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Hong Kong AI Large Model Stocks Slide: MiniMax and Zhipu Plunge—Is the AI Sector Entering an Elimination Round?

Hong Kong AI Large Model Stocks Slide: MiniMax and Zhipu Plunge—Is the AI Sector Entering an Elimination Round?

AI Large Model Stocks MiniMax and Zhipu See Pullbacks in Hong Kong Market as Focus Shifts from Technological Leadership to Commercialization and Competitive Moats. This article analyzes how valuation logic for large AI model companies is being reshaped amid intensifying global AI competition.

Blog Team07/22/2026

Why Did Zhipu Surge? Acquisition of Domestic AI Heterogeneous Computing Software Firm and Launch of a 1GW Data Center

Why Did Zhipu Surge? Acquisition of Domestic AI Heterogeneous Computing Software Firm and Launch of a 1GW Data Center

Zhipu has officially acquired Zhongke Jiahe, a domestic AI heterogeneous computing software company, and simultaneously launched a 1GW-scale domestic AI computing data center. The companys stock price surged over 25% in a single day.

Zhipu plunges nearly 20%, MINIMAX drops 10%: Is the AI valuation bubble bursting in Hong Kong stocks?

Zhipu plunges nearly 20%, MINIMAX drops 10%: Is the AI valuation bubble bursting in Hong Kong stocks?

As of the close on July 20, Zhipu closed at HKD 890.5, down 19.56%, while MiniMax ended at HKD 193.1, down 10.6%. Under the combined pressures of lock-up expirations, intensifying competition, and heightened regulatory scrutiny, the valuation bubble in Hong Kong-listed AI stocks is deflating at an accelerated pace.

Zhipu Plunges 19%: Is This an AI Bubble Burst or a Value Reassessment?

Zhipu Plunges 19%: Is This an AI Bubble Burst or a Value Reassessment?

H-share placements, the launch of Kimi K3, and the unlocking of restricted shares are creating a triple wave of pressure. As a result, global AI investment is shifting from "story-driven trades" to "cash flow-driven trades."

Blog Team07/20/2026

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Kimi K3 Launch Sparks AI Model Shakeout: Who Will Win the Zhipu, Moonshot, and DeepSeek Race?

Kimi K3 Launch Sparks AI Model Shakeout: Who Will Win the Zhipu, Moonshot, and DeepSeek Race?

The competition among AI large models is shifting from parameter scale to real-world commercialization. This article compares the strategic differences and long-term competitive advantages of three leading companies.

Blog Team07/20/2026

Hong Kong’s AI Power Duo Attracts Fresh Capital: How Far Can Zhipu and MiniMax Go in the Race to Commercialize Large Language Models?

Hong Kong’s AI Power Duo Attracts Fresh Capital: How Far Can Zhipu and MiniMax Go in the Race to Commercialize Large Language Models?

On July 15, 2026, both Zhipu and MiniMax saw their stock prices rebound in tandem, drawing renewed investor attention to the AI large model sector in the Hong Kong stock market. This article breaks down the differences in the commercialization strategies of these two companies and analyzes the underlying logic as Chinese AI firms transition from valuation-driven speculation to genu

Blog Team07/15/2026

AI Bubble or Value Correction? How Zhipu and MiniMax's Sharp Declines Are Reshaping AI Valuation Logic

AI Bubble or Value Correction? How Zhipu and MiniMax's Sharp Declines Are Reshaping AI Valuation Logic

Zhipu dropped more than 9%, while MiniMax fell over 13%, prompting a reassessment of the sustainability of global AI capital expenditures. This article analyzes the logic behind the sharp declines and explores their implications for the cryptocurrency industry.

Blog Team06/23/2026

Zhipu Opens with a 14% Plunge: Sharp Correction After Surpassing One Trillion Market Cap—What Is the Market Worried About?

Zhipu Opens with a 14% Plunge: Sharp Correction After Surpassing One Trillion Market Cap—What Is the Market Worried About?

After reaching HKD 2,980 on June 22, Zhipu pulled back, dropping 14% at the opening on June 23. This decline can be analyzed from several angles, including valuation logic, pressure from unlocked shares, and shifts in industry narratives.

Why Has ZHIPU, China’s Leading AI Model Stock, Hit New Highs? ZHIPU Opened as High as HK$2,980

Why Has ZHIPU, China’s Leading AI Model Stock, Hit New Highs? ZHIPU Opened as High as HK$2,980

ZHIPU surged 23% at market open, briefly reaching HKD 2,980 before settling at HKD 2,584, marking a new all-time high. Analyzing the valuation logic and market debates surrounding the first publicly listed AI large model company.