{"slug": "zhipu-ai-minimax-shares-to-provide-gut-check-for-hong-kong-investors-as-lock-ups", "title": "Zhipu AI, MiniMax shares to provide gut check for Hong Kong investors as lock-ups end", "summary": "Hong Kong's stock market faces potential sell-off pressure as lock-up periods end for AI firms Zhipu AI and MiniMax, releasing shares worth US$11.5 billion. Analysts warn of dual selling pressure from profit-taking and large secondary placements, which could drain liquidity and limit stock gains.", "body_md": "# Zhipu AI, MiniMax shares to provide gut check for Hong Kong investors as lock-ups end\n\nShares worth US$11.5 billion to hit market as record wave of lock-up expirations starts and some firms eye share placements\n\nHong Kong’s stock market could face sell-off pressure amid a torrent of new share supply in coming days as the six-month lock-up period ends for hot artificial intelligence and semiconductor picks including Zhipu AI and MiniMax.\n\nMeanwhile analysts warned of rising fears of a drain on liquidity as many of the same companies were eyeing large secondary share placements.\n\nThe market was facing dual selling pressure, said Stevan Tam, associate director at Fulbright Financial.\n\n“These stocks have generally seen significant gains, and it is believed that investors may be looking to lock in some profits, which could limit their upwards momentum,” he said. “At the same time, large-scale placements could intensify selling pressure.”\n\nThe lock-up periods for AI model developers Zhipu, which is known as Z.ai internationally and trades as Knowledge Atlas Technology, and MiniMax end on Tuesday and Wednesday, respectively, with 25.68 million and 150 million shares becoming tradeable, out of total issued shares of 446 million and 314 million, respectively.\n\nZhipu gained 5 per cent on Tuesday morning after sliding 14.6 per cent on Monday, while MiniMax lost 2.3 per cent on Tuesday morning after a 3.3 per cent drop on Monday. Based on Tuesday’s mid-day prices, the combined market value of the shares subject to the lock-up expiration amounts to HK$90 billion (US$11.5 billion).", "url": "https://wpnews.pro/news/zhipu-ai-minimax-shares-to-provide-gut-check-for-hong-kong-investors-as-lock-ups", "canonical_source": "https://www.scmp.com/business/markets/article/3359697/zhipu-ai-minimax-shares-provide-gut-check-hong-kong-investors-lock-ups-end?utm_source=rss_feed", "published_at": "2026-07-07 07:00:06+00:00", "updated_at": "2026-07-07 07:05:02.622143+00:00", "lang": "en", "topics": ["artificial-intelligence", "ai-startups", "ai-policy"], "entities": ["Zhipu AI", "MiniMax", "Hong Kong", "Fulbright Financial", "Stevan Tam", "Knowledge Atlas Technology"], "alternates": {"html": "https://wpnews.pro/news/zhipu-ai-minimax-shares-to-provide-gut-check-for-hong-kong-investors-as-lock-ups", "markdown": "https://wpnews.pro/news/zhipu-ai-minimax-shares-to-provide-gut-check-for-hong-kong-investors-as-lock-ups.md", "text": "https://wpnews.pro/news/zhipu-ai-minimax-shares-to-provide-gut-check-for-hong-kong-investors-as-lock-ups.txt", "jsonld": "https://wpnews.pro/news/zhipu-ai-minimax-shares-to-provide-gut-check-for-hong-kong-investors-as-lock-ups.jsonld"}}