Key facts
- MiniMax shares fell below their IPO offer price of HK$165 on October 22, 2026.
- Zhipu's share price has fallen approximately 84.5% from its 52-week high.
- MiniMax's share price has fallen approximately 87.9% from its 52-week high.
- Both Zhipu and MiniMax experienced significant drawdowns due to increased share availability after July 2026.
Shares of Chinese AI developer MiniMax fell below their Hong Kong initial public offering price on Thursday, October 22, 2026, extending a retreat from their March peak. The decline reflects investor scrutiny of AI spending sustainability and intensified competition, including price cuts by U.S. rivals. Zhipu, another AI developer, also saw its shares fall, closing down 7.10% to HK$460.80, while MiniMax closed down 6.52% to HK$160.70, with its intraday low hitting HK$158.10. The Hang Seng Tech Index dropped more than 5% at one point. MiniMax's IPO offer price was HK$165, and its shares officially broke below this level on October 22. Both companies have experienced significant drawdowns from their 52-week highs, with Zhipu down about 84.5% and MiniMax down about 87.9%. These declines are partly attributed to increased share availability after July 2026, when lock-up periods expired for cornerstone investors and new shares were placed, expanding tradable supply.