Zhipu AI and MiniMax lock-ups expire, $11.5B in shares hit Hong Kong market

Hong Kong's stock market faces potential sell-off pressure as lock-up periods for AI companies Zhipu AI (Z.ai) and MiniMax expire, releasing shares worth approximately HK$90 billion (US$11.5 billion). The lock-up for Zhipu ends Tuesday, with 25.68 million shares becoming tradeable out of 446 million total issued shares. MiniMax's lock-up ends Wednesday, releasing 150 million shares out of 314 million total. Analysts warn of dual selling pressure from both lock-up expirations and potential secondary share placements by the same companies. Zhipu shares rose 5.2% to HK$1,610 on Tuesday after a 14.6% decline on Monday, while MiniMax fell 3.3% to HK$323.80 on Tuesday following a similar drop. Stevan Tam, associate director at Fulbright Financial, noted that investors may lock in profits after significant gains, limiting upward momentum.