AI企业四条“战线”齐头并进 港股硬科技融资高地辨识度飙升

Core Viewpoint - The Hong Kong stock market is transforming into a key hub for Chinese AI companies, with a surge in listings from both hardware and software sectors, amidst the ongoing US-China tech rivalry [1][6]. Group 1: AI Hardware Sector - Hong Kong has seen significant activity in the AI hardware sector, with companies like Biren Technology and Tensynse Semiconductor going public, filling the gap in the GPU market [1][2]. - Biren Technology, known as the "first GPU stock in Hong Kong," focuses on high-end general-purpose GPUs and large-scale data center computing platforms [2]. - Tensynse Semiconductor is the first domestic company to achieve mass production of general-purpose GPUs, having delivered over 52,000 units by mid-2025 [2][3]. - Semiconductor manufacturing leader SMIC has become the third-largest foundry globally, with a 5% market share as of Q3 2025 [2]. Group 2: AI Software Sector - The AI software sector is also thriving, with companies like Zhipu AI and MiniMax making headlines. Zhipu AI has become one of the largest independent large model vendors in China, reporting revenue of 190 million yuan in the first half of 2025 [3]. - MiniMax, known as the "first global large model stock," saw its stock price surge by 109% on its debut, with a market capitalization exceeding 100 billion HKD [3]. - Established companies like Meitu are leveraging their AI technology to enhance their product offerings, creating a comprehensive AI application matrix [3]. Group 3: AI Hardware Applications - The AI hardware sector includes applications in smartphones, automobiles, and robotics, which are crucial for the widespread adoption of AI technologies [4]. - The penetration rate of AI smartphones is expected to reach 34% by 2025, with companies like Xiaomi and ZTE leading the market [4]. - In the automotive sector, companies like BYD and Xiaomi are positioned to benefit from the rapid advancement of autonomous driving technologies [4]. - Over 30 robotics companies have applied to list in Hong Kong since December 2024, indicating a trend of robotics firms seeking public funding [4]. Group 4: Internet Giants - Major internet companies such as Alibaba, Tencent, and Baidu are intensifying their AI investments, contributing to the overall growth of the AI sector in Hong Kong [5]. - Kuaishou's self-developed video generation model has achieved significant revenue milestones, showcasing the potential of internet giants in the AI landscape [5]. Group 5: Strategic Positioning of Hong Kong - Hong Kong is emerging as a strategic "buffer zone" for Chinese tech companies, providing a platform for international capital access amidst the US-China tech competition [6][7]. - The presence of Middle Eastern sovereign wealth funds among cornerstone investors in AI companies indicates a shift in capital sources, forming a new "non-US capital alliance" [6]. - The Hong Kong Stock Exchange's listing rules have become more accommodating for unprofitable tech companies, facilitating critical funding avenues for AI firms [7]. Group 6: Future Outlook - The influx of AI companies is expected to elevate Hong Kong's status as a "hard tech financing hub," with projections indicating that new stock fundraising could exceed 280 billion HKD in 2025 [8]. - The AI sector is anticipated to account for over 20% of the Hong Kong stock market within three years, potentially reshaping the traditional valuation framework [8]. - However, many AI companies may not achieve commercialization until 2026 or 2027, which could lead to valuation corrections if revenue growth falls short of expectations [8][9].