Zhipu (02513.HK) surged 12.62% after confirming that the widely watched Ox-Alpha model is GLM-5.3-Flash, while MiniMax gained 3.83% after reporting sharply higher first-half revenue. Hong Kong’s Hang Seng Index fell 0.34% to 25,565.74 on HK$233.51 billion in turnover, as Nvidia’s strong results lifted AI hardware stocks but investors continued to assess economic recovery, corporate earnings and valuation risks. Nvidia reported quarterly revenue of $96.2 billion, data-center revenue of $89 billion and net profit above $53.9 billion, and gave fiscal 2028 revenue growth guidance of about 70%. Electronics-sector profits in China rose 110% in the first seven months of 2026, with integrated-circuit profits increasing 18.5 times year over year. Baidu advanced 5.34% after announcing a conversion to a primary Hong Kong listing, while Hansoh Pharmaceutical rose 16.01% after reporting higher revenue and profit. Beer, electric-vehicle and consumer-staples shares weakened, and long-position funds recorded approximately HK$32 million in net outflows.