ChiNext Rises 1% to Hit Record High; Zhipu Surges 30% in Hong Kong with Market Cap Exceeding HK$1 Trillion
0xBroomberg
On June 22 morning, ChiNext jumped over 1% to a fresh all-time high on a semiconductor rally, while Hong Kong's Hang Seng fell as much as 2% — yet Zhipu surged over 35% to break through HK$1 trillion in market cap, with year-to-date gains topping 1,900%. The A-share / Hong Kong split is really one story: hardware manufacturing and AI applications fighting for the same pool of capital.
Why did ChiNext hit a record high?
The driver was the semiconductor chain: memory-chip names led, with Shannon Chip Innovation up over 10%, followed by PUYA Semi, Longsys, and GigaDevice.
This means → last Friday's U.S. memory-chip rally — SanDisk +11.54%, Micron +8.70%, all at record highs — is now being relayed into A-shares.
Micron reports fiscal Q3 results early on June 25 Beijing time. Market expectations are high — that earnings print is the next catalyst window.
Why are glass substrates and computing-power leasing rallying too?
Glass-substrate names surged again: Kaisheng Tech hit the daily limit twice in three sessions; Woge Optoelectronics and DR Laser pushed higher.
The catalyst: Intel CEO Lip-Bu Tan recently disclosed a strategic pivot toward advanced packaging (EMIB), glass substrates, and three new semiconductor materials — with a goal of 10× shareholder returns in five to ten years.
Computing-power leasing moved in tandem — Tecsun Information hit a record high; Tianyu Digital hit the daily limit. In plain terms = as long as the AI compute-demand story holds, the "pick-and-shovel" plays keep running.
Why is Hong Kong selling off instead?
The Hang Seng Index fell as much as 2% intraday; the Hang Seng Tech Index dropped over 1.5%. Li Auto fell more than 3%; Bilibili and Alibaba led declines.
This reflects broad pressure on internet-platform stocks — money is not spreading evenly but funneling into a single lane: AI large models.
The counter-trend names prove the point: Hua Hong Semi and MINIMAX rose over 4%; SMIC gained over 3% — chip and semiconductor plays bucked the sell-off in Hong Kong too.
What does Zhipu's 35% surge really mean?
Zhipu jumped as much as 35% intraday, pushing total market cap past HK$1 trillion. Year-to-date gains now exceed 1,900%.
In plain terms = HK$10,000 invested at the start of the year is now worth close to HK$200,000. This is no longer "a good run" — it is a phenomenon-level move.
The next question the market is watching: can Zhipu hold the HK$1 trillion level? This means → if it holds, capital is validating a long-term valuation anchor for AI large-model companies; if it fades, the durability of this entire rally comes into question.
What is happening on the losing side?
Lithium-mining stocks sold off sharply: Tianhua Solar dropped over 10%, Rongcapital neared the daily limit down, and Tianqi Lithium and Sinomine led losses.
The Guangzhou Futures Exchange lithium-carbonate contract plunged roughly 7% to ¥154,080/tonne; Shanghai silver futures slumped 5%, while platinum and palladium fell over 3% and Shanghai gold dropped over 2%.
This reflects capital rotating out of commodities and cyclical sectors into the semiconductor + AI technology lane. Bonds fell in tandem — the 30-year treasury futures contract lost 0.17% — signaling that risk appetite is shifting toward equities.
Content is for reference only, not financial advice.