HK AI LLM stocks rebound sharply, Zhipu +14%, MINIMAX-W +9%
On August 7 the Hang Seng Tech Index rose 0.78% as AI LLM stocks rallied, with Zhipu up more than 14% and MINIMAX-W up more than 9%.
On August 7 Hong Kong close, the Hang Seng Index rose 0.54% and the Hang Seng Tech Index rose 0.78%. The biotech sector rallied broadly while AI LLM stocks lifted in tandem. Zhipu (02513.HK) gained more than 14% and MINIMAX-W (00100.HK) gained more than 9%, marking a sharp simultaneous rebound for the two leading listed Chinese LLM companies.
The rally was triggered by DeepSeek's pricing announcement. On August 6 DeepSeek announced plans to raise API service pricing across the board in the near term, with a substantial increase. The market read the move as a sign of accelerating commercialization in China's LLM sector, shifting the competitive frame from low-price market grabbing toward ability, scenarios, cost, and monetization efficiency.
Zhipu had earlier raised GLM Coding Plan pricing by more than 30% and removed first-purchase discounts, with orders snapped up. A recent Goldman Sachs research note raised the 2026 combined China LLM ARR forecast from $10 billion to $13 billion, with Zhipu's full-year ARR forecast raised significantly. Since formal inclusion in the Stock Connect on August 6, MINIMAX-W has gained more than 30% across two trading sessions.
Market analysis argues the price-hike-as-catalyst logic holds, with top vendors essentially proving the irreplaceability of their products by raising prices. In the short term, the key variable for valuation repair in Chinese LLMs is the balance between capability verification and monetization execution.