Chinese AI stocks rally on demand optimism and policy support
China on Thursday unveiled a range of measures to boost AI adoption in consumer markets
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CHINESE artificial intelligence-related stocks jumped, with sentiment boosted by a more supportive policy tone from Beijing and ongoing global demand for the technology.
Shares of large language model developers Zhipu, formally known as Knowledge Atlas Technology, and MiniMax Group surged at least 23 per cent each in Hong Kong, bringing their year‑to‑date gains to about 2,000 per cent and 260 per cent, respectively.
Onshore-listed chipmakers Semiconductor Manufacturing International Corporation and Yuanjie Semiconductor Technology also rose.
China on Thursday (Jun 18) introduced a range of measures to expand AI adoption in consumer markets, promote the roll-out of next-generation AI devices and deepen integration in e-commerce, logistics and retail.
Meanwhile, the securities regulator pledged to ease listing requirements and encourage dual listings for AI firms, signalling a broader push to accelerate industry growth.
Chinese shares have also been tracking gains in US peers as investor enthusiasm for AI and broader technology themes remained elevated. Local markets were shut for a holiday on Friday.
“The market is using this news as an excuse to push prices higher. Investors are already all-in on tech and following US stocks,” said Xiang Xiaotian, director at Shanghai Chengzhou Investment Management. “Anything not tied to AI is basically still in a bear market.”
Positive review of Zhipu’s latest system in comparison to global performers also helped sentiment.
The rally in Chinese AI shares stands in contrast with an 18 per cent decline in the Hang Seng Tech Index, which remains dominated by traditional internet platforms. These companies have come under pressure amid intense competition and rising AI-related investment that have weighed on profitability.
Hong Kong-listed shares of Alibaba Group and Tencent are set for a fifth day of declines, partly reflecting muted 6.18 sales and weak consumption trends. BLOOMBERG
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