Key Takeaways
Hong Kong-listed artificial intelligence companies surged Tuesday after a top Chinese diplomat highlighted the country’s leadership in the sector, singling out Minimax-W as a key example of domestic innovation.
"China has become the world's largest holder of AI patents," Xie Feng, China's Ambassador to the US, said in remarks reported on May 13. He listed Minimax-W's (00100.HK) multimodal large model as a representative case of progress in the nation's AI industry.
The high-level endorsement sparked a stock rally. Minimax-W closed 18.46% higher at HKD818, with turnover swelling to HKD1.99 billion. The move pushed its market capitalization to over HKD256.5 billion. The buying enthusiasm spilled over to other AI-related names, with Knowledge Atlas (02513.HK) jumping 36.9% to close at HKD1,150, and big data firm Xunce (03317.HK) gaining 23.88% to HKD283.2.
The targeted official backing provides a significant tailwind for China's AI champions, potentially driving a new wave of investment into a sector grappling with fierce international competition. The rally stood in contrast to the broader market, where the Hang Seng Index gained just 0.2% to 26,467.50 and the Shanghai Composite lost 0.4%. The lukewarm performance in the wider indices came as traders weighed rising oil prices, with Brent crude climbing to $105.11 a barrel, and awaited cues from U.S. President Donald Trump's upcoming visit to China.
This article is for informational purposes only and does not constitute investment advice.
