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.
NewTimeSpace (newtimespace.com) News,On June 8, 2026, while the large model concept stock Zhipu (2513.HK)strengthened against the market trend during the morning session. Its intraday gain once exceeded 10%, and it rose by 4.55% as of 10:50 AM.
NewTimeSpace News: At 10:59 on June 8, 2026, RoboSense(02498.HK) traded slightly lower at HK$31.20, down 3.17%.
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%.
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%.
On June 4, Hong Kong stocks extended their losses, with tech stocks acting sluggish as the AI frenzy cooled. Most LLM concept stocks declined, with XUNCE and KUAISHOU-W being the rare exceptions, while the semiconductor sector shone brightly as a standalone outperformer. Meanwhile, industry capital and tech advancements remained highly active: DeepSeek is reportedly raising USD 7 billion in China's largest-ever AI financing round; WeChat partnered with Huawei, Honor, and others to enable A2A (Agent-to-Agent) interoperability, allowing native OS AI assistants to directly invoke WeChat functions; and Doubao announced an upcoming Pro version while pledging to keep daily core features free for general users.
NewTimeSpace News: Hansoh Pharmaceutical announced on June 4 that the New Drug Application (NDA) of its self-developed innovative drug Orlotide Injection has been accepted by the National Medical Products Administration (NMPA), indicated for long-term weight management in obese or overweight adults.
NewTimeSpace News: On June 4, Heng Pharmaceutical announced it has presented two advances in model-based drug development via poster presentations at the 2026 PAGE Conference.
On June 3, Hong Kong stocks closed lower as heavyweight tech stocks retreated, but AI hardware and LLM concept stocks bucked the trend, with ZHIPU AI and MINIMAX-W both posting gains. The sector's capitalization process is rapidly accelerating: ZHIPU AI and MINIMAX-W are concurrently advancing their A-share STAR Market IPO plans, while Kuaishou's Kling AI is raising Pre-IPO funds at a USD 18 billion valuation, targeting a 2027 Hong Kong listing. Additionally, reports indicate that Tencent's WeChat AI agent prototype has been elevated to the company's highest strategic priority, marking a dual acceleration in LLM commercialization and capital deployment.
On June 2, Hong Kong tech stocks exploded, with the Hang Seng TECH Index surging 4.72% as the AI and LLM sectors led the broader market rally. TENCENT soared over 10% fueled by WeChat AI assistant rumors and share buybacks, while MEITUAN-W and BABA-W also posted strong gains. In industry news, NVIDIA's Jensen Huang declared the arrival of the "Agentic AI" era and the company's official entry into the PC chip market; MININGLAMP-W was included in the Stock Connect; and MINIMAX-W launched its 1M-context model MiniMax M3 with highly competitive subscription pricing, further intensifying the commercialization race in the LLM sector.
NewTimeSpace (newtimespace.com) News, On June 1, 2026, Mininglamp Technology-W (2718.HK) was officially included as an eligible trading asset under the "Stock Connect" program. This means that qualified institutional and retail investors from Mainland China can now directly trade its shares through the Stock Connect channel. Mininglamp Technology-W (2718.HK) as the "first Agentic AI stock on HKEX,"，Choice data shows that as a prominent large model concept stock, Mininglamp Technology-W (2718.HK) has delivered a powerful performance, with its share price surging over 40% since May.
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.
NewTimeSpace News: Innocare Pharma Limited (09969.HK) announced that the New Drug Application (NDA) for orelabrutinib, a Bruton’s Tyrosine Kinase (BTK) inhibitor, has been accepted by the Center for Drug Evaluation of the National Medical Products Administration (NMPA) for the treatment of immune thrombocytopenia (ITP). Currently, no BTK inhibitor has been approved for ITP treatment in China, and orelabrutinib is expected to become a preferred therapy in this field.
