Headline Story: The Ox Alpha model was developed by Z.AI (02513)
On August 20, Ox Alpha appeared on the model aggregation platform OpenRouter under the guise of a "stealth model," operating anonymously. By August 26, media reports confirmed that Z.AI had developed the anonymously launched Ox Alpha, which represents the next-generation model in the GLM series. The name "Ox" aligns with the popularity of the film "Niu Lai," leading the Chinese developer community to affectionately call it the "Niu Lai Large Model." Z.AI also announced that model weights would be released on the evening of August 26. However, the company has not yet disclosed the official model name, parameter count, or its specific connection to GLM-5.3.
In the six days between its anonymous debut on August 20 and Z.AI's acknowledgment on August 26, Ox Alpha has already consumed tens of trillions of tokens globally at no cost to developers. As of August 25, Ox Alpha processed approximately 23.2 trillion tokens within OpenRouter's seven-day statistical window, ranking first; during the same period, DeepSeek V4 Flash 0731 processed around 11.6 trillion tokens. Within less than a week of launch, Ox Alpha's token processing volume has already doubled that of its competitor.
Market Outlook: Nasdaq Golden Dragon China Index slips 0.61%
Overnight in the U.S., the Dow Jones Industrial Average fell 112.81 points, or 0.21%, to close at 53,464.59; the S&P 500 dropped 1.46 points, or 0.02%, to 7,675.82; and the Nasdaq Composite declined 21.10 points, or 0.08%, to 26,130.20. Tesla (TSLA.US) slipped 1%, Oracle (ORCL.US) gained 2.8%, NVIDIA (NVDA.US) fell over 1%, and SK Hynix (SKHY.US) dropped nearly 1%. The Nasdaq Golden Dragon China Index closed down 0.61%, with BOSS Zhipin surging over 15%. The Hang Seng Index ADR declined, translating to 25,636.56 points, down 16.41 points or 0.06% from the Hong Kong close. NYMEX WTI crude oil futures for the front-month continuous contract fell $0.45 to settle at $81.91 per barrel, a decline of 0.55%. COMEX gold futures for the front-month continuous contract dropped $46.70, or 0.99%, to $4,647.80 per ounce.
Hot Prospects: NVIDIA beats expectations with Q2 revenue and profit both doubling
On Wednesday evening U.S. time, NVIDIA reported fiscal 2027 second-quarter results, with both revenue and guidance surpassing market expectations. Although the stock initially dipped in after-hours trading, optimistic comments from company executives spurred a rapid recovery, with shares up 4.53% in after-hours trading at the time of writing.
Alibaba-W (09988) has completed the placement of 710 million new shares, raising net proceeds of approximately HK$79.7 billion. The company stated the funds will be used to further consolidate Alibaba's global AI leadership and invest in full-stack AI capabilities.
Sinotruk (Hong Kong) (03808): Its subsidiary, Sinotruk Jinan Truck Co., Ltd., reported net profit of RMB 1.489 billion for the six months ended June 30, 2026, up 58.4% year-on-year. Total operating revenue reached RMB 38.41 billion, an increase of 46.82%.
Lopful (02465) announced interim results with net profit attributable to shareholders of approximately RMB 421 million, turning around from a loss to a profit, with basic earnings per share of RMB 0.59. The revenue growth was primarily driven by increased income from the lithium iron phosphate cathode material business.
Chow Sang Sang (00116) reported interim results with profit attributable to owners of approximately HK$2.153 billion, up 139% year-on-year, with earnings per share of HK$3.205 and an interim dividend of HK$0.28 per share. The profit increase was attributed to improved retail performance and unrealized gains from the mark-to-market valuation of precious metal borrowings at period-end.
Sinotruk (Hong Kong) (03808) also released interim results with profit attributable to shareholders of RMB 4.325 billion, up 26.22% year-on-year, with earnings per share of RMB 1.58 and an interim dividend of RMB 1.02 per share. Heavy truck segment revenue totaled RMB 64.8 billion, up 44.5%, while the operating margin for the segment declined 1.5 percentage points to 7.6%, mainly due to exchange losses from foreign currency export sales and accounts receivable. During the review period, the group sold 193,644 heavy trucks, an increase of 41.8%.
Guming (01364) posted interim results with adjusted profit of RMB 1.568 billion, up 44.4%, with earnings per share of RMB 0.66. The company operates primarily through a franchise model under the "Guming" brand. As of June 30, 2026, the company's store network covered over 200 cities across China, comprising 14,351 stores, a 28.4% increase from 11,179 stores as of June 30, 2025.
Xinqi Microelectronics (09630) reported interim results with net profit attributable to shareholders of approximately RMB 281 million, up 98.13% year-on-year, with basic earnings per share of RMB 2.14. During the reporting period, the AI computing power industry chain drove higher capital expenditure in high-end PCB, leading to both volume and price increases for high-end LDI equipment. Advanced packaging lithography equipment secured orders as a new growth driver, while capacity release from the second-phase base and improved delivery capabilities boosted revenue amid strong domestic and overseas demand.
AVIC Science and Technology (02357) released interim results with net profit attributable to shareholders of RMB 823 million, down 20.1% year-on-year. Total operating revenue was RMB 37.812 billion, up 0.9%, with basic earnings per share of RMB 0.103.
Dahang Technology (02543) posted interim results with profit attributable to shareholders of RMB 66.9 million, up 72.3% year-on-year. The group recorded revenue of RMB 490 million, up 53.7%, with basic earnings per share of RMB 2.23 and an interim dividend of RMB 1.224 per share.
Sunny Optical Technology (02382) released interim results with profit attributable to shareholders of RMB 1.808 billion, up 9.86%, with basic earnings per share of RMB 1.6803. The company is considering a separate listing and spin-off of Ningbo Sunny Zhicheng Technology Co., Ltd., a subsidiary, to seek equity financing.
China Sanjiang Fine Chemicals (02198) posted interim results with net profit attributable to shareholders of RMB 656 million, up 117.9%, with basic earnings per share of RMB 0.5686 and an interim dividend of HK$0.10 per share. Revenue from the ethylene oxide business line was approximately RMB 1.053 billion, up about 6.5% from the same period in 2025.
Hua Hong Semiconductor (01347) reported interim results with profit attributable to owners of the parent company of US$59.568 million, up 409.0% year-on-year. In terms of capacity construction, as of the end of June 2026, all process equipment required for the 83K capacity at the Wuxi Phase II project (Fab 9) had been moved in, with installation and commissioning underway, targeting the planned capacity target by the end of the third quarter. Meanwhile, the company is advancing the acquisition of a 97.5% stake in Huali Micro, which was approved in mid-June, with completion expected in the third quarter.
China Lonking (03339) released interim results with profit attributable to shareholders of RMB 773 million, up 22.37%, with basic earnings per share of RMB 0.18. The group's financial performance for the six months ended June 30, 2025 was strong, with significant revenue growth, improved profitability, and better margins compared to the same period in 2025. Overseas market expansion yielded notable results, with overseas revenue reaching RMB 1.979 billion, up 21.18%, setting a new historical best.
MiniMax-W (00100) posted interim results with revenue surging 283.1% year-on-year to US$117 million. Gross profit was US$20.813 million, up 464.8%, while the loss for the period narrowed 11.0% to US$358 million. During the reporting period, the company released MiniMax M3, upgrading its core model products and strengthening capabilities in coding, Agentic workflows, and professional applications. In the 2026 interim results call, MiniMax noted progress in adapting M3 and H3 to domestic chips, with large-scale domestic computing clusters expected to go live soon and gradually take on real production traffic. As of August, the company's annual recurring revenue (ARR) exceeded US$800 million, with second-quarter revenue growing 81.8% quarter-on-quarter. Token consumption in July reached 20 times the January level, and B-end business contributed over 80% of total ARR.
BeiGene (06160) reported interim results with net profit of US$464 million, up 385.8%, with basic earnings per share of US$0.32. Global revenue for the second quarter of 2026 grew 30% to US$1.7 billion; global Brukinsa (zanubrutinib) revenue rose 31% from the second quarter of 2025 to US$1.2 billion. GAAP diluted earnings per American Depositary Share (ADS) were US$2.05, while non-GAAP diluted EPS per ADS were US$3.84.
Stock Spotlight: CSPC Pharmaceutical (01093): SYS6090 (JMT108) receives FDA Fast Track designation for MSS/pMMR mCRC patients
The company's first-in-class PD-1/IL-15 bispecific fusion protein SYS6090 (JMT108) has been granted Fast Track designation by the U.S. Food and Drug Administration (FDA) for the treatment of patients with microsatellite stable (MSS) or mismatch repair proficient (pMMR) metastatic colorectal cancer (mCRC) who have progressed after prior standard systemic therapy. In the United States, colorectal cancer (CRC) remains a significant public health challenge, being the third most common cancer and the second leading cause of cancer-related death. The FDA's Fast Track designation recognizes the product's potential to address serious or life-threatening conditions and will help accelerate its development and review process in the U.S. and globally.
Additionally, CSPC Pharmaceutical (01093.HK) issued a voluntary announcement stating that its independently developed EGFR-targeting antibody-drug conjugate SYS6010 has successfully met the pre-specified primary endpoint of progression-free survival (PFS) in the Phase III clinical study (SYNSTAR-01) for patients with EGFR-mutant locally advanced or metastatic non-small cell lung cancer (NSCLC) who failed prior EGFR TKI therapy, as reviewed by an independent data monitoring committee (IDMC).
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