Jin Rong Jie·2026-02-20 10:51Core Insights - The Hong Kong stock market saw significant gains for AI companies Zhiyuan and MiniMax, with both surpassing a market capitalization of 300 billion HKD, indicating a rise of new tech leaders in the market [1][3] - On the first trading day of the Lunar New Year, while the Hang Seng Tech Index fell nearly 3%, Zhiyuan and MiniMax stood out with substantial price increases, with Zhiyuan's stock price reaching a peak of 739 HKD per share, marking a rise of over 45% [1] - MiniMax also performed well, closing at 970 HKD per share, reflecting a gain of over 14% on the same day, and a total increase of 487.88% since its listing on January 9 [3] Company Performance - Zhiyuan's market capitalization increased by over 96.7 billion HKD in one day, reaching 323.24 billion HKD, with a total increase of over 256% since February 9 [1] - MiniMax's market capitalization reached 304.23 billion HKD, with a significant rise since its IPO [3] Market Dynamics - The market landscape for tech stocks in Hong Kong has shifted, with Zhiyuan and MiniMax surpassing the market capitalizations of major companies like Ctrip, Kuaishou, and JD, and approaching the valuation of Baidu at 350 billion HKD [5] - The performance of these AI companies is seen as a reflection of the growing interest and investment in AI technologies, particularly in light of recent developments in the industry [10] Industry Trends - The rapid iteration of large models is leading to a restructuring of the internet value chain, shifting focus from traditional traffic scale to behavior execution and result-based business models [10] - The AI application sector is experiencing simultaneous technological breakthroughs and intensified commercialization, supported by national strategies promoting AI development [10] Future Outlook - Despite the strong performance of Zhiyuan and MiniMax, concerns remain regarding the overall tech sector in Hong Kong, with analysts predicting continued weakness in the market due to investor apprehension about major companies like Alibaba and Baidu [11]