announced the full open-sourcing of its internal inference framework, ranking first in 4 of 11 agent benchmarks and comparing itself with models including Moonshot AI's Kimi K3 and Zhipu's GLM-5.3. Competition among Chinese large models is shifting from raw model capability toward inference cost, deployment efficiency and agentic workflows. Hong Kong LLM names diverged on the day: Z.AI (02513.HK) rose 2.31% and MINIMAX-W (00100.HK) rose 0.23%, while platform names such as TENCENT, KUAISHOU-W and MEITUAN-W mostly declined.

4. Physical AI and World Model Conference Opens in Nanjing as National Standard Pre-research Begins

On October 20, the 2026 Physical AI and World Model Conference opened in Nanjing. Jiangsu released an action plan for building high-quality datasets for physical AI and world models and presented nine representative innovations spanning general world models, embodied AI, autonomous driving and industrial digital twins. Two rounds of industrial cooperation projects were signed on site, with a total value above RMB 6 billion, covering complete embodied AI machines and core components, world models and robot brains, and physical AI chips. In parallel, the national embodied AI working group under the national technical standardisation committee was established, pre-research on the national standard for artificial intelligence world models was launched, and a physical AI and world model industry alliance was formed with an initial 40 members.

5. Robotaxi Unit Economics Turn Positive in Some Regions as Four Autonomous Driving Names Advance

At the industry level, leading Chinese Robotaxi operators are reaching positive unit economics in some regions. Public statistics show that Apollo Go had logged more than 350 million cumulative autonomous driving kilometres and more than 23 million cumulative orders as of August 2026; PONY-W (02026.HK) and WERIDE-W (00800.HK) have also turned positive on unit economics in selected areas. Overseas, PONY-W's US-listed shares rose more than 5% on October 20. Four Hong Kong autonomous driving names closed higher on the day, led by WERIDE-W at 2.55% and PONY-W at 1.71%.

IV. Profiles of Representative AI Concept Stocks

Company Name	Stock Code	Industry Position	Main Product Lines & Business Overview
MONTAGETECH	06809.HK	Global memory interconnect chip leader & core supplier for AI computing interconnects	A world-leading fabless IC design company and the largest memory interconnect chip supplier globally by 2024 revenue, holding a 36.8% market share. Its main product portfolio includes interconnect ICs (DDR5 RCD, MRCD/MDB, PCIe Retimers, CXL MXC) and the Jintide server platform, widely deployed across data centers, servers, and AI infrastructure. Driven by AI inference and Agent workloads increasing CPU centrality, memory interconnect demand continues to expand. H1 2026 revenue is projected at ~RMB 3.335 billion (+26.6% YoY).
GIGADEVICE	03986.HK	Platform semiconductor leader spanning memory, MCUs, analog ICs, and sensors	Offers complete product categories including memory (NOR Flash, DRAM), microcontrollers (GD32 MCU), analog ICs, and sensors. Focuses on deep integration between AI and end applications across embodied AI, data centers/servers, industrial energy, and automotive. In March 2026, its DRAM procurement quota with CXMT surged from RMB 1.182 billion to RMB 5.711 billion. In July, it partnered strategically with Neusoft Reach to empower the smart vehicle sector.
WERIDE-W	00800.HK	The world's only L4 cross-scenario autonomous driving platform holding permits across seven countries	Holds autonomous driving permits across China, the UAE, Singapore, France, Saudi Arabia, Belgium, and the US. Built upon the proprietary WeRide One platform, the company covers smart mobility, logistics, and sanitation across five core product lines: Robotaxis, Robobuses, Robosweepers, Robovans, and Advanced Driving Assistance Systems (ADAS). Operations cover over 30 cities across 11 countries, supported by an L4 fleet exceeding 1,500 vehicles.
Z.AI	02513.HK	A leading player in China's independent LLM sector	Has launched its flagship next-gen model GLM-5.2, achieving open-source SOTA performance in coding and agentic capabilities. In partnership with Huawei, it open-sourced the multimodal image model GLM-Image. Focusing on novel model architectures, universal reinforcement learning paradigms, and autonomous model evolution, its business model closely aligns with enterprise AI productivity adoption.
PONY-W	02026.HK	Global commercialization leader in L4 autonomous mobility and logistics	The first autonomous driving company in China to secure fully driverless Robotaxi commercial operation permits across all four top-tier cities (Beijing, Shanghai, Guangzhou, Shenzhen). Core operations span autonomous ride-hailing (Robotaxi) and freight services (Robotruck), with Robotaxi deployments across 9 countries and public operations in overseas markets including Croatia, Qatar, Singapore, and South Korea. Targeting a global fleet exceeding 3,000 vehicles across 20+ cities by 2026, the company has achieved positive unit economics per vehicle.

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