He Gao AI Sector Remains Hot: Zhipu and MiniMax Show Strong Performance on the Unblocking Day
Amid the recent sustained strength in the Hong Kong stock market's AI sector, two industry leaders, Zhipu and MiniMax, captured market attention on July 9. Despite facing share unlocking pressure, both companies not only weathered the volatility but also saw their stock prices rise sharply, reflecting deep capital market recognition of core AI assets.
Zhipu (02513.HK) experienced a "rehearsal" of share unlocking concerns, and today the bullish momentum fully erupted, with the stock surging over 20% during the session, making it the sector's leading performer. On the news front, Zhipu announced today that it has entered into a placement agreement with CICC Hong Kong, planning to place up to 19.78 million new H-shares at HKD 1,588 per share—a discount of approximately 13% compared to the previous day's closing price. Although placing new shares is typically viewed as a negative signal, investors responded positively this time. Industry experts interpret this as a positive sign that the company is introducing long-term institutional funds and strengthening its capital base, directly supporting its continued investment in base model R&D and the development of its commercialization ecosystem.
Meanwhile, MiniMax (00100.HK) faced its first major test since listing—the unlocking of initial restricted shares. This unlocking involved 107 million shares, with a market value of nearly HKD 38.8 billion, and such significant selling pressure had sparked widespread discussion. However, MiniMax not only passed through this critical point smoothly but also saw its stock price rise by more than 9% during the session.
MiniMax's success in breaking the "unlocking curse" is largely due to the consistent "confidence-inspiring" actions of its cornerstone shareholders and early investors. According to statistics, over 80% of shareholders—including international long-term funds such as Aspex, Boyu, IDG, and Martis Fund, as well as industrial strategic shareholders like Alibaba, Mihoyo, and Yunque—have clearly stated their intention to continue holding the shares for the long term.
In addition to strong capital-level support, MiniMax's business fundamentals also underpin its valuation logic. According to the latest data from Bank of America Securities, as of April this year, MiniMax's Annual Recurring Revenue (ARR) had reached $400 million. Management also revealed in an internal meeting that the company's revenue structure is accelerating toward enterprise-level services and cloud API, and explicitly stated its goal of achieving at least $1 billion in ARR by the end of 2026.
From Zhipu's capital expansion to MiniMax's ability to withstand unlocking pressure, these performances not only demonstrate the strong resilience of two top AI companies in the Hong Kong stock market but also indicate that the AI sector is transitioning from a pure "technical narrative" to a stable phase of "performance delivery." With continued investment from various institutions, the market's re-evaluation of the AI value chain is clearly still underway.
