Chinese AI Stocks Zhipu, MiniMax Slide Ahead of Lock-Up Expirations

• Zhipu AI shares have fallen 45% from their May 29 intraday high.
• MiniMax shares have dropped 52.9% from their May 29 close.
• The stock declines are occurring ahead of lock-up expirations for cornerstone investors in early July.

Shares in Hong Kong-listed Chinese artificial intelligence companies Zhipu AI and MiniMax have experienced significant declines over the past two weeks. Zhipu AI closed Friday at HK$1,097, marking a 45% drop from its intraday high of HK$1,993 on May 29. On the same day, Zhipu AI's market capitalization briefly surpassed HK$880 billion. MiniMax concluded trading at HK$396, a 52.9% decrease from its closing price on May 29, when it was valued at over HK$260 billion. These sharp falls are occurring as early July approaches, the deadline for lock-up expirations for cornerstone investors in both companies.