Hang Seng TECH surged over 3%, Meituan rose over 5%, while the "dual giants of large models" KNOWLEDGE ATLAS and MINIMAX showed significant pullbacks

Wallstreetcn
2026.02.23 01:21

In terms of sectors, leading technology stocks, semiconductors, non-ferrous metals, and new energy vehicle stocks performed well, with Zijin Mining, Meituan, and SMIC rising over 5%; large model concept stocks retreated, with KNOWLEDGE ATLAS falling nearly 23% and MINIMAX dropping over 13%

On February 23, the Hang Seng Index and the Hang Seng TECH Index experienced strong fluctuations throughout the day, with the Hang Seng Index closing up 2.53% and the Hang Seng TECH Index closing up 3.34%.

In terms of sectors, leading technology stocks, semiconductors, non-ferrous metals, and new energy vehicle stocks performed well, with Zijin Mining, Meituan, and SMIC rising over 5%; large model concept stocks fell back, with KNOWLEDGE ATLAS down nearly 23% and MINIMAX down over 13%.

Among the constituent stocks of the Hang Seng Index, Zijin Mining, Meituan, and SMIC rose over 5%, while Shenzhou International and BYD rose over 4%, and Li Ning, Li Auto, JD.com, and Alibaba rose over 3%.

Among the constituent stocks of the Hang Seng TECH Index, Nio, Meituan, and SMIC rose over 5%, while BYD Company and Hua Hong Semiconductor rose over 4%, and JD.com, Tencent, Alibaba, Xiaomi, and Baidu rose over 3%.

In the gold stocks sector, China Gold International rose over 6%, Zijin Mining rose over 5%, Shandong Gold rose over 4%, and Laopu Gold rose nearly 3%. In terms of news, spot and futures prices for gold and silver surged, with gold prices surpassing $5,100.

KNOWLEDGE ATLAS and MINIMAX clearly corrected after a previous surge, opening lower in the morning and continuing to decline. By the close, they were down over 12% and 13%, respectively.

In terms of news, on February 21, KNOWLEDGE ATLAS issued an apology letter regarding the GLM Coding Plan and announced handling and compensation plans. KNOWLEDGE ATLAS stated that this revision mainly made three mistakes: insufficient transparency of rules, the latest large model GLM-5's gray release pace was too slow, and the upgrade mechanism design for old users was rough.

The announcement explained that after the release of GLM-5, traffic exceeded expectations, and the company's expansion pace could not keep up, forcing them to gradually open GLM-5 in the order of Max, Pro, and Lite. Currently, Max users have been fully opened, Pro users have been opened but may encounter throttling during peak times due to high cluster load, and Lite users will gradually be opened in a gray release manner during non-peak periods after the holiday. The company supports self-application for refunds for affected Lite and Pro users

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