Tencent cuts Kuaishou stake via block trade; Meituan open-sources 1T-param LLM LongCat-2.0 | Daily News Recap

0707 ｜Dolphin Key Watch:

🐬 Macro/Industry

1. Global semis saw a broad selloff recently (HK/A-shares edged higher today), while MU and peers were still down pre-mkt in the U.S. Massive capacity expansion plans by leading memory makers have stoked concerns about future overcapacity, and Morgan Stanley flagged that chip rally momentum may be peaking with rotation into cloud names. Coupled with Meta renting idle compute, hardware demand expectations softened and profit-taking accelerated. Near term this weighs on memory and advanced equipment sentiment, but the long-term AI compute shortage thesis remains intact; the pullback improves risk-reward, favoring leaders with moats and sticky customers.

🐬 Stocks

1.$Z.AI(02513.HK)

Zhipu clarified in an HK filing that online rumors about withdrawing its A-share IPO counseling record are false and malicious. Its A-share issuance plan was approved at the Jun 22 shareholders' meeting, and CSRC disclosures show counseling work is complete, with RMB 15bn to fund foundation models and MaaS; the firm also rolled out the ZCode coding agent. The clarification removes listing timeline uncertainty and stabilizes intraday volatility, while the A-share listings of the domestic 'six little dragons' in LLMs are on track and should broaden financing channels over time, aiding valuation repair across the local general AI chain. Note the first unlock of 25.68 mn shares (5.76%) on Jul 8 could create short-term selling pressure, partly cushioned by a high share of state-backed cornerstone investors.

2.$MEITUAN(03690.HK)

Meituan open-sourced the 1.6-trillion-parameter LongCat-2.0, the first trillion-scale model trained with 50k domestic GPUs. Moore Threads completed Day 0 adaptation and enabled stable inference deployment on its MTT S5000 GPU. Open-sourcing lowers the AI R&D barrier for local enterprises, while Moore Threads' adaptation validates a 'domestic model + domestic GPU' full-stack ecosystem. This reduces reliance on overseas compute.

3.$NIO Inc(NIO.US)

Nio announced the five-seat ES8 launch event for Jul 9 at 19:30, with presales starting late Jun. Built on the NT3.0 platform, it features a 900V high-voltage architecture and standard smart driving, dropping the third row to expand second-row and cargo space, filling the ~RMB 400k premium EV five-seat gap. The current six/seven-seat ES8 leads the premium large SUV segment, and the five-seat variant expands the lineup to hedge industry price wars. It could lift H2 deliveries, with pricing and order intake debated ahead of the event, a near-term sentiment catalyst for HK high-end NEV OEMs.

4.$KUAISHOU-W(01024.HK)

Kuaishou disclosed that Tencent trimmed 273 mn Class B shares via an off-mkt block trade, cutting its stake from 15.68% to 9.37% and exiting the major shareholder list; proceeds totaled ~HK$12bn. Both parties said strategic business cooperation remains unaffected. The move reflects Tencent's portfolio rebalancing, with capital redirected to its Hunyuan LLM, compute, and AI startups. Near term, it may trigger a sharp drop in Kuaishou's share price amid overhang worries on remaining shares and weaker equity support; longer term Tencent will focus resources on its own Video Accounts and core AI, while Kuaishou needs KeLing AI and e-commerce profitability to drive a re-rating, keeping HK internet sentiment under pressure near term.

🐬 Top Gainers by Sector

A-shares: Security & alarm services, industrial gases, semiconductor materials & equipment.

HK: Diversified financials, system software, professional consumer services.

U.S.: Auto manufacturers, tires & rubber, heavy electrical equipment.

🐬 Watchlist for Tomorrow

1.None.

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