As of August 25, the cumulative value of share placements in Hong Kong-listed stocks this year—excluding Alibaba—has surged to HK$197.112 billion. This marks a 2.93% year-on-year increase, distributed across 289 transactions. The software services sector has emerged as the frontrunner in capital raising. Presently, refinancing activities in Hong Kong stocks are heavily concentrated in the AI domain, with proceeds predominantly earmarked for GPU clusters, inference computing capabilities, and related infrastructures. This represents a notable departure from last year's scenario, which was largely characterized by leading hardware and consumer goods companies taking center stage. The intensifying AI race has now evolved into a multifaceted competition, encompassing capital expenditures, sustainable cash flow generation, and supply chain resilience.