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Hong Kong-listed Chinese technology stocks surged as optimism over artificial intelligence (AI) advancements from companies like DeepSeek and Alibaba (NYSE:BABA) overshadowed concerns about new U.S. tariffs.
DeepSeek’s newly released R1 model has gained massive traction, outperforming competitors like ChatGPT in both China and the U.S. Its superior performance and cost-effectiveness have fueled its rise to the top of free app download charts. Alibaba also introduced a new AI model, claiming it outperformed industry leaders. The success of these models, even on less advanced chips, drove semiconductor stocks higher.
Semiconductor Manufacturing International Corp (HK:0981) surged 8.1% to HK$45.30, while Meitu jumped 6%. Alibaba (HK:9988) climbed 3.5%, Tencent (HK:0700) added 3.1%, Kingsoft Cloud (HK:3896) gained 7.7%, and GDS Holdings (HK:9698) soared 21.2%. The broader Hang Seng index advanced over 3%, despite a new 10% tariff on Chinese imports announced by former President Donald Trump.
Analysts believe the market’s focus on domestic AI innovations and the sector’s long-term growth potential outweighed immediate trade concerns.
Meanwhile, Xiaomi Corp (HK:1810) climbed nearly 4% to HK$39.45 after Morgan Stanley (NYSE:MS) raised its price target from HK$35 to HK$45, citing strong electric vehicle (EV) and AI-driven growth. The firm expects Xiaomi’s AIoT division to drive further expansion in home appliances, tablets, and wearables through innovative new product launches.
The rally highlights investor confidence in Hong Kong’s AI and tech sectors, reinforcing expectations of sustained growth despite geopolitical uncertainties.
