Zhipu AI, MiniMax Unlock $11.5 Billion in Shares as Hong Kong Faces Liquidity Strain
Updated
Updated · South China Morning Post · Jul 7
Zhipu AI, MiniMax Unlock $11.5 Billion in Shares as Hong Kong Faces Liquidity Strain
1 articles · Updated · South China Morning Post · Jul 7
Summary
HK$90 billion worth of Zhipu AI and MiniMax shares became or are becoming tradeable this week as their six-month lock-ups expire, testing demand for two of Hong Kong’s hottest AI listings.
25.68 million Zhipu shares unlock on Tuesday and 150 million MiniMax shares on Wednesday, adding a large wave of supply as early investors may take profits after strong post-listing gains.
Analysts said the market faces dual pressure because some of the same AI and semiconductor companies are also considering large secondary placements, raising fears of a liquidity drain.
Trading was choppy around the expiries: Zhipu rose 5% Tuesday morning after a 14.6% Monday drop, while MiniMax fell 2.3% after losing 3.3% the previous session.
The expirations mark the start of a broader wave of Hong Kong lock-up releases that could weigh on momentum in recently listed tech names.