AI Stocks Zhipu, MiniMax Slide as Lock-Up Expirations Near
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Zhipu AI closed Friday at HK$1,097 ($140), down 45% from a May 29 intraday high of HK$1,993. Photo: VCG
Shares in Hong Kong-listed Chinese artificial intelligence companies Zhipu AI and MiniMax have fallen by about half over the past two weeks ahead of early-July lock-up expirations for cornerstone investors.
Zhipu AI closed Friday at HK$1,097 ($140), down 45% from a May 29 intraday high of HK$1,993 that briefly lifted its market capitalization above HK$880 billion. MiniMax ended at HK$396, down 52.9% from its May 29 close, when it was valued at more than HK$260 billion.
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What Happened When
- May 29, 2026：
- Zhipu AI reached an intraday high of HK$1,993; MiniMax closed at a value of more than HK$260 billion.
- June 1, 2026：
- Zhipu AI announced plans to apply for a listing on Shanghai’s STAR Market.
- June 4, 2026：
- SPDB International issued a report noting capital rotation toward mega-listings.
- June 7, 2026：
- Huatai Securities released a report on the global technology pullback.
- June 8, 2026：
- Zhipu AI and MiniMax were added to the Hang Seng Tech Index.
- June 12, 2026：
- Zhipu AI closed at HK$1,097; MiniMax ended at HK$396; SpaceX went public.
- As of June 12, 2026：
- The broader Hang Seng Tech Index fell 8.4% over the past month.
- Before early-July 2026：
- Shares in Zhipu AI and MiniMax fell by about half over the past two weeks ahead of lock-up expirations for cornerstone investors.
AI generated, for reference only
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