Zhipu AI dropped over nine percentage points, while MiniMax saw a slight decline—the twin stars of Hong Kong's AI large model stocks are still struggling in the quagmire of lock-up expirations.

MiniMax had 45% of its shares unlocked six months after its IPO, losing 30% in a few days and briefly falling below its IPO price before just recovering; on the other hand, Zhipu AI's initial lock-up expiration, combined with a placement of over HKD 30 billion, saw it rebound for a day only to be pushed back down. The story hasn't changed; what has changed is the shareholding structure—those who were locked up can now sell, so valuations must be voted on again with real money. Is the pit dug out by the lock-up expiration a golden opportunity or the starting point of a value return? I'd rather wait until the shareholding reshuffle is complete before deciding; no one can provide an anchor for large model valuations right now.