Models & Applications
This theme owns the Hong Kong-listed companies that build and sell artificial intelligence itself — the model makers and the software running on top of them, rather than the hardware underneath. It spans three layers. Foundation models: Z.AI and MiniMax, both listed in January 2026, earn essentially all their revenue from large models sold as API access, on-premise deployment and agents. Enterprise and vision AI: SenseTime and Unisound sell inference capacity and industry-specific platforms. Monetisation: Baidu and Kingsoft Cloud convert GPU capacity into cloud revenue, the layer where Chinese AI spending actually shows up as sales. Alibaba, Tencent and Baidu anchor the theme with scale and liquidity, though AI is a small share of their revenue. What drives it: enterprise adoption of Chinese models, GPU cloud demand and domestic-substitution policy. The main risk is that most pure plays are loss-making, newly listed and face lockup expiries.Hiệu suất 24h
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