Liumei (06658.HK), described as the “first plum snack stock,” began trading on the Hong Kong Stock Exchange main board on June 15 after pricing its IPO at HK$43.58. The shares opened at around HK$95 and were last trading at HK$124.9, implying a gain of roughly 193% on debut. The rally was attributed in part to meme-driven and “AI concept” speculation because the company’s abbreviation, LLM, matches “large language model,” while Hong Kong’s broader market also finished higher, with the Hang Seng Index up 0.5% and the Hang Seng Tech Index up 1.28%.