Hong Kong AI Concept Stock Daily: GIGADEVICE Rises 5.08% to Lead, Z.AI Plans Buyback of Up to HK$4 Billion -20261111

NewTimeSpace · 2026/11/11 17:55 · By Xuran Lin

The Hang Seng Index fell 0.98% to 24,315.92 points on November 11, 2026, as AI concept stocks split 9 up and 11 down, with all six AI chip names advancing.

Key Highlights:

The Hang Seng Index closed at 24,315.92 points, down 0.98%, as full-day turnover rose to HK$180.7 billion from HK$178.2 billion.
All six AI chip names advanced, led by GIGADEVICE up 5.08%, SMIC up 3.73% and ILUVATAR COREX up 3.14%; all five autonomous driving names declined.
Z.AI plans to buy back up to HK$4 billion of H shares and Alibaba has applied to list its T-Head chip unit separately; southbound funds bought a net HK$4.572 billion.

I. Market Overview

On November 11, 2026, the three major Hong Kong indices opened lower and drifted down, closing broadly in the red. The Hang Seng Index closed at 24,315.92 points, down 0.98%; the Hang Seng TECH Index closed at 4,027.06 points, down 1.41%; and the Hang Seng China Enterprises Index closed at 8,171.45 points, down 1.14%. Full-day turnover on the Hong Kong market reached HK$180.7 billion, moderately higher than HK$178.2 billion in the prior session. Southbound funds recorded a net purchase of HK$4.572 billion on the day. Among the AI concept stocks, 9 advanced and 11 declined, with all six AI chip names closing higher and all five autonomous driving names closing lower.

In the large model space, MINIMAX-W (00100.HK) rose 4.04% and Z.AI (02513.HK) gained 3.57%, while BABA-W (09988.HK) slipped 0.98%, KUAISHOU-W (01024.HK) fell 1.10%, BIDU-W (09888.HK) dropped 1.38%, TENCENT (00700.HK) lost 1.96% and MEITUAN-W (03690.HK) slid 3.51%, leaving the segment with two gainers and five decliners. Z.AI announced on November 10 a plan to buy back up to HK$4 billion of its H shares and traded more than 8% higher at one point on November 11.

In the AI chip space, GIGADEVICE (03986.HK) rose 5.08%, SMIC (00981.HK) gained 3.73%, ILUVATAR COREX (09903.HK) added 3.14%, MONTAGETECH (06809.HK) climbed 2.46%, BIRENTECH (06082.HK) edged up 0.95% and HUA HONG GRACE (01347.HK) advanced 0.80%, with all six names closing higher.

In the autonomous driving space, BLACK SESAME (02533.HK) slipped 0.38%, ROBOSENSE (02498.HK) fell 0.72%, PONY-W (02026.HK) lost 1.14%, HORIZONROBOT-W (09660.HK) dropped 1.39% and WERIDE-W (00800.HK) declined 1.73%, with all five names closing lower.

In the embodied AI space, UBTECH ROBOTICS (09880.HK) rose 1.93%, while XIAOMI-W (01810.HK) fell 1.63%.

II. Market Performance of Representative AI Stocks

Stock Code	Company Name	Closing Price (HKD)	Change (%)	Sector / Concept
03986.HK	GIGADEVICE	318.400	5.08	AI Chips
00100.HK	MINIMAX-W	180.100	4.04	LLM
00981.HK	SMIC	49.000	3.73	AI Chips
02513.HK	Z.AI	499.200	3.57	LLM
09903.HK	ILUVATAR COREX	72.300	3.14	AI Chips
06809.HK	MONTAGETECH	195.500	2.46	AI Chips
09880.HK	UBTECH ROBOTICS	76.600	1.93	Embodied AI
06082.HK	BIRENTECH	21.280	0.95	AI Chips
01347.HK	HUA HONG GRACE	75.150	0.80	AI Chips
02533.HK	BLACK SESAME	6.515	-0.38	Autonomous Driving
02498.HK	ROBOSENSE	16.470	-0.72	Autonomous Driving
09988.HK	BABA-W	100.600	-0.98	LLM
01024.HK	KUAISHOU-W	28.660	-1.10	LLM
02026.HK	PONY-W	36.340	-1.14	Autonomous Driving
09888.HK	BIDU-W	78.600	-1.38	LLM
09660.HK	HORIZONROBOT-W	3.895	-1.39	Autonomous Driving
01810.HK	XIAOMI-W	30.100	-1.63	Embodied AI
00800.HK	WERIDE-W	11.350	-1.73	Autonomous Driving
00700.HK	TENCENT	409.600	-1.96	LLM
03690.HK	MEITUAN-W	72.850	-3.51	LLM

Data Source: HKEX. For reference only, not investment advice. Data as of market close on November 11, 2026.

III. AI Industry & Corporate Developments

1. Z.AI Plans Buyback of Up to HK$4 Billion, Shares Up Over 8% Intraday

On November 10, Z.AI (02513.HK) announced that, after receiving a share repurchase proposal from Chairman Liu Debing, it intends to buy back its H shares on the open market under the general mandate granted at the annual general meeting held on June 22, 2026. The planned repurchase is capped at HK$4 billion in aggregate, with the number of shares repurchased not exceeding 1% of the total issued shares as of the announcement date. The company said the buyback will not trigger a mandatory general offer or reduce the public float below the minimum percentage required by HKEX, and remains subject to necessary regulatory approvals. The stock rose more than 8% at one point on November 11 before paring gains, closing up 3.57% at HK$499.20.

2. Alibaba Files for Separate Listing of T-Head; Zhenwu AI Chips Ship 560,000 Units

Late on November 10, BABA-W (09988.HK) announced to HKEX that it has submitted an application for the separate listing of its chip subsidiary T-Head. According to disclosures, cumulative shipments of T-Head's Zhenwu series AI chips reached 560,000 units as of April 2026, serving more than 650 enterprise clients across over 20 industries including intelligent driving, financial services, large models, embodied AI, energy and manufacturing. Market observers note that a separate listing would help T-Head expand R&D and talent investment and strengthen domestic AI compute chip supply.

3. Large Model Vendors Roll Out 50% Discounts for Singles' Day

On November 11, Z.AI, MiniMax, Qianwen Office, Alibaba Cloud and Qoder all launched 50% promotions at the Token top-up centre of Tmall's AI space station. MiniMax offered 50% off all three monthly plans, Alibaba Cloud cut two Token Plan monthly cards by up to half, Z.AI discounted weekly cards by up to 50%, Qianwen Office offered 70% off the first month of its basic membership, and Qoder sold monthly cards at 67% off, as low as RMB 19.9. Users can reach the centre by searching for Token on Taobao. The campaign shows that price competition among model vendors has extended from API calls to consumer membership subscriptions.

4. SMIC to Report Q3 Results This Thursday, Guiding 2%-4% QoQ Revenue Growth

On November 11, SMIC (00981.HK) led blue-chip gains, closing up 3.73% at HK$49.00 with turnover of HK$3.896 billion. The company will report third-quarter 2026 results this Thursday. Its previous guidance pointed to sequential revenue growth of 2% to 4%, equivalent to roughly US$3.066 billion to US$3.126 billion, with gross margin expected at 26% to 28%, up from 25.3% in the second quarter. Investors are focused on the pace of advanced-node capacity ramp-up and the conversion of domestic AI compute chip orders.

5. UBTECH Teams Up with China Telecom Terminal Arm; Humanoid Robot Standards Take Effect

On November 9, Tianyi Telecom Terminal, a wholly owned subsidiary of China Telecom, signed a comprehensive strategic cooperation agreement with UBTECH ROBOTICS (09880.HK). The two parties plan to jointly expand the home companion robot market beyond one million units and the hyper-realistic and wheeled humanoid robot market beyond 100,000 units over the next three years, and unveiled a joint robotics innovation laboratory. Information from the national standards public service platform shows that six national standards for humanoid robots have been officially released and will take effect on April 1, 2027, with UBTECH leading the drafting of and participating in all six. On November 11, the A-share humanoid robot theme strengthened intraday, moving in tandem with Hong Kong robot names.

IV. Profiles of Representative AI Concept Stocks

Company Name	Stock Code	Industry Position	Main Product Lines & Business Overview
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.
MINIMAX-W	00100.HK	A top-tier player dedicated to omni-modal AGI	The company continuously iterates its video generation model matrix and has partnered with mainstream domestic and overseas chip manufacturers and inference platforms to complete underlying adaptations. The total monthly active users (MAU) of its B2C and B2B LLM applications, along with multimodal API call volumes, maintain rapid growth, further broadening its computing power ecological layout.
SMIC	00981.HK	Mainland China's premier pure-play foundry with complete process coverage	The leading foundry in Mainland China, steadily ramping advanced modified N+1/N+2 nodes to absorb domestic AI compute chip orders. Mature nodes (28nm and above) provide stable cash flow backed by automotive power semiconductor demand. Positioned at the intersection of domestic AI substitution and mature-node revaluation, Q1 2026 revenue reached $2.505 billion (+11.5% YoY) with capacity utilization at 93.1%. Aijian Securities projects 2026-2028 revenue of $11.484/13.707/16.141 billion.
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.
ILUVATAR COREX	09903.HK	Domestic general-purpose GPU pioneer & builder of full-scenario AI compute bases	Established in 2015, it is among the earliest domestic vendors to achieve mass production of general-purpose GPUs. Product lines cover training, inference, and edge computing across the Tiangai, Zhikai, and Tongyang series. In July 2026, it launched its next-gen flagship Tiangai 300 at WAIC, matching the Nvidia Hopper architecture. As of late 2025, it served 340+ clients across 30+ industries, generating core GPGPU revenue of ~RMB 923 million (+149.6% YoY).

AI GIGADEVICE SMIC