Hong Kong-listed AI companies Zhipu (02513-HK) and MiniMax (00100-HK) experienced divergent stock performance on July 8 and July 9 following the expiry of their first post-IPO share lock-up periods. Zhipu's market capitalization reached HKD 906 billion on July 9, while MiniMax's valuation dropped to HKD 93.3 billion — approximately one-tenth of Zhipu's size. The disparity stems from differing unlock scales: Zhipu released 25.6816 million shares (5.76% of total stock) on July 8 with an unlock value exceeding HKD 40 billion, while MiniMax unlocked 153 million shares (48.9% of total stock) on July 9 with an unlock value of approximately HKD 55 billion. Hong Kong's artificial intelligence sector has experienced sharp volatility this month, with the combined market cap of the two companies declining approximately HKD 740 billion from peak levels.
Zhipu Gains on July 8 Unlock and Announces HKD 31.41 Billion Fundraising
Zhipu's stock closed up 13.35% on July 8 despite the share unlock. On July 9, the company announced a share placement to raise approximately HKD 31.41 billion, which boosted market confidence. The stock closed at HKD 2,032 on July 9, maintaining a market capitalization of HKD 906 billion. Goldman Sachs assigned Zhipu a "neutral" rating but identified the company as having the strongest competitive position, noting that its 12-month valuation has reached reasonable levels. Zhipu's GLM-5.2 model demonstrated strong performance in international evaluations, and the company has built an ecosystem with over 4 million developers. Among China's top 100 AI enterprises, 87% have integrated Zhipu's services.
MiniMax Drops 17.98% on July 9 Following 48.9% Share Unlock
MiniMax's stock closed down 17.98% on July 9 at HKD 297.4 following the unlock of 153 million shares. The morning of July 10 saw further declines, with Zhipu falling over 11% and MiniMax dropping more than 15%. The large supply of unlocked shares created selling pressure on MiniMax. The company's overseas revenue accounts for 73% of total revenue, making it vulnerable to international policy fluctuations. MiniMax's M3 model operates at high gross margins, but the company's multimodal model strategy differs from Zhipu's approach.
Zhipu and MiniMax Diverge on Model Strategy and Ecosystem Scale
Analysts attribute the performance gap to differences in model development paths and ecosystem positioning. Zhipu focuses on the coding track and open-source strategy, while MiniMax emphasizes multimodal models. Zhipu's developer ecosystem exceeds 4 million users, and 87% of China's top 100 AI companies use its services. Market participants indicate that post-unlock valuation logic has shifted from "scarcity premium" to "fundamental-based pricing." Zhipu demonstrated institutional allocation value through its share placement, while MiniMax faces pressure from financial investor divestment.
MiniMax CEO Announces HKD 16 Billion Financing and Zero-Salary Pledge on July 10
MiniMax founder and CEO Yan Junjie issued an all-staff letter on July 10 announcing the completion of a new HKD 16 billion financing round. Yan pledged not to receive salary until the company achieves AGI (artificial general intelligence). He also donated 5% of his personal shareholding for team incentives and open-source community development. The company must continue to validate its commercialization data and the competitiveness of next-generation models such as M3 Pro under divestment pressure from financial investors.
FAQ
What happened to Zhipu and MiniMax Hong Kong stocks on July 8 and July 9?
Zhipu (02513-HK) unlocked 25.6816 million shares (5.76% of total stock) on July 8 and closed up 13.35%. On July 9, Zhipu announced a HKD 31.41 billion fundraising and closed at HKD 2,032 with a market cap of HKD 906 billion. MiniMax (00100-HK) unlocked 153 million shares (48.9% of total stock) on July 9 and closed down 17.98% at HKD 297.4 with a market cap of HKD 93.3 billion.
Why did MiniMax stock drop more than Zhipu after the share unlock?
MiniMax unlocked 48.9% of its total stock (153 million shares with an unlock value of approximately HKD 55 billion) on July 9, while Zhipu unlocked only 5.76% of its total stock (25.6816 million shares with an unlock value exceeding HKD 40 billion) on July 8. The significantly larger supply of MiniMax shares created greater selling pressure, causing the stock to fall 17.98% on July 9.
What did MiniMax CEO announce on July 10?
MiniMax CEO Yan Junjie announced on July 10 the completion of a HKD 16 billion financing round. He pledged not to receive salary until the company achieves AGI and donated 5% of his personal shareholding for team incentives and open-source community development.
