On February 23, the Hang Seng Index and Hang Seng Tech Index showed strong volatility throughout the trading session. The Hang Seng Index closed up 2.53%, while the Hang Seng Tech Index finished 3.34% higher.
Sector-wise, leading technology stocks, semiconductors, non-ferrous metals, and new energy vehicle shares performed notably. Zijin Mining, Meituan, and SMIC all rose more than 5%. In contrast, large language model concept stocks retreated, with Knowledge Atlas dropping nearly 23% and MINIMAX-WP falling over 13%.
Among Hang Seng Index constituents, Zijin Mining, Meituan, and SMIC each advanced more than 5%. Shenzhou International and BYD climbed over 4%, while Li Ning, Li Auto, JD.com, and Alibaba gained more than 3%.
Within the Hang Seng Tech Index, Nio, Meituan, and SMIC increased over 5%. BYD Company and Hua Hong Semiconductor rose more than 4%, and JD.com, Tencent, Alibaba, Xiaomi, and Baidu all increased over 3%.
In the gold sector, China Gold International surged over 6%, Zijin Mining rose more than 5%, Shandong Gold advanced over 4%, and Lao Feng Xiang gained nearly 3%. This movement followed significant increases in spot and futures prices for gold and silver, with gold prices surpassing $5,100 per ounce.
Knowledge Atlas and MINIMAX-WP experienced notable pullbacks after previous strong gains, opening lower and continuing to decline during the session. By the close, they were down over 22% and 13%, respectively.
On February 21, Knowledge Atlas issued an apology letter regarding its GLM Coding Plan and announced handling and compensation measures. The company stated that the revision mainly involved three errors: insufficient rule transparency, an overly slow rollout schedule for its latest large model GLM-5, and a poorly designed upgrade mechanism for existing users.
According to the announcement, after the release of GLM-5, traffic exceeded expectations, and the company's capacity expansion did not keep pace. This necessitated a phased opening of GLM-5 in the order of Max, Pro, and Lite tiers. Max users now have full access, while Pro users have access but may experience throttling during peak hours due to high cluster loads. Lite users will be gradually granted access during off-peak periods after the holiday. The company is offering refunds to affected Lite and Pro users upon request.
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