Hong Kong AI Concept Stock Daily: MINIMAX-W Leads with a 16.74% Gain as MiniMax Open-Sources the M3.1 Flash Model - 20261023

I. Market Overview

On October 23, 2026, the three major Hong Kong indices opened higher and briefly turned negative before rebounding with the A-share market in the afternoon and closing higher. The Hang Seng Index closed at 23,093.37, up 0.69%; the Hang Seng TECH Index closed at 3,871.66, up 2.05%; and the Hang Seng China Enterprises Index closed at 7,756.25, up 0.87%. Full-day turnover on the Hang Seng Index reached HKD 249.8 billion, slightly below HKD 256.1 billion a day earlier. Nineteen of the 20 AI concept stocks rose and one fell, with LLM and autonomous driving names leading.

In the LLM space, MINIMAX-W (00100.HK) rose 16.74%, Z.AI (02513.HK) rose 8.29%, KUAISHOU-W (01024.HK) rose 4.18%, BIDU-W (09888.HK) rose 1.13%, TENCENT (00700.HK) rose 0.94%, MEITUAN-W (03690.HK) rose 0.49% and BABA-W (09988.HK) rose 0.46%.

In the AI Chips space, GIGADEVICE (03986.HK) rose 8.62%, BIRENTECH (06082.HK) rose 5.15%, ILUVATAR COREX (09903.HK) rose 3.69%, MONTAGETECH (06809.HK) rose 3.07%, HUA HONG GRACE (01347.HK) rose 1.35% and SMIC (00981.HK) rose 0.47%.

In the Autonomous Driving space, HORIZONROBOT-W (09660.HK) rose 8.14%, PONY-W (02026.HK) rose 5.88%, ROBOSENSE (02498.HK) rose 3.68% and WERIDE-W (00800.HK) rose 3.48%, while BLACK SESAME (02533.HK) fell 3.87%, the only decliner in the pool.

In the Embodied AI space, both names advanced: UBTECH ROBOTICS (09880.HK) rose 6.73% and XIAOMI-W (01810.HK) rose 3.88%.

II. Market Performance of Representative AI Stocks

Data Source: HKEX. For reference only, not investment advice. Data as of market close on October 23, 2026.

III. AI Industry & Corporate Developments

1. MiniMax Open-Sources the M3.1 Flash Model, Handling over 100 Trillion Tokens in Its First 72 Hours

On October 23, MiniMax announced the open-sourcing of its M3.1 Flash model. Compared with the previous M3 generation, the model improves agentic tasks, coding, computer operation and cybersecurity capabilities, cuts usage costs by 70% and raises online inference speed nearly threefold; the company said the model processed more than 100 trillion tokens within 72 hours of launch. On the ecosystem side, MiniMax is working with chipmakers including Huawei Ascend, T-Head, Kunlunxin, Moore Threads, NVIDIA and AMD, as well as inference and cloud platforms such as Together AI, Fireworks and Nebius, on day-one integration, while inference frameworks and open-source communities including vLLM, SGLang, BAAI FlagOS, Hugging Face and ModelScope completed adaptation in parallel.

2. Optical Communication Leaders Collectively Confirm Strong Order Books, Lifting the Computing Hardware Chain in the Afternoon

At midday on October 23, A-share optical communication and CPO supply chain companies including Zhongji Innolight, Eoptolink, TFC Optical, Accelink, Yuanjie Semiconductor and Lianxun Instruments published announcements on their operations, all pointing to normal production, ample order books and an industry upcycle that has not reversed. Eoptolink said 800G and 1.6T are its main delivery products this year, that 1.6T modules have entered sustained volume ramp-up, that orders from major overseas customers extend into 2027, and that some key customers have given clear guidance on 2028 demand; TFC Optical said the optical interconnect industry remains in rapid development amid continued AI computing infrastructure build-out. Hong Kong memory semiconductor, optical communication and PCB concept stocks rallied in the afternoon on the back of these statements.

3. MIIT Says Humanoid Robot Output Topped 40,000 Units in H1 as Unitree Launches the H2-X

Data recently released by the Ministry of Industry and Information Technology show that in the first half of 2026 Chinese manufacturers launched more than 400 humanoid robot models and produced over 40,000 units, with full-year output expected to exceed 100,000 units. On the product side, Unitree recently launched its new H2-X humanoid robot; company video shows a maximum battery life of about eight hours, the ability to lift a car by hand and a stable landing from a height of four metres. Overseas, Tesla is expected to unveil Optimus V3 in the fourth quarter, with domestic manufacturers and Optimus production ramp-up both accelerating.

4. NVIDIA Upgrades Its Isaac Platform with a Humanoid Robot Reference Framework and Simulation Tools

According to media reports, NVIDIA announced an upgrade to its Isaac general-purpose robotics development platform, introducing a new humanoid robot reference framework, simulation workflows and data tools to accelerate general robotics development. The updates cover robot training, simulation validation and deployment, helping developers train robots with synthetic data and simulated environments and verify robot behaviour before real-world deployment.

5. BYD Han Ships with ROBOSENSE Digital LiDAR as Standard as ROBOSENSE Advances Its Business Separation

In autonomous driving, BYD officially launched the Han, a flash-charging flagship sedan under its Dynasty series, priced between RMB 235,900 and RMB 275,900, with ROBOSENSE (02498.HK) digital LiDAR and the God Eye B advanced driver assistance system fitted as standard across the range; the perception suite combines one digital LiDAR with 11 cameras and 12 ultrasonic sensors. At the company level, 41 days after spinning off its embodied robot complete-machine business, ROBOSENSE announced on the evening of October 21 that its indirectly wholly owned subsidiary Shenzhen RoboSense will provide loans of up to RMB 10 million each to chairman Qiu Chunxin and chief technology officer Liu Letian, for a combined maximum of RMB 20 million.

IV. Profiles of Representative AI Concept Stocks