The surge in popularity of the OpenClaw intelligent ecosystem has sparked a wave of investment activity in capital markets, symbolized by an icon resembling a lobster claw.
This week (from March 9 to the close on March 12), shares of companies linked to the "lobster concept," including Minimax, KNOWLEDGE ATLAS, and Dawning Information Industry, rose by 34.57%, 4.42%, and 6.75% respectively. During this period, their share prices peaked at HK$1,320, HK$708, and 92.59 yuan per share.
Listed companies involved in the research and development, computing power support, application scenarios, and ecosystem development of OpenClaw are regarded by the industry as "lobster concept stocks."
Wind data shows that in December 2025, companies such as Loongson Technology and Dawning Information Industry received research attention from insurance capital. Notably, a specific-objective research session for Dawning Information Industry attracted participation from 32 insurance institutions, including major players like China Life Pension, Ping An Life Insurance, Taikang Asset Management, and Taiping Assets.
Entering 2026, insurance capital shifted from research to substantial cornerstone investments. According to Wind data, Taikang Group and its subsidiary Taikang Life Insurance actively participated as cornerstone investors in the Hong Kong IPOs of MONTAGE TECH, MiniMax, KNOWLEDGE ATLAS, and BIREN TECH, investing a total of approximately 465 million yuan in restricted shares.
MONTAGE TECH's website describes the company as a Chinese data processing and interconnect chip design firm dedicated to providing high-performance, low-power chip solutions for cloud computing and data centers. BIREN TECH's site indicates it is a general-purpose intelligent computing solutions provider, with a focus on its self-developed GPU products. MiniMax's website states it is a general artificial intelligence technology company. KNOWLEDGE ATLAS is described on its site as an independent large model developer.
As of the market close on March 12, these strategic investments have generated significant paper gains: Taikang Life Insurance's holdings in MONTAGE TECH showed an unrealized profit of about 42.67 million yuan; its stake in KNOWLEDGE ATLAS yielded an unrealized gain of approximately 820 million yuan; and its investment in BIREN TECH resulted in an unrealized profit of around 50.3 million yuan. Taikang Group's holding in MiniMax produced an unrealized gain of about 806 million yuan.
Tian Lihui, a finance professor at Nankai University, highlighted that insurance capital's investment in "lobster concept stocks" signals three key trends. Policy-wise, recent guidelines from four government departments explicitly encourage insurance funds to prioritize investments in technology firms. Industrially, AI is transitioning from concept to practical application, leading to a systematic reassessment of profit expectations for leading companies. Financially, in a low-interest-rate environment, insurance capital is increasing allocations to equity assets to cover liability costs and address the scarcity of quality assets. "This represents a mutual convergence of patient capital and hard technology," Tian remarked.
Chen Li, chief economist at Chuancai Securities, noted that insurance capital's moderate allocation to lobster concept stocks is a forward-looking exploration of emerging sectors amid a shortage of high-quality assets. This approach aligns with principles of long-term, value, and prudent investment, provided it is based on thorough research and involves limited participation.
However, these paper profits are not without underlying concerns. Tian Lihui warned that insurance investments in AI concept stocks face three core risks: first, the risk of overheated valuations, as some stocks remain conceptual with unproven performance; second, technological iteration risk, since the AI industry is still nascent, and without viable business models, capital expenditure could become liability-driven; third, liquidity risk, as cornerstone investments typically have a lock-up period of at least six months, making short-term gains merely theoretical.
Zhou Jin, a financial industry consulting partner at Baker Tilly, emphasized that the current market enthusiasm for "lobster" concepts is high, but most related stocks' connection to OpenClaw remains at the stage of technical adaptation and exploration. Insurance capital must adhere to stable investment principles, making careful decisions based on in-depth research and strict risk control. He stressed that the OpenClaw ecosystem is still in its early stages, with significant risks from rapid technological changes, information security, and data compliance, alongside potential valuation bubbles. Insurance funds should avoid being swayed by short-term speculative trends.
Chen Li advised that insurance capital should strictly control allocation ratios, maintain diversified investments, and focus on solid, high-quality targets. A long-term investment strategy can help mitigate short-term volatility, balancing returns and capital safety within regulatory and risk management frameworks.
From an institutional perspective, Tian Lihui suggested accelerating the implementation of long-term assessment and fault-tolerant mechanisms to address hesitancy in investing in hard technology. On the investment front, a strategy of "fixed income as the foundation, equities for enhancement" should be maintained, using high-dividend assets as stabilizers and hard technology for return potential. Risk management should involve diversified allocations across sectors like smart manufacturing and AI computing to build a robust research and investment system.
He stated, "Strategic patience is essential for insurance capital to act as a stabilizer for the tech industry, rather than a follower of market trends."
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