---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/43153802.md"
description: "ST/HK/100 rose by seven points, while ST/HK/2513 fell by nearly five points; the two Hong Kong-listed large model companies have taken completely opposite directions.The divergence lies in open-source strategies. After ST/HK/100 open-sourced H3, Citigroup's assessment highlighted significant cost advantages and maintained a 'Buy' rating. At the same time window, Alibaba launched its new model, causing the market to immediately reinterpret ST/HK/2513 as facing intensified competition and pressure on market share.In the same model iteration cycle, the open-source player secured a premium, while the closed-source one faced a discount. Can the ecosystem and reputation gained from open sourcing truly offset the cost of abandoning licensing revenue? Or is the market simply voting on 'who has the lower inference cost'? 🤔"
datetime: "2026-08-03T10:46:28.000Z"
locales:
  - [en](https://longbridge.com/en/topics/43153802.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/43153802.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/43153802.md)
author: "[Alora](https://longbridge.com/en/profiles/28171282.md)"
generator: "portal-rs"
---

# ST/HK/100 rose by seven points, while ST/HK/2513 f…


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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**