HS#TENCTRC2603F(69772.HK)

One year after DeepSeek, Chinese AI firms from Alibaba to Moonshot race to release new models

Chinese companies are rapidly launching new AI models to compete with U.S. rivals like OpenAI and Google. Notable releases include Moonshot AI's Kimi K2.5 and Alibaba's Qwen3-Max-Thinking, both claiming superior capabilities. The trend reflects a push for affordable, open-sourced technologies aimed at emerging markets. Tencent is promoting its AI chatbot with cash awards during the Lunar New Year, while Alibaba integrates its AI with e-commerce to boost user engagement. Overall, the focus is on user traffic rather than solely on model advancement.

Hong Kong stocks intraday | The semiconductor sector leads the gains, Hang Seng Index rises 1.04%, SMIC and HUA HONG SEMI significantly strengthen

Hong Kong stocks performed brightly during the session, with the Hang Seng Index reaching a new intraday high. The semiconductor sector led the gains strongly, with funds continuing to concentrate on growth and economic recovery. SMIC and Hua Hong Semiconductor rose by 2.42% and 4.82% respectively during the session. The internet and retail sectors showed a mixed performance, with Tencent Holdings and Kuaishou recently attracting investor attention. Fund enthusiasm is focused on the technology mainline and emerging growth stocks, with the macroeconomic backdrop characterized by moderate economic recovery and policy expectations. Concept stocks like CloudWalk and Naxinwei surged significantly during the session, driven by the explosive potential of frontier businesses, leading to active market sentiment

On its HK debut today, $BUSYMING(01768.HK) surged over 88%. The deal was ~1,900x oversubscribed, with Tencent and Temasek among the cornerstone backers, igniting the market for the first bulk-snack retailer. It, too, is a middleman capturing the spread between suppliers and franchisees, so why does it lead the pack and command such investor interest? Dolphin Research previously argued the edge comes from taking 'low price' and 'efficiency' to the extreme while precisely targeting a whitespace.First, it cut out the long chain of intermediaries. Traditional snacks pass through multiple layers of distributors and sub-distributors, each adding markups that bloat end prices. By sourcing directly from major upstream brands via large-scale centralized procurement, it secures very low purchase costs and sells to franchisees at prices 20%–30% below traditional channels, effectively passing middleman margins to consumers and franchisees to outcompete other brokers.Second, its operating efficiency is hard for peers to match. While other retail formats turn inventory over in several dozen days, this model runs at just 11 days, speeding cash and goods flow, reducing near-expiry risk, and adapting quickly to trending snacks. Powered by digital systems and AI-driven replenishment that calculates what to restock and when, it saves time and cost from sourcing through delivery, far outperforming traditional middlemen.Lastly, it nailed the whitespace in lower-tier markets. Consumers in tier-3/4 cities and towns are most price-sensitive, yet efficient snack retail channels were lacking. By opening near residential communities and putting affordable snacks within 300 meters, it filled the demand gap. Franchise-led expansion has been rapid, with store count rising from under 2,000 to 20,000 in two years. Greater scale strengthens bargaining power with suppliers, driving lower purchase prices and reinforcing a flywheel of 'low price → more stores → lower purchase price → even lower price'. Over time, this has left peers behind and cemented its No.1 position.

The Nasdaq Golden Dragon China Index preliminarily rose by 0.5%. Among popular Chinese concept stocks, Huya rose by 19.9%, Kingsoft Cloud rose by 8.4%, Century Internet rose by 4.1%, YUM China rose by 3.2%, Tencent and Baidu rose by over 1%, and Alibaba rose by 0.7%. In terms of ETFs, CQQQ rose by 1.2%, and KWEB rose by 0.3%

The public offering of "New Stock" Mingming is oversubscribed by 1,898.49 times, with a one-hand winning rate of 3%

MingMing is busy announcing the IPO results, with the Hong Kong public offering oversubscribed by 1,898.49 times, and a 3% chance of winning one lot. The international offering recorded a subscription rate of 44.44 times, with a final offer price of HKD 236.6, raising a net amount of HKD 3.528 billion. Shares are expected to be listed on Wednesday (28th), with the public offering accounting for 10%. Tencent, Singapore's Temasek, and 8 cornerstone investors collectively subscribed for 6.4236 million shares, accounting for 41.41% of the total offering