On June 1, Hong Kong stocks rallied alongside AI tech sectors, though LLM concept stocks diverged. MEITUAN-W and SENSETIME-W surged over 6%, while ZHIPU AI and MINIMAX-W retreated sharply. In other news, Meituan reported Q1 revenue growth but swung to a net loss, SenseTime launched an AI micro-drama base in Shanghai, and OpenAI is reportedly developing an AI smartphone to rival the iPhone.
On May 29, Hong Kong stocks trended higher, with Lenovo surging 22% on AI server optimism and Baidu leading LLM concept stocks. Globally, Anthropic's valuation hit USD 965 billion, surpassing OpenAI as it launched its new flagship model. Meanwhile, Meituan rolled out two major AI commercial products for on-demand retail, and Tencent introduced the Hy-Memory plugin for Agents, accelerating AI application deployment.
On May 28, Hong Kong stocks closed lower, but the AI and semiconductor sectors rallied. ZHIPU AI surged 13.54% to a new record high, while MININGLAMP-W secured a seven-day winning streak. Meanwhile, global top-tier LLMs achieved milestone breakthroughs in mathematical reasoning, Tencent Cloud launched its full-stack Agent products overseas, and Kuaishou's Kling AI reported Q1 revenue exceeding RMB 650 million.
NewTimeSpace News: During the morning session on May 28, 2026, the three major Hong Kong stock indices continued to decline, while large model concept stocks bucked the trend and strengthened. As of 10:27 AM, Zhipu (2513.HK) rose by 3.02%, continuing to refresh its all-time high by reaching HK$1,467.00, while Mininglamp Technology-W (2718.HK) followed the upward trend.Since May, among the large model concept stocks, Zhipu and Mininglamp Technology-W have welcomed a powerful surge, with both stocks posting gains exceeding 50%, leading a crowd of related equities.
On May 27, Hong Kong stocks retreated, but AI and semiconductor sectors rallied. ZHIPU AI hit a record high, surpassing a HKD 650 billion market cap, while MINIMAX-W and MININGLAMP-W surged. Meanwhile, Xiaomi slashed its LLM API prices by 99%, and ZHIPU AI co-founded a new AI venture fund.
NewTimeSpace (newtimespace.com) News: On May 27, 2026, the Hang Seng Tech Index in the Hong Kong stock market continued to climb in morning trading, gaining 0.86% as of 10:15 AM. large model concept stocks had performed remarkabl since the beginning of May: Zhipu (2513.HK) rose over 60%, Mininglamp Technology-W (2718.HK) rose nearly 50%, and MINIMAX-W (0100.HK) gained over 15%.
The AI industrial chain continued to explode. Mininglamp Technology-W surged by 18.95%, Zhipu rose by 4.91%, while stocks such as Xunce, SenseTime-W, and baba-W followed the upward trend. Lenovo Group continued its sharp rally, rising 15.5% as the company's financial results significantly beat market expectations, with its full-year AI-related revenue doubling year-on-year. 51World continued to surge by 27.55% following the official launch of its embodied AI data platform, Aperdata.ai.
From the explosion of API demand at the model layer for Zhipu and MiniMax, to the rapid rise in the proportion of generative AI for SenseTime, and further to Xunce and Mininglamp Technology validating their value in vertical data services and enterprise-level scenarios respectively, differentiation and acceleration constitute the most definitive narrative main line for the AI sector in 2026.
NewTimeSpace News, On May 26, 2026, the Hang Seng Tech Index in the Hong Kong stock market fluctuated and rose sharply in morning trading.As of 10:44 AM on May 26, 2026, the large model concept stock Mininglamp Technology-W (2718.HK) rose by 4.62%, leading the gains among Hong Kong-listed large model concept stocks. Meanwhile, Kuaishou-W (1024.HK) rose by 1.18%, SenseTime-W (0020.HK) rose by 0.63%, Zhipu (2513.HK) fell by 2.42%, and MINIMAX (0100.HK) fell by 7.87%.
Although the Hong Kong market was closed for a public holiday on May 25, the AI LLM supply chain has remained the market's strongest driving force throughout the month, with KNOWLEDGE ATLAS (02513.HK) and MININGLAMP-W (02718.HK) surging 47.70% and 21.01% month-to-date, respectively.
China's AI industry has been experiencing a comprehensive resonance extending from macro policies to micro financial data. Weighty documents from the State Council made it clear that artificial intelligence legislation is accelerating, the National Development and Reform Commission (NDRC) is planning to issue supporting documents for "AI+", ByteDance has increased its AI capital expenditure, and both Zhipu and MiniMax have been included in the Hang Seng Tech Index. Following the NDRC press conference on May 22, Hong Kong-listed AI concept stocks shot up in a straight line. Zhipu (2513.HK) once surged over 30%, hitting another historical high, while MINIMAX (0100.HK), Mininglamp Technology-W (2718.HK), and Xunce (3317.HK) all rallied strongly.
On May 22, Hong Kong stocks rebounded, with the Hang Seng Index (HSI) rising 0.86% and the Hang Seng TECH Index surging 2.11%. The AI supply chain emerged as the main driving force: ZHIPU AI soared nearly 27%, MINIMAX jumped over 15%, Lenovo Group skyrocketed by 19.8%, and 51World surged 28.9%. In industry news, reports indicated that OpenAI is preparing for an IPO with Q1 revenue reaching approximately USD 5.7 billion; ZHIPU AI launched its GLM-5.1 HighSpeed API with an output speed of 400 tokens/s; and Tencent will host its first-ever Public Open Day from May 30 to 31.
Recently, enterprises related to large language models have entered a period of intensive product releases. A multi-polar, multi-functional application landscape is unfolding across the board.Catalyzed by industry and company news, stocks related to the large model concept have performed well this week. As of the market close on May 22, Zhipu saw a weekly gain of over 20%, Mininglamp Technology-W rose over 10% for the week, and stocks such as MINIMAX and Xunce experienced significant rebounds on May 22.
Bayzed Health (02609.HK) has shown strong stock performance recently, with cumulative gains exceeding 70% since March. The 2025 annual report shows revenue of approximately RMB 1.12 billion (-5.8% YoY), while the GAAP net loss narrowed to RMB 12.957 million. The adjusted net profit reached RMB 17.9 million, a significant 43.2% increase. The company has established a "full-cycle" oncology service barrier and participated in the release of an expert consensus on cancer rehabilitation. In 2025, net operating cash flow reached a record RMB 222 million. Southbound holdings have risen to 6.92%, signaling that valuation recovery has entered the fast lane.
NewTimeSpace News: Huaqin Co., Ltd.（03296.HK）officially launched its H-share IPO on April 15, 2026, with an offer price cap of HK$77.70 per share, 100 shares per lot and an entry fee of approximately HK$7,848.36.The company is expected to list on the Main Board of the Hong Kong Stock Exchange on April 23, 2026.As the world’s largest consumer electronics ODM manufacturer, Huaqin has built a full-stack intelligent product platform covering mobile terminals, computing & data centers, AIoT and innovative businesses through its “3+N+3” product matrix.The offering has attracted a number of renowned cornerstone investors with total subscriptions of approximately US$290 million, representing about 49.96% of the offered shares.
Driven by its official inclusion in Stock Connect and an earnings recovery, the stock price of Zhida Technology (02650.HK) has rebounded by over 92% since March 24, 2026. The 2025 annual report shows revenue of RMB 716.5 million (+20.7%) and a net loss that narrowed by 30.5% to RMB 164 million. The company is the global sales leader in home charging piles (with a 13.6% market share in China) and has a cumulative global shipment of over 1.3 million units. While overseas revenue surged 70.5% to account for 17.1% of total revenue, the company has not been profitable in its 15-year history and faces a lack of self-funding capacity, with net operating cash outflow widening to RMB 202 million in 2025.
