Zhipu and MiniMax Face Liquidity Tests
pstAsiatech · x · 2026-07-13
TechBuzzChina notes that Chinese AI stocks are undergoing their first real liquidity test.
- Zhipu AI: After the lock-up period expired, only 5.76% of shares became tradable, while about 70% are still held by state-backed anchor investors who pledged not to sell. The stock initially surged 13% before falling back after the company announced a discounted HK$314 billion (approx. US$40 billion) placement.
- MiniMax: Approximately 146 million shares, representing 46% of outstanding stock, were unlocked, rapidly boosting the free-float ratio from under 6% to around 50%.
The core focus here is the actual liquidity and stock price pressure faced by highly valued AI companies post-unlock.
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