Shares of large language model (LLM) developers Zhipu, formally known as Knowledge Atlas Technology, and MiniMax Group surged at least 23% each in Hong Kong, bringing their year‑to‑date gains to about 2,000% and 260%, respectively. Onshore listed chipmakers Semiconductor Manufacturing International and Yuanjie Semiconductor Technology also rose.
China, on Thursday, June 18, introduced a range of measures to expand AI adoption in consumer markets, promote the rollout of next-generation AI devices and deepen integration in e-commerce, logistics and retail. Meanwhile, the securities regulator pledged to ease listing requirements and encourage dual listings for AI firms, signalling a broader push to accelerate industry growth.
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Chinese shares have also been tracking gains in US peers as investor enthusiasm for AI and broader technology themes remained elevated. Local markets were shut for a holiday on Friday, June 19.
“The market is using this news as an excuse to push prices higher. Investors are already all-in on tech and following US stocks,” Xiang Xiaotian, director at Shanghai Chengzhou Investment Management, told Bloomberg. “Anything not tied to AI is basically still in a bear market.”
Positive reviews of Zhipu’s latest system in comparison to global performers also helped sentiment.
The rally in Chinese AI shares stands in contrast with an 18% decline in the Hang Seng Tech Index, which remains dominated by traditional internet platforms. These companies have come under pressure amid intense competition and rising AI-related investment, which has weighed on profitability.
Hong Kong-listed shares of Alibaba Group Holding and Tencent Holdings are set for a fifth day of declines, partly reflecting muted 6.18 sales and weak consumption trends.
