With the Hang Seng Tech Index up more than 20% this year and southbound capital continuing to flow in, market focus is shifting from traditional giants to fast-growing second-tier companies. These firms are not only beneficiaries of policy support, but also have clear product catalysts and upcoming profit inflection points. The following five companies may emerge as the most promising tech stars in H2 2025.

JD.com (9618.HK)

According to data from the 718 “Opening Red” event, JD.com’s 618 shopping festival saw order volume, transaction value, and user numbers surge over 200% YoY in the first hour alone—strong validation of its “low price + strong supply chain” strategy. In June, JD Logistics launched its self-operated global express brand JoyExpress in Saudi Arabia, bringing its “next-day delivery” capability abroad for the first time. As cross-border delivery and local retail progress in parallel, JD’s service revenue mix is expected to rise, further optimizing gross margins. If JoyExpress proves successful in the Middle East, JD could extend its “warehouse + fulfillment” moat to more global markets, unlocking new valuation upside.

Baidu (9888.HK)

Baidu’s autonomous driving unit hit the "global acceleration button" in July. The company signed a multi-year strategic partnership with Uber to deploy thousands of Apollo Go robotaxis in Asia and the Middle East later this year. As of May, Apollo Go had completed over 11 million commercial rides—making it the world’s largest robotaxi network. With Uber’s international traffic gateway, Baidu is poised to monetize its “compute + advanced autonomous driving” ecosystem abroad. Robotaxi global expansion combined with surging AI cloud demand is expected to rapidly increase Baidu’s high-margin revenue base—becoming a core driver of valuation re-rating.

Kuaishou (1024.HK)

Kuaishou’s Q1 earnings showed total revenue growing 10.9% YoY and adjusted net profit margin reaching 14%. Notably, its overseas operations turned profitable at the operational level, with revenue up 32.7% YoY. The company embedded real-time translation and AIGC editing tools in its Latin America and Southeast Asia versions of Kwai, significantly boosting local content creation and accelerating e-commerce integration. With overseas DAU continuing double-digit growth, Kuaishou’s total e-commerce GMV is expected to surpass RMB 400 billion by year-end. The “dual engine” of domestic and international markets may continue to lift profitability and add valuation upside.

Lenovo Group (0992.HK)

In June, Lenovo launched its Hybrid AI Advantage full-stack solution and the new ThinkSystem SR680a V4 server, capable of housing 8 Nvidia Blackwell B200 GPUs and 6 Intel Xeon 6 CPUs, delivering 11x inference performance over the previous generation. The company also introduced tailored hardware-software AI solutions for industries like hospitality, industrial inspection, and retail. With corporate AI investment ramping up and the “AI PC” replacement cycle underway, Lenovo’s high-end server and PC business are expected to jointly drive margins higher in H2.

Sunny Optical Technology (2382.HK)

In June, Sunny shipped 95.06 million smartphone lenses, down slightly YoY, but car camera lens shipments surged 45%, reflecting rising demand from intelligent driving penetration. As higher-level ADAS systems gain traction and AR/VR optical components see increasing orders, Sunny is pivoting from consumer electronics toward automotive and emerging optics. If vehicle lens revenue exceeds 20% of total revenue by Q4, Sunny’s earnings structure will become more resilient, potentially driving a valuation premium.