Hong Kong AI Concept Stock Daily: MEITUAN-W Leads with a 3.35% Gain on Proposed RMB Senior Notes Issue - 20261026

I. Market Overview

On October 26, 2026, the three major Hong Kong indices opened higher and gave back part of the advance, briefly turning negative across the board before ending mixed, with the Hang Seng Index and the Hang Seng China Enterprises Index closing up and the Hang Seng TECH Index closing down. The Hang Seng Index closed at 23,211.81, up 0.51%; the Hang Seng TECH Index closed at 3,857.53, down 0.37%; and the Hang Seng China Enterprises Index closed at 7,802.09, up 0.59%. Full-day turnover on the Hang Seng Index reached HKD 175.8 billion, a notable decline from HKD 249.8 billion a day earlier. AI concept stocks were split evenly, with 10 of the 20 names closing higher; LLM and autonomous driving names mostly advanced, while all six AI chip names declined.

In the LLM space, MEITUAN-W (03690.HK) rose 3.35%, Z.AI (02513.HK) rose 1.30%, BIDU-W (09888.HK) rose 0.59%, BABA-W (09988.HK) rose 0.15% and TENCENT (00700.HK) rose 0.10%, while KUAISHOU-W (01024.HK) fell 1.08% and MINIMAX-W (00100.HK) fell 7.20%, the worst performer in the pool.

In the AI Chips space, all six names declined: SMIC (00981.HK) fell 2.42%, ILUVATAR COREX (09903.HK) fell 3.30%, MONTAGETECH (06809.HK) fell 4.19%, HUA HONG GRACE (01347.HK) fell 4.74%, BIRENTECH (06082.HK) fell 4.81% and GIGADEVICE (03986.HK) fell 5.98%.

In the Autonomous Driving space, ROBOSENSE (02498.HK) rose 1.70%, HORIZONROBOT-W (09660.HK) rose 1.19% and PONY-W (02026.HK) rose 0.76%, while WERIDE-W (00800.HK) fell 0.54% and BLACK SESAME (02533.HK) fell 2.35%.

In the Embodied AI space, both names edged higher: UBTECH ROBOTICS (09880.HK) rose 0.44% and XIAOMI-W (01810.HK) rose 0.37%.

II. Market Performance of Representative AI Stocks

Data Source: HKEX. For reference only, not investment advice. Data as of market close on October 26, 2026.

III. AI Industry & Corporate Developments

1. MEITUAN Proposes an RMB Senior Notes Issue as Its AI Operations Assistant Opens to Merchants Nationwide

On October 26, MEITUAN-W (03690.HK) announced that it proposes to conduct an international offering of RMB-denominated senior notes to professional investors only. On the business side, the company launched its merchant AI operations product at the 2026 food delivery industry conference, covering business diagnostics, store inspection, product operations and new-store operations, and said it will provide an AI store manager to restaurant merchants nationwide free of charge; tens of thousands of small and mid-sized merchants already use the product in daily operations, alongside more than 200 chain restaurant brands including Guming, Yihetang and Lanxiangzi, with first-month output per store up 25%. The company also plans to build an initial 1,000 super kitchens with full-service restaurant brands over the next year to improve fulfilment efficiency through standardised supply.

2. Kimi K3.1 Pro Launched with 3 Trillion Parameters and a One-Million-Token Context

On October 24, Moonshot AI released Kimi K3.1 Pro, a new open-source model with 3 trillion parameters and a one-million-token context window, making it the largest open-source model by parameter count globally; it improves markedly on K3 in coding, 3D creation, financial research and long-horizon agent tasks, and is scheduled to be open-sourced by November 4. Chinese model iteration has been dense over the past week, with MiniMax open-sourcing M3.1 Flash on October 23, as domestic players advance simultaneously on parameter scale, context length and inference cost.

3. Physical AI: AgiBot Open-Sources an Embodied Reasoning Dataset as NVIDIA Launches GR00T N1.7

On October 26, AgiBot officially open-sourced the fourth instalment of AGIBOT WORLD 2026, an embodied reasoning (Physical Reasoning) dataset and the first Physical Agent dataset built for real-world scenarios. Overseas, NVIDIA made physical AI a centrepiece of its GTC event, releasing the GR00T N1.7 humanoid robot model, the Agile ONE SN platform and DSX POD infrastructure, saying related deployments can be shortened to 14 days. Separately, at the 2026 Global Developer Pioneer Conference and International Embodied Intelligence Skills Competition held in Shanghai from October 23 to 25, AgiBot organised 110 full-size Expedition A3 humanoid robots dancing together, setting a Guinness World Record for the most humanoid robots dancing simultaneously.

4. First Six National Standards for Humanoid Robots Released, with UBTECH as a Lead Drafter

According to industry research, the first six national standards for humanoid robots were released recently, with UBTECH ROBOTICS (09880.HK) leading the drafting of and participating in several of them. The standards provide a unified basis for complete-machine performance, safety and interface specifications, helping to lower selection and validation costs for downstream scenarios. On the industrial cadence, Tesla said Optimus has entered production and expects to release video of Optimus completing tasks autonomously within the next one to two months.

5. AI Server Demand Drives Electronic Cloth Prices and Volumes as PCB Chain Third-quarter Results Broadly Improve

As of October 24, 260 companies on the Shanghai Stock Exchange had disclosed third-quarter results, with PCB supply chain companies broadly improving and the further upstream, the stronger the results. Iterative upgrades of AI servers have raised PCB material specifications, driving concentrated demand for ultra-thin, low-dielectric specialty electronic cloth, with electronic cloth makers including Honghe Technology, China Jushi and Ping An Electric reporting better third-quarter earnings; Jingwang Electronics said its order book in AI servers, data centres and high-speed optical modules is full, with high capacity utilisation and yield rates. The improvement across upstream materials and midstream board makers is consistent with the linked strength in Hong Kong memory, optical communication and PCB concept stocks in the previous session.

IV. Profiles of Representative AI Concept Stocks