Hong Kong AI Concept Stock Daily: Z.AI Falls 10.04% as Nvidia CEO Resignation Weighs on the AI Hardware Chain - 20261113

I. Market Overview

On November 13, 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 to close near the intraday low, and all three fell. The Hang Seng Index closed at 23,637.60, down 1.55%; the Hang Seng TECH Index closed at 3,813.19, down 3.02%; and the Hang Seng China Enterprises Index closed at 7,937.53, down 1.48%. Full-day turnover on the Hang Seng Index reached HKD 195.9 billion, below HKD 202.7 billion a day earlier. All 20 AI concept stocks declined, with AI chip and LLM names leading the falls while autonomous driving and embodied AI names held up relatively better.

In the LLM space, TENCENT (00700.HK) fell 3.06%, MEITUAN-W (03690.HK) fell 3.19%, BIDU-W (09888.HK) fell 3.39%, BABA-W (09988.HK) fell 3.46%, KUAISHOU-W (01024.HK) fell 4.50%, MINIMAX-W (00100.HK) fell 8.19% and Z.AI (02513.HK) fell 10.04%; all seven names declined.

In the AI Chips space, SMIC (00981.HK) fell 0.45%, ILUVATAR COREX (09903.HK) fell 2.35%, GIGADEVICE (03986.HK) fell 6.01%, MONTAGETECH (06809.HK) fell 6.03%, HUA HONG GRACE (01347.HK) fell 6.10% and BIRENTECH (06082.HK) fell 6.67%; all six names declined.

In the Autonomous Driving space, HORIZONROBOT-W (09660.HK) fell 2.72%, BLACK SESAME (02533.HK) fell 3.45%, WERIDE-W (00800.HK) fell 4.16%, PONY-W (02026.HK) fell 4.23% and ROBOSENSE (02498.HK) fell 4.53%; all five names declined.

In the Embodied AI space, UBTECH ROBOTICS (09880.HK) fell 2.89% and XIAOMI-W (01810.HK) fell 3.74%; 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 13, 2026.

III. AI Industry & Corporate Developments

1. Nvidia Says Jensen Huang Has Resigned as CEO, with CFO Colette Kress Named Interim CEO

On November 12 US time, Nvidia announced that its board had approved the resignation of Jensen Huang as president, chief executive officer and a board member, effective immediately. Executive Vice President and Chief Financial Officer Colette Kress has agreed to serve as interim chief executive while continuing as chief financial officer until a permanent successor is named. The board has begun a search that will consider both internal and external candidates, and has appointed Harvey Jones as the company's first board chair. Nvidia said it will still report third-quarter fiscal 2027 results on the afternoon of November 17 Pacific time as previously scheduled. In US pre-market trading that day, Nvidia fell as much as 10%, with Intel, Micron, Marvell and Arm also lower.

2. Hong Kong Optical Communication and PCB Names Slide as ZHONGJI INNOLIGHT Falls 9.39% LAMINATES Drops More Than 8%

On November 13, Hong Kong optical communication and PCB names fell sharply. ZHONGJI INNOLIGHT (03308.HK) dropped 9.39%, KB LAMINATES (01888.HK) more than 8% and CIG (06166.HK) more than 5%, while YOFC (06869.HK) also weakened. In PCB, KINWONG (03228.HK) fell 13.73%, VGT (02476.HK) 13.46% and Dingtai Hi-Tech (01439.HK) 9.41%. Market commentary held that the management change at Nvidia prompted a reassessment of order visibility and strategic continuity for optical module, high-speed connector, server and PCB suppliers deeply tied to its GPU ecosystem, with those concerns concentrated in the session's selling.

3. AI Chip Names Retreat as HUA HONG GRACE Reverses Early Gains to Close Down 6.10%

On November 13, all six chip names in the AI concept pool declined. SMIC (00981.HK) fell 0.45%, the smallest decline in the pool; ILUVATAR COREX (09903.HK) fell 2.35%; GIGADEVICE (03986.HK) 6.01%, MONTAGETECH (06809.HK) 6.03%, HUA HONG GRACE (01347.HK) 6.10% and BIRENTECH (06082.HK) 6.67%. HUA HONG GRACE and SMIC had risen 2.79% and 2.59% respectively in early trading before turning lower with the broader market and extending losses into the close, a clear reversal from the opening.

4. Z.AI Falls 10.04% at the Bottom and MINIMAX-W 8.19% as the Two LLM Names Extend Losses to a Second Session

On November 13, Z.AI (02513.HK) fell 10.04% to HK$408.40 on turnover of HK$5.178 billion, the largest decline in the AI concept pool, while MINIMAX-W (00100.HK) fell 8.19% to HK$152.40. Z.AI has now fallen for two consecutive sessions from a close of HK$499.20 on November 11, a cumulative decline of about 18%. The company said on the evening of November 10 that it had received a share repurchase proposal from Chairman Liu Debing, with a total cap of HK$4 billion and a maximum of 1% of the shares in issue as at the announcement date. At the November 13 close, the stock was about 86% below its June 2026 high.

5. ADASPACE Falls 3.53% on Its Debut as Hong Kong's First Space AI Stock

On November 13, Adaspace Technology Co., Ltd. (06935.HK) listed on the Main Board, selling 30.121 million H shares at HK$24.90 each for net proceeds of about HK$652 million; the Hong Kong public offering was 3.43 times subscribed and the international offering 1.79 times. The stock opened at HK$24.44, 1.85% below the offer price, traded between HK$26.16 and HK$23.80 and closed at HK$24.02, down 3.53%, on turnover of HK$181 million. Its prospectus shows orders for 114 AI satellites awaiting delivery with a total contract value of RMB 3.475 billion as of October 20, 2026.

IV. Profiles of Representative AI Concept Stocks