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Has the rebound opportunity arrived? Hong Kong stocks welcome a strong start in May
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Surging nearly 700%! The domestic AI industry chain is unstoppable, and these Hong Kong stock concept stocks are worth tracking

In the Hong Kong stock market in 2026, the domestic AI industry chain has demonstrated strong explosive power, with domestic large model companies being the most eye-catching.
Zhipu surged by up to 699.05%, outperforming the broader market, while MiniMax recorded a rise of nearly 400%. Meanwhile, computing power and infrastructure stocks such as Xichuang Technology and Tianshu Zhixin also experienced rapid growth.
Looking at the list of the top 10 gainers in the Hong Kong AI sector from the beginning of the year to now,Capital deployment fully covers the three core aspects of the AI industry chain: the model layer, the computing chip layer, and the hardware infrastructure layer.
In the Hong Kong stock market in 2026, the domestic AI industry chain has demonstrated strong explosive power, with domestic large model companies being the most eye-catching. Zhipu surged by up to 699.05%, outperforming the broader market, while MiniMax recorded a rise of nearly 400%. Meanwhile, computing power and infrastructure stocks such as Xichuang Technology and Tianshu Zhixin also experienced rapid growth. Looking at the list of the top 10 gainers in the Hong Kong AI sector from the beginning of the year to now,Capital deployment fully covers the three core aspects of the AI industry chain: the model layer, the computing chip layer, and the hardware infrastructure layer. 1. Large Model - The Core Brain The large model sector has officially entered the performance realization phase. $KNOWLEDGE ATLAS (02513.HK)$ As the first Chinese AGI underlying model stock, it has established its strong capability as a domestic replacement under stringent data security requirements by securing large-scale procurement orders from government and enterprise levels.Recording an increase of nearly 700%。$MINIMAX-W (00100.HK)$ As the leader in full-modal models, its rapid growth in API revenue by the end of 2025 verifies its dual monetization capability in both B2B and B2C sectors,Surging nearly 400% year-to-date； Since the beginning of this year, the Hang Seng Tech Index has faced pressure overall (down nearly 10% year-to-date), but $KNOWLEDGE ATLAS (02513.HK)$ And, $MINIMAX-W (00100.HK)$ Yet it has become the best-performing new stock against the market trend. Currently, the two companies have not been included due to their short listing time...
1. Large Model - The Core Brain
The large model sector has officially entered the performance realization phase. $KNOWLEDGE ATLAS (02513.HK)$ As the first Chinese AGI underlying model stock, it has established its strong capability as a domestic replacement under stringent data security requirements by securing large-scale procurement orders from government and enterprise levels.Recording an increase of nearly 700%。$MINIMAX-W (00100.HK)$ As the leader in full-modal models, its rapid growth in API revenue by the end of 2025 verifies its dual monetization capability in both B2B and B2C sectors,Surging nearly 400% year-to-date；
In the Hong Kong stock market in 2026, the domestic AI industry chain has demonstrated strong explosive power, with domestic large model companies being the most eye-catching. Zhipu surged by up to 699.05%, outperforming the broader market, while MiniMax recorded a rise of nearly 400%. Meanwhile, computing power and infrastructure stocks such as Xichuang Technology and Tianshu Zhixin also experienced rapid growth. Looking at the list of the top 10 gainers in the Hong Kong AI sector from the beginning of the year to now,Capital deployment fully covers the three core aspects of the AI industry chain: the model layer, the computing chip layer, and the hardware infrastructure layer. 1. Large Model - The Core Brain The large model sector has officially entered the performance realization phase. $KNOWLEDGE ATLAS (02513.HK)$ As the first Chinese AGI underlying model stock, it has established its strong capability as a domestic replacement under stringent data security requirements by securing large-scale procurement orders from government and enterprise levels.Recording an increase of nearly 700%。$MINIMAX-W (00100.HK)$ As the leader in full-modal models, its rapid growth in API revenue by the end of 2025 verifies its dual monetization capability in both B2B and B2C sectors,Surging nearly 400% year-to-date； Since the beginning of this year, the Hang Seng Tech Index has faced pressure overall (down nearly 10% year-to-date), but $KNOWLEDGE ATLAS (02513.HK)$ And, $MINIMAX-W (00100.HK)$ Yet it has become the best-performing new stock against the market trend. Currently, the two companies have not been included due to their short listing time...
Since the beginning of this year, the Hang Seng Tech Index has faced pressure overall (down nearly 10% year-to-date), but $KNOWLEDGE ATLAS (02513.HK)$ And, $MINIMAX-W (00100.HK)$ it has emerged as the best-performing new stock against market trends. Both companies have not yet been included in the tech index due to their short listing period.However, the market generally expects them to successfully pass the inclusion review on June 8, 2026, officially becoming part of the Hang Seng Tech Index, with an estimated combined weighting of approximately 5% to 7%.This will become the most important institutional liquidity catalyst for the sector within the year:
– Passive allocation funds entering the market: Inclusion in the index means that global ETFs tracking the Hang Seng Tech Index will automatically rebalance according to the latest constituents and weightings. Data shows that the scale of ETFs and passive products currently tracking this index is about $25 billion. Based on the estimated weighting of 5% to 7%, after the index adjustment takes effect, Zhipu and MiniMax are expected to attract approximately $1.25 billion to $1.75 billion in passive capital inflows, providing a strong liquidity cushion for the AI sector.
– Southbound capital 'relay': Following inclusion in the Hong Kong Stock Connect, mainland public funds and individual investors will gain direct access to top domestic large-scale AI model assets. According to institutional estimates, the two stocks could attract approximately HKD 37 billion of southbound capital under a base scenario, and potentially close to HKD 88 billion under an optimistic scenario. This marks the official crossing of the dual thresholds of 'liquidity' and 'market capitalization' for domestic AI core assets.
II. Industry Chain Resonance: Outbreak of Domestic Computing Power and Hardware Infrastructure
The upward movement of the AI sector is no longer driven by a single factor but rather by comprehensive resonance across the entire upstream and downstream of the industry chain. The structure of capital flows within the sector shows the following clear patterns:
1. AI Computing Power Chip Layer (Core Hardware)
The computing power and infrastructure segments represent areas of high earnings certainty and concentrated profit contribution within the entire industry chain.
– $ILUVATAR COREX (09903.HK)$： A domestic general-purpose GPU developer whose chips are mainly used for AI training and inference. As the leading domestic general-purpose GPU company, driven by expectations of large-scale deliveries,This stock has surged 295.23% year-to-date,reflecting that domestic computing power chips now have the capability for scaled commercial deployment.
– $XIZHI TECH-P (01879.HK)$ ： A pioneer focused on photonic computing, dedicated to using photonic chips as a replacement for traditional silicon-based chips to address the high energy consumption and low-speed bottlenecks of AI computing power, with strong technological breakthrough potential, soaring cumulatively this year 384.99%。
In the Hong Kong stock market in 2026, the domestic AI industry chain has demonstrated strong explosive power, with domestic large model companies being the most eye-catching. Zhipu surged by up to 699.05%, outperforming the broader market, while MiniMax recorded a rise of nearly 400%. Meanwhile, computing power and infrastructure stocks such as Xichuang Technology and Tianshu Zhixin also experienced rapid growth. Looking at the list of the top 10 gainers in the Hong Kong AI sector from the beginning of the year to now,Capital deployment fully covers the three core aspects of the AI industry chain: the model layer, the computing chip layer, and the hardware infrastructure layer. 1. Large Model - The Core Brain The large model sector has officially entered the performance realization phase. $KNOWLEDGE ATLAS (02513.HK)$ As the first Chinese AGI underlying model stock, it has established its strong capability as a domestic replacement under stringent data security requirements by securing large-scale procurement orders from government and enterprise levels.Recording an increase of nearly 700%。$MINIMAX-W (00100.HK)$ As the leader in full-modal models, its rapid growth in API revenue by the end of 2025 verifies its dual monetization capability in both B2B and B2C sectors,Surging nearly 400% year-to-date； Since the beginning of this year, the Hang Seng Tech Index has faced pressure overall (down nearly 10% year-to-date), but $KNOWLEDGE ATLAS (02513.HK)$ And, $MINIMAX-W (00100.HK)$ Yet it has become the best-performing new stock against the market trend. Currently, the two companies have not been included due to their short listing time...
2. AI Hardware Infrastructure Layer (Foundation and Support)
Although hardware infrastructure companies do not directly develop AI models, they provide essential data transmission and physical carriers for AI operations.
Storage and Interfaces (Data Flow)
 - $MONTAGE TECH (06809.HK)$： The leading company in AI server interconnection chips, focusing on memory interface chips (MRDIMM/CXL), addresses the 'memory wall' issue in computing clusters. Driven by a surge in demand for AI server components, its Q1 net profit surged over 61%, with significant gains throughout the year. 200.87%。
- $GIGADEVICE (03986.HK)$： The leader in NOR Flash and MCU, providing necessary storage support for AI endpoint devices and servers, with cumulative gains reaching 231.07%。
In the Hong Kong stock market in 2026, the domestic AI industry chain has demonstrated strong explosive power, with domestic large model companies being the most eye-catching. Zhipu surged by up to 699.05%, outperforming the broader market, while MiniMax recorded a rise of nearly 400%. Meanwhile, computing power and infrastructure stocks such as Xichuang Technology and Tianshu Zhixin also experienced rapid growth. Looking at the list of the top 10 gainers in the Hong Kong AI sector from the beginning of the year to now,Capital deployment fully covers the three core aspects of the AI industry chain: the model layer, the computing chip layer, and the hardware infrastructure layer. 1. Large Model - The Core Brain The large model sector has officially entered the performance realization phase. $KNOWLEDGE ATLAS (02513.HK)$ As the first Chinese AGI underlying model stock, it has established its strong capability as a domestic replacement under stringent data security requirements by securing large-scale procurement orders from government and enterprise levels.Recording an increase of nearly 700%。$MINIMAX-W (00100.HK)$ As the leader in full-modal models, its rapid growth in API revenue by the end of 2025 verifies its dual monetization capability in both B2B and B2C sectors,Surging nearly 400% year-to-date； Since the beginning of this year, the Hang Seng Tech Index has faced pressure overall (down nearly 10% year-to-date), but $KNOWLEDGE ATLAS (02513.HK)$ And, $MINIMAX-W (00100.HK)$ Yet it has become the best-performing new stock against the market trend. Currently, the two companies have not been included due to their short listing time...
PCB and Substrates (Physical Architecture)
- $DELTON (01989.HK)$： A leading enterprise in high-layer printed circuit boards (PCBs), its products are widely used in NVIDIA and domestic AI servers, recording 198.83% a considerable increase during the year.
- $KB LAMINATES (01888.HK)$： Due to its leading position in copper-clad laminates (CCL) with full industry chain (vertical integration), it is considered a scarce target in the market amidst the explosion of AI computing power demands causing a shortage of high-end CCL materials,with a cumulative increase of 189.31% within the year.
In the Hong Kong stock market in 2026, the domestic AI industry chain has demonstrated strong explosive power, with domestic large model companies being the most eye-catching. Zhipu surged by up to 699.05%, outperforming the broader market, while MiniMax recorded a rise of nearly 400%. Meanwhile, computing power and infrastructure stocks such as Xichuang Technology and Tianshu Zhixin also experienced rapid growth. Looking at the list of the top 10 gainers in the Hong Kong AI sector from the beginning of the year to now,Capital deployment fully covers the three core aspects of the AI industry chain: the model layer, the computing chip layer, and the hardware infrastructure layer. 1. Large Model - The Core Brain The large model sector has officially entered the performance realization phase. $KNOWLEDGE ATLAS (02513.HK)$ As the first Chinese AGI underlying model stock, it has established its strong capability as a domestic replacement under stringent data security requirements by securing large-scale procurement orders from government and enterprise levels.Recording an increase of nearly 700%。$MINIMAX-W (00100.HK)$ As the leader in full-modal models, its rapid growth in API revenue by the end of 2025 verifies its dual monetization capability in both B2B and B2C sectors,Surging nearly 400% year-to-date； Since the beginning of this year, the Hang Seng Tech Index has faced pressure overall (down nearly 10% year-to-date), but $KNOWLEDGE ATLAS (02513.HK)$ And, $MINIMAX-W (00100.HK)$ Yet it has become the best-performing new stock against the market trend. Currently, the two companies have not been included due to their short listing time...
Electric power infrastructure and optical communication infrastructure
- $YOFC (06869.HK)$： As a core enterprise in AI-powered electric infrastructure and optical communication infrastructure, it steadily supports the high-speed transmission of data. Against the backdrop of accelerated construction of computing power centers, the stock has achieved a strong increase this year of 318.96% a robust rise.
- $HUA HONG SEMI (01347.HK)$： A wafer foundry responsible for manufacturing mature process chips such as power devices and sensors used in AI-related components has steadily risen this year by 75.10%。
In the Hong Kong stock market in 2026, the domestic AI industry chain has demonstrated strong explosive power, with domestic large model companies being the most eye-catching. Zhipu surged by up to 699.05%, outperforming the broader market, while MiniMax recorded a rise of nearly 400%. Meanwhile, computing power and infrastructure stocks such as Xichuang Technology and Tianshu Zhixin also experienced rapid growth. Looking at the list of the top 10 gainers in the Hong Kong AI sector from the beginning of the year to now,Capital deployment fully covers the three core aspects of the AI industry chain: the model layer, the computing chip layer, and the hardware infrastructure layer. 1. Large Model - The Core Brain The large model sector has officially entered the performance realization phase. $KNOWLEDGE ATLAS (02513.HK)$ As the first Chinese AGI underlying model stock, it has established its strong capability as a domestic replacement under stringent data security requirements by securing large-scale procurement orders from government and enterprise levels.Recording an increase of nearly 700%。$MINIMAX-W (00100.HK)$ As the leader in full-modal models, its rapid growth in API revenue by the end of 2025 verifies its dual monetization capability in both B2B and B2C sectors,Surging nearly 400% year-to-date； Since the beginning of this year, the Hang Seng Tech Index has faced pressure overall (down nearly 10% year-to-date), but $KNOWLEDGE ATLAS (02513.HK)$ And, $MINIMAX-W (00100.HK)$ Yet it has become the best-performing new stock against the market trend. Currently, the two companies have not been included due to their short listing time...
In the context of a still challenging macro environment, capital is flowing heavily into China's domestic AI industry chain, reflecting a pursuit of 'highly predictable industrial trends.' Compared to the high valuations of U.S. AI tech giants, the current pricing of domestic AI assets offers better value; additionally, the 'full industrial chain autonomy' narrative also grants the sector a higher valuation premium. However, in the short term, investors should closely monitor the following risks:
– Liquidity shock during the lock-up expiration period: In July, approximately 5.83% of Zhipu's cornerstone investors' shares and nearly 50% of MiniMax’s shares will be unlocked. The sharp increase in free float may pressure the current scarcity premium.
– Profit-taking after positive catalysts and capital positioning games: Based on historical index adjustment patterns, active funds that took early positions often choose to cash out profits before or after passive funds officially buy in. Caution is needed against pullbacks triggered by 'positive news realization' leading to short-term sentiment peaks.
Conclusion:
AI is reshaping the pricing logic of Hong Kong's technology sector. As top domestic large-model stocks are included in indices and accessible via Stock Connect, Hong Kong is gradually becoming a core hub for global capital allocation in China’s AI industry chain. The ongoing upward trend reflects the beginning of domestic AI industries transitioning from technological breakthroughs to capital market revaluation.
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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