晨间快照：香港及中国市场每日

HongKong&ChinaMarketDaily 10 July 2026 What’s Hot Today: ►Knowledge Atlas (2513 HK, HK$2,032, HK$449bn): DefyingLock-up and Placement Fears on AI Core Competitiveness ThecompanymadeararecaseamongtheIPOsinrecentyearswhereKnowledgeAtlas(KA)successfullyraisednewcapitaluponexpiryofthepost-IPOlock-update.Thecompanyissued19.78mnnewH-sharesatHK$1,588each,raisingaboutHK$31.4bnprimarilyforlargescalemodelR&D,additionalcomputingresourcesaswellasbusinessexpansion. UnlikemostIPOs,ontheeveofthelock-upexpiry,itwasreportedinthemediathatanumberofthecornerstoneinvestorsfromthetimeofIPOrevealedtheirintentiontokeeptheinvestmentforlongtime.Itisestimatedtheyareholdinganaggregateofapproximately18mn(around70%ofthe25.68mncornerstoneshares),representinganestimated28.7%ofthe62.78mnsharesinissueuponcompletionoftheshareplacementorHK$36.6bnworthofsharesattoday’sprice. MorningSnapshot HongKong&ChinaMarketDaily 10 July 2026 Ourviews:KnowledgeAtlasisoneoftheleadingcoreAIassetsinChina,anditsrecentcapitalmarketperformancestronglyreflectsmarketconvictioninitsAIcompetitiveness. Onthe technology front,Knowledge Atlas's GLM-5.2 ranks among the global top three across multiplebenchmarks,particularlyincodingandlong-contexttasks,whereithasreachedorapproachedthelevelofindustryleaderAnthropic.CodingrepresentsAI'smostcommerciallyviableandhighestwillingness-to-payvertically,anditstechnologicaledgehastranslateddirectlyintostrongrevenuegrowth.Asof31March2026,APIAnnualRecurringRevenue(ARR)reachedRMB1.7bn(USD250mn),up60xYoY.Morenotably,ARRsurgedfromUSD39mninDecember2025toUSD250mninMarch2026,a6.4xjumpinonlythreemonths,validatingthecommercialtractionofitslargemodelcodingcapabilities.Currently,tokendemandoutstripssupply,andtherecentplacementwilldirectlyaddressthecomputebottleneck,enablecontinuedtokenvolumegrowthandfurtherunlockrevenueupside.ManagementhassetanambitioustargetofUSD1bninARRbyDecember2026. Inaddition,theA-sharelistingregulatoryguidancehasbeencompletedandtheexpectedSTARMarketIPOwouldbe a key catalyst to investment sentiment.Overall,we are of the view that Knowledge Atlas isfundamentallysoundwithmultiplepositivestosustainanear-termmomentumintheshareprice.Thecounteristradingat232xFY26EEV/Revenue.(ResearchDepartment). So urce: B lo o mberg Kingsway Research Team Phone No.(852) 2283 7307(852) 2283 7306(852) 2283 7618 Disclaimer Thisdocumentisnotanoffertosellorthesolicitationofanoffertobuyorsubscribeforanysecurities.Thesecuritiesreferredtointhisdocumentmaynotbeeligibleforsaleincertainjurisdiction.Neitherthisdocumentnoranyportionhereofmaybetakendistributedortransmitteddirectlyorindirectlyintosuchjurisdictionnortoanyresidentsthereof.Anyfailuretocomplywiththisrestrictionmayconstituteaviolationoftheapplicablelawsandregulationsandpersonsintowhosepossessionthisdocumentcomesshouldinformthemselvesabout,andobserve,anysuchrestrictions.Thisdocumenthasbeenproducedforprivatecirculationandmaynotbecopied,photocopied,duplicated,orredistributed without thepriorwrittenconsent ofKingswayFinancial Services GroupLimited(“KFS”)anditsaffiliatedcompanies(collectively,“KingswayGroup”). ThisreportisdistributedinHongKongSpecialAdministrativeRegionofthePeople’sRepublicofChina(“HongKong”)byKFSwhichisregisteredasalicensedcorporationundertheSecuritiesandFuturesOrdinance(Cap.571ofTheLawsofHongKong)withtheSecuritiesandFuturesCommissionofHongKong(“SFC”)anditsSFCCEnumberisADF346. Theinformationcontainedinthisreporthas been takenfrom sourcesbelievedtobe reliablebut norepresentationor warrantyexpressedorimpliedismadeastotheiraccuracyorcorrectness.Thisreportispublishedfortheassistanceofrecipientsbutisnottoberelieduponasauthoritativeortakeninsubstitutionfortheexerciseofjudgmentbyanyrecipient.Itisnottobeconstruedasanoffer,invitation or solicitation to buy or sell anysecurities of the company or companies covered herein.Anyrecommendationcontainedinthisreportdoesnothaveregardtothespecificinvestmentobjectives,financialsituationandtheparticularneedsofanyspecificaddressee.Allopinionsandestimatesreflectourjudgmentonthedateofthisreportandaresubjecttochangewithoutnotice. KFS,includingitsparent,subsidiariesand/oraffiliates,mayactasleadorco-managerinanofferingofthesecuritiesofanyissuerdiscussedherein,mayfromtimetotimeperformfinancialservicesorotheradvisoryservicesfor,orsolicitfinancialservicesorotherbusinessfrom,anyissuer. Withinthepastyear,KFS,includingitsparent,subsidiariesand/oraffiliates,mayhaveactedasmarketmakerortradedonaprincipalbasisinthefinancialinstrumentsofanyissuerdiscussedhereinandmayactasunderwriter,placementagent,advisororlendertosuchissuer. KFS,includingitsparent,subsidiaries,affiliates,shareholders,officers,directors,andemployeesmayhavelongorshortpositionsin,andbuyorsell,thesecurities,commoditiesorderivatives(includingoptions)oranyotherfinancialinstrumentsthereof,ofanyissuers. AnemployeeofKFS,includingitsparent,subsidiariesand/oraffiliates,mayactasdirector,orberepresentedontheboardsofdirectors,ofanysuchentitiesorissuers. Head Office Affiliated & Overseas Offices