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2026-02-20 11:50:20
[Hong Kong Stocks' First Trading Day of the Year of the Horse: AI Stocks Soar, Traditional Giants Cool Off] Following the Lunar New Year holiday, Hong Kong stocks opened for the first trading day of the Year of the Horse, with significant market rotation as investors flocked to pure artificial intelligence (AI) concept stocks while withdrawing from traditional internet giants. In the morning session, AI unicorns performed strongly: Zhipu (02513.HK) surged by as much as 25%, and MINIMAX-WP (00100.HK) also jumped by about 16%, before gains narrowed. Since their listing in Hong Kong in January, both AI concept stocks have seen their share prices rise more than fourfold. In stark contrast, traditional tech giants such as Alibaba (09988.HK) and Tencent Holdings (00700.HK) saw their share prices decline, despite both announcing strong holiday results. One analyst pointed out, "Funds are flowing into pure AI companies, while diversified platforms like Alibaba and Tencent are experiencing some profit-taking. The recent release of Chinese AI models has reignited market interest in leading companies in basic modeling."
