Changes in Hong Kong stocks | Huaqin Technology (03296) rose more than 9%, leading cloud vendors increased capital expenditure, and institutions are optimistic about replacing domestic computing power and entering a period of acceleration

The Zhitong Finance App learned that Huaqin Technology (03296) surged more than 9%. As of press release, it had risen 9.4% to HK$76.75, with a turnover of HK$136 million.

According to the news, Tencent recently announced its results for the second quarter of 2026. The company's capital expenditure on computing power purchases surged to 52,784 billion yuan in the second quarter, an increase of 176.3% year-on-year and 65.3% month-on-month. Open Source Securities previously pointed out that the demand side continues to verify that AI computing power is just needed, the supply-side domestic computing power penetrates at an accelerated pace, the positive cycle effect of large manufacturers has formed, domestic computing power replacement has entered a period of acceleration, and large-scale deployment of domestic supernodes is accelerating.

According to reports, Huaqin Technology has built a full-stack product portfolio such as AI servers, general-purpose servers, switches, storage servers, and supernodes, and has established a core supplier position among major CSP customers. The company's supernode products began small-batch shipments in the second quarter, and large-scale delivery will begin in the third quarter. It is estimated that the annual revenue of individual Supernode products alone will exceed 10 billion yuan, and will maintain rapid growth for the next two years.