Hong Kong AI Concept Stock Daily: ILUVATAR COREX Rises 8.85% as Chip Shipments Top 80,000 Units in Ten Months - 20261112

I. Market Overview

On November 12, 2026, the three major Hong Kong indices opened lower across the board and traded below the previous close throughout the session, with losses widening through the afternoon before a modest rebound from the intraday low, and all three closed lower. The Hang Seng Index closed at 24,008.55, down 1.26%; the Hang Seng TECH Index closed at 3,931.93, down 2.36%; and the Hang Seng China Enterprises Index closed at 8,056.76, down 1.40%. Full-day turnover on the Hang Seng Index reached HKD 202.6 billion, up from HKD 180.7 billion a day earlier. Of the 20 AI concept stocks, 3 advanced and 17 declined; only the AI chip space produced gainers, while every name in the LLM, autonomous driving and embodied AI spaces fell.

In the LLM space, Z.AI (02513.HK) fell 9.05%, MINIMAX-W (00100.HK) fell 7.83%, BABA-W (09988.HK) fell 6.76%, KUAISHOU-W (01024.HK) fell 5.30%, TENCENT (00700.HK) fell 2.64%, BIDU-W (09888.HK) fell 2.29% and MEITUAN-W (03690.HK) fell 1.03%; all seven names declined.

In the AI Chips space, ILUVATAR COREX (09903.HK) rose 8.85%, BIRENTECH (06082.HK) rose 5.64%, HUA HONG GRACE (01347.HK) rose 2.46%, SMIC (00981.HK) fell 0.53%, MONTAGETECH (06809.HK) fell 1.53% and GIGADEVICE (03986.HK) fell 3.83%; three rose and three fell.

In the Autonomous Driving space, WERIDE-W (00800.HK) fell 0.53%, HORIZONROBOT-W (09660.HK) fell 1.03%, PONY-W (02026.HK) fell 2.31%, ROBOSENSE (02498.HK) fell 3.52% and BLACK SESAME (02533.HK) fell 4.22%; all five names declined.

In the Embodied AI space, XIAOMI-W (01810.HK) fell 0.40% and UBTECH ROBOTICS (09880.HK) fell 2.74%; both names declined.

II. Market Performance of Representative AI Stocks

Data Source: HKEX. For reference only, not investment advice. Data as of market close on November 12, 2026.

III. AI Industry & Corporate Developments

1. Philadelphia Semiconductor Index Gains 5.66% Overnight as CoreWeave Revenue Jumps 168%, Lifting Hong Kong Chip Names

On November 11 US time, the Philadelphia Semiconductor Index rose 5.66%. The move followed results from AI cloud provider CoreWeave after the close on November 10: third-quarter revenue reached USD 3.661 billion, up 168% year on year and above the roughly USD 3.56 billion consensus, while revenue backlog rose to USD 132.5 billion from USD 104 billion at the end of the second quarter and full-year revenue guidance was raised to USD 13.0 billion to USD 13.3 billion. Hong Kong chip names duly outperformed on November 12, with ILUVATAR COREX, BIRENTECH and HUA HONG GRACE gaining 8.85%, 5.64% and 2.46% respectively, while SMIC slipped 0.53% and MONTAGETECH and GIGADEVICE fell 1.53% and 3.83%, leaving the space clearly divided.

2. ILUVATAR COREX Rises 8.85% as Cumulative Chip Shipments Top 80,000 Units in Ten Months

On November 12, ILUVATAR COREX (09903.HK) closed up 8.85% at HK$78.70 on turnover of HK$1.990 billion, the largest gainer in the AI concept pool and up more than 10% at one point intraday. The company recently published a voluntary announcement stating that cumulative chip shipments for the ten months ended October 31, 2026 exceeded 80,000 units. Separately, according to public reports, Moushen Intelligence and 42 industry chain participants launched a general embodied intelligence brain industry innovation consortium during a side event of the ninth China International Import Expo, with ILUVATAR COREX joining as a chip computing power provider; the consortium covers universities and research institutes, robot bodies, dexterous manipulation, data and computing power, and industrial applications, and aims to connect model development at the base layer with deployment at the device end.

3. Alibaba to Spin Off Pingtouge for a Hong Kong Listing as Its Shares Fall 6.76% to Lead Blue-Chip Declines

On the evening of November 10, BABA-W (09988.HK) announced on the Hong Kong Stock Exchange that it intends to spin off and separately list T-Head (Pingtouge) Semiconductor (Shanghai) Co., Ltd., a wholly owned subsidiary, on the Main Board. The announcement said the exchange has confirmed the spin-off may proceed and that T-Head filed an A1 listing application on a confidential basis on September 11, 2026 for the listing and trading of its H shares on the Main Board. According to public reports, T-Head has delivered more than 470,000 chips in cumulative terms and generates annualised revenue of more than RMB 10 billion; the spin-off still requires approval from the exchange's listing committee and filing with the China Securities Regulatory Commission, leaving the size and timetable uncertain. On November 12, BABA-W fell 6.76% to HK$93.80 on turnover of HK$18.735 billion, the largest decline among blue chips; internet names retreated broadly, with some market commentary attributing the move to profit-taking after earlier gains and rotation between sectors.

4. Z.AI Falls 9.05% as a HK$4 Billion Buyback Proposal Fails to Stem the Slide

On November 12, Z.AI (02513.HK) fell 9.05% to HK$454.00 on turnover of HK$3.801 billion, the largest decline in the AI concept pool, while MINIMAX-W (00100.HK) fell 7.83%. The company said on the evening of November 10 that it had received a share repurchase proposal from Chairman Liu Debing to buy back H shares on the open market from time to time, with a total cap of HK$4 billion and a maximum of 1% of the shares in issue as at the announcement date. HSBC Global Research said in a note that short-term share price volatility for Z.AI is likely to persist, citing intensifying competition, rising R&D costs and longer-than-expected development cycles for new models after leading US AI labs tightened anti-distillation measures; the broker also pushed back its forecast for the company to reach profitability. At the November 12 close, the stock was more than 80% below its June 2026 high.

5. Suzhou Unveils an AI Policy Package as China's First Prefecture-Level AI Regulation Takes Effect on December 1

According to information published on the Suzhou municipal government website on November 12, the city released a policy package supporting artificial intelligence innovation at the 2026 Jiangsu AI Innovation and Development Conference and the second AI OPC Conference held on November 11. The Regulations on the Promotion of the Development and Application of the Artificial Intelligence Industry in Suzhou will take effect on December 1, 2026; running to seven chapters and 61 articles, the rules place support for factor supply, industrial development, application promotion, safeguards and safety governance on a legal footing, making them the first prefecture-level AI regulation in China. The package is accompanied by four lists covering carrier platforms, use cases, financial support and OPC opportunities, bringing together nearly 200 key carriers, more than 400 AI use cases, 34 dedicated financial products and 421 OPC opportunities; new innovation centres can receive up to RMB 3 million each, and annual use-case projects up to RMB 2 million in awards.

IV. Profiles of Representative AI Concept Stocks