After witnessing 'two extremes' in their stock prices, two Hong Kong-listed AI giants experienced a sharp decline in their share prices today. MiniMax has been on a downward trajectory for two consecutive days following the unlocking, while Zhipu, after a two-day rally, tumbled by 19.29% today.

On July 9th, according to LeiDi News, MiniMax, a large model company, entered its unlocking period. Over 80% of its Pre-IPO and cornerstone shareholders expressed long-term optimism and indicated their intention to maintain their holdings.

Among the institutions that have voiced their support for MiniMax are cornerstone investors such as Aspex, Boyu Capital, IDG, Janchor, and Martis Fund. State-owned entities like China Life Investment and Xuhui Capital, along with early shareholders such as Alibaba, miHoYo, Yunqi Capital, and Future Capital, also stand by MiniMax. This diverse group encompasses industrial strategic investors, international long-term funds, state-owned capital, local industrial investment platforms, market-oriented professional investment institutions, and public funds.

MiniMax is reported to be a globally leading general artificial intelligence technology company. Since its inception in early 2022, with a mission to 'co-create intelligence with everyone,' it has been dedicated to pushing the boundaries of AI technology to achieve Artificial General Intelligence (AGI).

MiniMax has independently developed a suite of multimodal general large models, including MiniMax M3, Hailuo 2.3, Speech 2.6, and Music 2.6. These models boast powerful coding and agent capabilities, as well as ultra-long context processing abilities, enabling them to comprehend, generate, and integrate multiple modalities such as text, audio, images, videos, and music.

To date, MiniMax's self-developed multimodal models and AI-native applications have catered to over 300 million individual users from more than 200 countries and regions, as well as over 1 million enterprise clients and developers from over 100 countries and regions.

Furthermore, MiniMax disclosed a fundraising announcement on the morning of July 10th, stating that it had entered into a placing agreement with placing agents. The agreement stipulates the issuance and placement of 35.6 million new Class A shares at a placing price of HK$268 per share, representing a discount of approximately 9.89% from the closing price of HK$297.4 per Class A share on the last trading day as reported by the Hong Kong Stock Exchange. The total expected funds raised amount to HK$9.541 billion.

The proceeds from this fundraising will be utilized to further bolster its AI infrastructure and model research and development, expedite the global commercialization and development of Harness products, and serve as working capital and for general corporate purposes.

On the same day, MiniMax entered into a subscription agreement with the arrangers. Under this agreement and subject to certain conditions, the issuer has agreed to issue, and the arrangers have individually (not jointly) agreed to subscribe for and pay (or procure subscribers to subscribe for and pay) bonds with a principal amount totaling HK$6.5 billion. The initial conversion price is set at HK$335.00 per Class A share, representing a premium of approximately 12.64% over the closing price on July 9th.

However, despite the positive sentiments expressed by numerous shareholders, MiniMax's stock price continued to decline.

On the day of unlocking, July 9th, MiniMax's stock price in Hong Kong plummeted by 17.98%. On July 10th, it fell again by 9.68%, with its market capitalization shrinking to HK$84.2 billion, a nearly 80% decrease.

Meanwhile, Zhipu, the other AI giant listed on the Hong Kong stock market, faced a vastly different scenario from MiniMax.

According to People's Financial News, Zhipu, also under unlocking pressure, had previously received statements from multiple institutional investors expressing their intention to hold for the long term. These include JSC International Investment Fund SPC, WT Asset Management, Optimas Capital Limited, and Zhipu's early shareholders and cornerstone investor LUSTER LightTech Co., Ltd.

The combined shareholding ratio of the institutions that have voiced their support accounts for nearly 70% of the unlocked cornerstone shares. This group encompasses national strategic capital, local government industrial guidance funds, large state-owned enterprise industrial funds, and market-oriented professional investment institutions.

In addition, Zhipu announced on July 9th that the company had agreed to appoint an exclusive placing agent to use its best efforts to procure no fewer than six placees (who will be professional, institutional, and other investors, and they and their ultimate beneficial owners will be independent third parties) to subscribe for up to 19.78 million new H shares at a placing price of HK$1,588 per placing share.

Assuming all placing shares are fully subscribed by the placees, the total expected gross proceeds from the placing are approximately HK$31.41 billion, with the total expected net proceeds after deducting commissions and estimated expenses being approximately HK$31.375 billion.

In the two days following the announcement of the unlocking and placing, Zhipu's stock price in Hong Kong surged by a total of 26.21%. As of the close on July 9th, Zhipu's stock price in Hong Kong closed at HK$2,032, with its market capitalization exceeding HK$900 billion, differing from MiniMax by over HK$800 billion. Calculated based on the listing issue price of HK$116.2, Zhipu's increase has exceeded 15-fold.

However, on July 10th, Zhipu's stock price also took a nosedive, plummeting by 19.29% to close at HK$1,640 per share.