HK Stock Market AI Briefing: Alibaba releases Qwen-Image-3.0 supporting 12 languages, Zhipu increases investment in domestic computing infrastructure, Hang Seng Tech Index rises 1.8% in half-day trading

On July 21, Alibaba $Alibaba(BABA.US) released its latest image generation foundation model, Qwen-Image-3.0. The new model supports ultra-long inputs of up to 4.5k tokens, capable of generating knowledge diagrams and complex UI interfaces that integrate multiple elements such as formula symbols, geometric shapes, and logical deduction steps in a single output. It also natively renders over 20 fonts across 12 languages with clear text, significantly reducing the production cost of "readable and usable" commercial materials like multilingual product posters and film/comic storyboards.

On the same day, Zhipu AI (Z.ai) $Z.AI(02513.HK) has commenced the construction of a 1GW-level domestic AI computing power data center, utilizing exclusively domestic AI chips. It also completed the acquisition of Zhongke Jiahe, a domestic AI heterogeneous computing software company, today.

The activities of these two enterprises reflect the parallel advancement of China's AI industry in terms of technological autonomy and application implementation. Their subsequent commercialization effectiveness and long-term impact on related sectors remain to be further tracked and verified.

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Important Information Regarding the ChinaAMC Hang Seng Tech Index ETF

Investment involves risks, including the loss of principal. Past performance is not indicative of future results. Before investing in the ChinaAMC Hang Seng Tech Index ETF (the "Fund"), investors should refer to the Fund Prospectus, including carefully reading the risk factors. You should not make investment decisions solely based on this information. Please note:

• The investment objective of the Fund is to provide investment returns (before fees and expenses) that closely track the performance of the Hang Seng Tech Index (the "Index").

• The Fund is managed passively, and the fund manager will have no discretion to adapt to market changes. A decline in the Index is expected to result in a corresponding decline in the value of the Fund.

• Investments in equity securities by the Fund are subject to general market risks. Its value may fluctuate due to various factors.

• Since the Index is a new index, the Fund may face higher risks compared to other funds tracking indices with longer operational histories.

• The Fund tracks companies in the technology theme and a single region (i.e., Greater China), thus facing concentration risk. Its volatility is likely to exceed that of funds with broader regional coverage.

• Compared to other industries, companies in the technology sector tend to exhibit relatively higher price volatility.

• The Fund may be subject to risks associated with different technology fields and themes. A downturn in the business of companies in these industries or themes may adversely affect the Fund.

• The Fund involves tracking error risk. Tracking errors may arise from the investment strategies used as well as fees and expenses.

• If cross-counter conversion between the two counters is suspended for fund units, and/or if there are any limitations in the service levels of securities brokers and participants in the Central Clearing and Settlement System, unit holders will only be able to trade their fund units on one counter, which may result in investors being unable to trade or experiencing delays. The market prices of fund units traded on each counter may deviate significantly.

In general, retail investors can only buy and sell fund units of the Fund on the Hong Kong Stock Exchange, and the trading price of fund units on the Hong Kong Stock Exchange is influenced by market factors, such as the supply and demand of fund units. Therefore, the trading price of fund units may be at a significant premium or discount to the net asset value of the Fund.

Important Information Regarding the ChinaAMC HK-US Artificial Intelligence ETF

Investment involves risks, including the loss of principal. Past performance is not indicative of future results. Before investing in the ChinaAMC HK-US Artificial Intelligence ETF (the "Fund"), investors should refer to the Fund Prospectus and Product Key Facts Statement, including carefully reading the risk factors. You should not make investment decisions solely based on this information. Please note: • The investment objective of the Fund is to provide investment returns (after deducting fees and expenses) that closely track the performance of the Solactive HK-US Artificial Intelligence 50 Select Index NTR (the "Index"). • The Fund invests in equity securities and is subject to investment risks and stock market risks; the value of the Fund may fluctuate due to various factors. • The Fund faces concentration risk, as it tracks a selected region (Hong Kong and the United States) and invests in companies whose securities are listed on the Hong Kong Stock Exchange and have substantial business operations in mainland China. The volatility of the Fund may be greater than that of more broadly covered funds. Its value may be more susceptible to adverse economic, political, foreign exchange, liquidity, tax, legal, or regulatory events in Hong Kong and the United States, as well as adverse changes in the political, economic, and social conditions in mainland China. • The Fund faces thematic concentration risk in the technology and artificial intelligence industries, including industry and mid-risk, technology and AI theme risks (e.g., high computing demands, potential bias in AI outputs, cybersecurity vulnerabilities, regulatory challenges, shorter operational history, intense competition, government intervention), price volatility risks (especially for companies with relatively small market capitalizations and limited operational history), overvaluation risks (e.g., unsustainable abnormally high valuations, inflated valuations due to excessive investor optimism and speculative behavior followed by sharp corrections, stock prices of companies with limited public float are more susceptible to manipulation), intellectual property and cybersecurity risks (e.g., loss or impairment of intellectual property rights or franchises), and market and regulatory risks. • The Index is brand new. The Fund may be riskier compared to other exchange-traded funds tracking more mature indices with longer operational histories. • The Fund is subject to securities lending transaction risks, including the risk that the borrower may not return the securities on time or at all. • The Fund is managed passively. A decline in the Index may lead to a corresponding decline in the value of the Fund. The Fund involves tracking error risk, multi-counter risk, currency risk, trading risk, and trading discrepancy risk. • The base currency of the Fund is the Hong Kong Dollar, but it may invest in securities not denominated in Hong Kong Dollars. Moreover, since the Fund has fund units traded in Renminbi and US Dollars, it is exposed to foreign exchange fluctuations. The Renminbi is currently not freely convertible and is subject to foreign exchange controls and restrictions.

Sources:

1. Hang Seng Tech Index rises 1.8%, AASTOCKS News, 2026/07/21 12:12, https://wwwhk.aastocks.com/sc/stocks/news/aafn-con/NOW.1534208/industry-news/HK6

2. Alibaba Qwen Releases Qwen-Image-3.0, Wall Street CN Flash News, July 21, 2026, https://wallstreetcn.com/livenews/3137390

3. Zhipu Lands 1GW-Level Computing Power Data Center Construction, Yicai, July 21, 2026, https://mp.weixin.qq.com/s/LcQco4ukQB4UqKpTufUlNA

Unless otherwise specified, sources are ChinaAMC (HK), Bloomberg, as of July 21, 2026.

Investment involves risks, including possible loss of principal. Any forecasts, outlooks, or opinions contained herein are for reference only and do not guarantee realization. The information contained in this document reflects market conditions and our views as of the date of release, subject to change without notice. The issuer of this information is ChinaAMC (HK) Limited. This information has not been reviewed by the Securities and Futures Commission of Hong Kong. For full details and risks of the mentioned funds, please refer to our official website and fund sales documents.