$KINGSOFT CLOUD(03896.HK) rose by over ten percent, with trading volume expanding to nearly three times the 20-day average; in five trading days, it moved from just above 5 yuan to 6.94 HKD; $MININGLAMP-W(02718.HK) reversed and fell six or seven percent. The unlock of shares representing 85.4% of total share capital on July 31 has just passed, and the stock price is still heading towards its lowest point since its IPO.
Both carry the banner of Hong Kong-listed Chinese AI stocks, yet one is surging with volume while the other is falling with volume. Did $KINGSOFT CLOUD(03896.HK) truly deliver on cloud and AI revenue contributions, or did the unlocked shares squeeze funds away from $MININGLAMP-W(02718.HK) elsewhere?
The latter seems more likely—$KINGSOFT CLOUD(03896.HK)'s rally lacks corresponding new contracts or guidance, but the volume is real, suggesting money is simply rotating within the sector.
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