On June 10, the three major Hong Kong indices drifted lower, with chip and LLM concept stocks under selling pressure as ZHIPU AI slid over 7%, while AI application plays like Kuaishou and Tencent bucked the trend. Internationally, Anthropic released its Fable 5 model with tightened security constraints alongside an unaligned version to ease regulatory oversight ahead of its IPO. Domestically, Meituan officially launched its AI-native browser Tabbit 1.0, enabling automated cross-webpage workflows across multiple LLMs, while Zhipu AI allied with HFUT to establish a multi-tier "LLM Innovation Experimental Class" to secure elite talent pipelines for the industry.
Mininglamp Technology (2718.HK)'s edge-side AI product matrix, its Mano-P is responsible for the edge-side agent's understanding and decision-making, Cider is responsible for inference acceleration to release hardware computing power, Octo is responsible for multi-Agent collaboration and organization-level orchestration, and Octic is responsible for the data collection entry point of offline scenarios. At present, all four products across the model, engine, collaboration network, and hardware have been either fully open-sourced or officially released.
NewTimeSpace News: As of 13:08 on June 10, 2026, XPENG-W (09868.HK) weakened in the afternoon session, trading at HK$57.90, down 5.55%. Its Robotaxi equipped with VLA2.0 is undergoing L4 autonomous driving tests on public roads in Guangzhou.
NewTimeSpace (newtimespace.com) News, Choice data shows that on June 9, 2026, First Seafront Artificial Intelligence Dynamic Allocation Hybrid Fund-A (001986) and First Seafront Artificial Intelligence Dynamic Allocation Hybrid Fund-C (023286) achieved single-day gains of 7.14% respectively.Over the past three months, First Seafront Artificial Intelligence Dynamic Allocation Hybrid Fund-A (001986.OF) and Mixed C (023286.OF) have surged by 64.67% and 64.51% respectively.
On June 9, Hong Kong stocks fluctuated within a narrow band, with LLM concept stocks retreating sharply as ZHIPU AI plummeted over 13% and MINIMAX-W dropped over 8%, though semiconductor and AI hardware equities bucked the trend. The industry experienced major capital and structural transformations: internationally, OpenAI confidentially filed its draft S-1 with the SEC, intensifying the "mega-IPO" race against Anthropic and SpaceX. Domestically, Alibaba consolidated its LLM lines into the newly established Token Foundry Business Group under the direct oversight of its CEO, while WeChat officially opened its AI ecosystem to developers, accelerating LLM deployment across its mobile and Mini Program networks.
Mininglamp Technology-W (2718.HK)'s product matrix into a three-tier architecture of "Model → Platform → Hardware," making it the only AI company on the Hong Kong stock market to simultaneously possess the four-layer capabilities of edge-side models, inference engines, Agent collaboration platforms, and hardware entry points.
NewTimeSpace (newtimespace.com) News: On June 9, 2026, Midea Group (00300.HK) continued to climb. As of 11:47 AM, the company's share price was quoted at HK$90.60, up 1.80%.
NewTimeSpace News: BIDU-SW (09888.HK) edged higher in morning trading on 9 June 2026. As at 11:08, the stock was quoted at HK$117.20, up 1.03%. As of April 2026, Apollo Go had delivered over 22 million autonomous driving service orders for the public in total.
NewTimeSpace (newtimespace.com) News, On June 9, 2026, TENCENT (0700.HK) surged substantially during morning trading. As of 10:30 AM, the company's share price was quoted at HK$468.00, up 4.84%, leading the gains in the Hang Seng Tech Index.
On June 8, Hong Kong stocks fluctuated lower, with most LLM concept stocks undergoing a deep correction alongside the broader internet tech sector, except for ZHIPU AI, which bucked the trend after entering the Hang Seng TECH Index and Stock Connect. Conversely, embodied AI and robotics equities rallied, driven by Unitree Robotics' successful IPO hearing and NVIDIA partnerships.
The 2025 annual reports of HK-listed AI firms Knowledge Atlas（ZHIPU AI）, MiniMax, and Mininglamp reveal a stark divergence across revenue scales, gross margins, and valuations, corresponding to their unique plays in foundation models, To-C apps, and Agent services. As of June 5, 2026, their market caps reached HKD 578.3B, 173.4B, and 33B, representing P/S ratios of 733x, 281x, and 21x, respectively. Mininglamp led the trio in revenue volume and profitability with RMB 1.426B in revenue and a 55% gross margin, highlighting distinct financial and pricing frameworks across different AI layers.
On June 5, Hong Kong stocks closed lower, with the Hang Seng Index breaking below the 25,000-point mark. The semiconductor and LLM sectors underwent a deep correction, highlighted by sharp declines in ZHIPU AI and MINIMAX-W, though AI application equities diverged, with Youjia Innovation surging on an acquisition that accelerates its L4 autonomous driving commercialization. In industry news, Anthropic warned of AI autonomy risks and urged a global development pause. Meanwhile, China's domestic LLM commercialization accelerated: Huawei Cloud partnered with over 20 top-tier vendors to launch a new cloud ecosystem, and Alibaba's Qianwen fully opened to third-party Agents with major brands like Luckin Coffee and KFC going live, underscoring the ongoing shift toward enterprise-level AI productivity.
NewTimeSpace (newtimespace.com) News,on June 5, 2026, UBTECH (09880.HK) surged during intraday trading before pulling back, with its intraday gain once exceeding 4%, ultimately closing down 0.09%.
Mininglamp Technology-W (2718.HK), a prominent large model concept stock, is also referred to by the market as the "first Agentic AI stock on HKEX." It was officially listed on the Main Board of the Stock Exchange of Hong Kong on November 3, 2025, making it the first listed company on the Hong Kong stock market to possess a complete technology stack for Agentic AI autonomous intelligent agents.
Choice data shows that Orient Artificial Intelligence Theme Hybrid Fund-A (005844) and Orient Artificial Intelligence Theme Hybrid Fund-C (017811) have delivered robust performances, rising by 26.58% and 26.54% respectively over the past month, and surging by 70.48% and 70.19% respectively since the beginning of 2026.
At 09:41 on June 5, 2026, XPENG-W (09868.HK) dipped slightly during morning session at HK$65.3, down 1.73%.
