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When Zhipu and Minimax surpass "traditional" tech stocks: Hang Seng Tech's new era, or just a new cycle of chips?
The first day of the Hong Kong stock market’s Year of the Horse in 2026 showed an extremely structured trend. Although the Hang Seng Tech Index fell 2.91% due to the drag of traditional internet heavyweight stocks, the “AI newcomers” sector, represented by Zhipu AI and MiniMax, surged against the trend. Their market caps both stabilized above 300 billion HKD, delivering a counterattack against the “old guards.” Is China’s technology sector about to undergo a generational change?
Behind the changes in market capitalization, is it ultimately a reflection of long-term business logic and value shifts, or just a short-term game of chips?