Hong Kong tech stocks diverge: "AI rising stars" are sought after, while "monetization concerns" drag down internet giants

```

After the Hong Kong stock market reopened following the Lunar New Year holiday, tech stocks showed a differentiated trend. Generative AI startups surged, while traditional internet giants pulled back, with capital preference shifting from "comprehensive platforms" to more pure AI targets.

The dazzling performance of Chinese humanoid robots at the Spring Festival Gala ignited the enthusiasm of investors in the Hong Kong stock market. In the robotics sector, UBTECH rose as much as 13% in Hong Kong on Friday, while Rokae surged nearly 23%, marking the largest intraday gains since April.

As of the time of writing, AI large model companies Zhipu and MiniMax have risen by 31% and 13% respectively in Hong Kong, continuing their strong performance since their listing in January, with both stocks up more than fourfold overall.

In contrast, despite impressive business data during the holiday, Alibaba and Tencent shares still fell by as much as 1.83% and 0.29% respectively. While investors took profits, the market more focusedly assessed the strength and pace of large tech firms’ AI investments and returns.

Pepperstone Group Ltd. research strategist Dilin Wu pointed out that investors are scrutinizing more rigorously the speed of AI projects’ substantive contribution to profits, and with regulatory attention on platform promotional competition, short-term valuations are under pressure.

Accelerated rotation of capital, “pure AI” targets lead gains

Chinese AI companies accelerated the launch of updated models and new features before and after the holiday. The holiday itself was a window period for users to try new applications and digital services, further amplifying market focus on the AI theme. The dazzling humanoid robot performance at the Spring Festival Gala ignited investor enthusiasm in the Hong Kong stock market.

At the same time, competitive factors are speeding up the pace. Bloomberg mentioned that several companies hope to iterate their products before DeepSeek’s next major release, and this expectation strengthens investors’ risk preference for the foundational model track and drives capital to concentrate more on “pure AI” companies.

Investment banks bullish on MiniMax, target price and revenue forecasts expand imagination

Wall Street institutions are also providing support for MiniMax's market trend. Morgan Stanley, Jefferies, and UBS have completed coverage of MiniMax, all with ratings equivalent to “Buy”.

Among them, UBS gave a target price of HKD 1000. Morgan Stanley expects MiniMax’s revenue to reach about USD 700 million by 2027, implying up to tenfold growth potential in the next two years.

Internet giants pull back, investments and returns re-priced

Alibaba and Tencent’s operational data disclosed during the holiday were not weak, but market focus shifted to "investment and return". Alibaba’s AI app Qianwen processed 130 million orders during the Lunar New Year activities, and Tencent’s Yuanbao app had over 50 million daily active users.

However, investors are weighing whether this hype can translate into visible profit contributions, as well as the costs incurred to win users. Bloomberg estimates that Alibaba and Meituan may have offered about USD 870 million in consumer incentives during the holiday period to compete for participation, and Tencent plans to invest about USD 145 million.

According to Alibaba's official announcement, its Qianwen app launched a "Spring Festival Treat Plan," announcing an investment of about RMB 3 billion to provide consumers with incentives for eating, drinking, entertainment, cash red envelopes, and free orders during the holiday.

Dilin Wu said, Traditional giants such as Baidu, Alibaba, and Tencent are under pressure because the growth rates of their core businesses—advertising, e-commerce, and gaming—are below market pricing, and when AI can make a “meaningful” contribution to profits has become the new valuation constraint.

Regulatory focus on promotions and “involution-style” competition, platform strategic space squeezed

Regulatory signals further increased pressure on platform companies. According to CCTV News, the State Administration for Market Regulation interviewed major online platform companies on February 13, requiring the suppression of promotional practices and elimination of “involution-style” competition, with Alibaba, Baidu, Tencent, JD.com, and others all among those interviewed.

Against the backdrop of platform companies increasing their subsidies and AI investments, this event raised market sensitivity towards promotional intensity, cost ratios, and profitability sustainability, exacerbating the valuation gap between the “AI rookies” and internet giants.

Risk Disclaimer and Exemption ClauseThe market has risks, and investment needs caution. This article does not constitute personal investment advice and does not take into account individual users' special investment goals, financial situations, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their particular circumstances. Investing based on this, you are responsible for the consequences. ```