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.
The stock price of 160 Health (02656.HK) fell rapidly after breaking HKD 150 in March 2026, closing at HKD 44.42 on April 13, with over HKD 35 billion in market value evaporating from its peak. The company recently released its 2025 annual report, showing revenue of HKD 652 million (+5.02%) and an adjusted net income of approximately HKD 4.061 million, successfully turning a profit. Relying on its "Platform + AI Agent + Operations" model, it achieved "160 AI Hospital" cooperation with 82 public hospitals in 2025. However, facing the intensive layout of tech giants like Baidu (DoctorClaw) and Alibaba Health (Hydrogen Ion) in the Medical AI Agent track, the company faces severe challenges.
On April 13, HGTECH Company Limited submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities serving as the sole sponsor. The company was listed on the Main Board of the Shenzhen Stock Exchange in 2000 (000988.SZ). As the first listed company in China's laser industry, HGTECH relies on its profound accumulation in the optoelectronic information field and is committed to becoming a global leading enabler of full-stack artificial intelligence capabilities. Its business covers three major segments: optical interconnection, intelligent sensing and intelligent manufacturing, forming a complete intelligent closed loop of "sense-transmit-analyze-apply".
Victory Giant Technology (Huizhou) Co., Ltd.（02476.HK） officially launched its H-share IPO on April 13, 2026, with an offer price set at HK$209.88 per share, 100 shares per lot and an entry fee of approximately HK$21,199.67.The company is expected to list on the Main Board of the Hong Kong Stock Exchange on April 21, 2026.It plans to issue 83.34 million shares globally, raising approximately HK$17.287 billion.
Diagens (02526.HK) was listed on March 30, 2026. As the "first medical imaging LLM stock" on the HKEX, its share price soared over 200% within two weeks, closing at HKD 300 on April 10. The company’s core product, AI AutoVision®, is the first chromosome karyotype analysis system in China to receive the "Class III Innovative Medical Device" designation, improving analysis efficiency by approximately 12 times. It currently holds a 30.6% market share, ranking first in the country. In 2025, total revenue was approximately RMB 164 million (+133.72%), while the net loss expanded to RMB 67.14 million. The company's market capitalization has surpassed HKD 24 billion, with a price-to-sales (P/S) ratio exceeding 130x, far beyond the industry average.
Gpixel Changchun Microelectronics Inc. (03277.HK) officially launched its H-share IPO on April 9, 2026, with an offer price set at HK$39.88 per share, 100 shares per lot and an entry fee of approximately HK$4,028.23.The company is expected to list on the Main Board of the Hong Kong Stock Exchange on April 17, 2026.It plans to issue 65.29 million shares globally, raising approximately HK$2.504 billion.
On April 9, 2026, GenFleet Therapeutics (02595.HK) announced that its KRAS G12D inhibitor GFH375 received Breakthrough Therapy Designation (BTD) from the CDE, causing its stock price to surge 9.05% against the market trend. The drug has launched the world's first Phase III registrational study for an oral inhibitor and holds FDA Fast Track status. In 2025, the company reported revenue of RMB 130 million (+24.4% YoY). Due to fair value changes in redemption liabilities, the book net loss widened to RMB 1.795 billion, though the adjusted net loss narrowed to RMB 227 million. Its first commercial product, GFH925, saw weak early sales and faces intense global competition from over 20 rival candidates.
SAINT BELLA Group (02508.HK) recently released its first full annual report for 2025, with revenue reaching RMB 1.046 billion (+31.0%) and adjusted net profit at RMB 125 million. Despite the flagship brand’s ASP rising to RMB 267,000 and the company’s intensive recent positioning in AI LLMs and embodied intelligence funds, its stock performance remains weak. As of April 8, 2026, it closed at HKD 4.11, down approximately 37.54% from its issue price. Even as the leader in the high-end market, SAINT BELLA must still prove to investors its "anti-cyclical" ability to maintain long-term profitability amidst a service-intensive model and its transition into the AI space.
