MiniMax (Xiyou Technology, stock code 00100) and Zhipu (stock code 02513), two AI-related companies listed in Hong Kong earlier this year, are approaching their lock-up expiration window this week. Over 80% of MiniMax's pre-IPO shareholders and cornerstone investors have stated their intention to continue holding shares long-term, according to mainland media reports citing the company. The investors expressing confidence include cornerstone participants Aspex, Boyuan Capital, IDG, Janchor, and Martis Fund, as well as state-owned institutions China Life Investment and Xuhui Capital, alongside early backers Alibaba, miHoYo, Yunqi Capital, and Mingshi Capital. Hong Kong's stock market is entering a major unlocking wave, with AI concept stocks leading the expiration cycle following their early-year IPOs.
MiniMax Secures Long-Term Holding Commitments from Over 80% of Pre-IPO and Cornerstone Shareholders
Mainland media reported that MiniMax disclosed the shareholder commitments as the lock-up expiration window for cornerstone investors approached. The institutions affirming long-term confidence and continued ownership include cornerstone investors Aspex, Boyuan Capital, IDG, Janchor, and Martis Fund. State-owned entities China Life Investment and Xuhui Capital also expressed their intention to maintain positions. Early-stage shareholders Alibaba, miHoYo, Yunqi Capital, and Mingshi Capital joined the group of committed holders.
Zhipu Receives Continued Holding Statements from Institutions Representing Nearly 70% of Unlocking Cornerstone Shares
Central Broadcasting Network cited sources from Zhipu confirming that multiple institutional investors stated their long-term positive outlook and commitment to continue holding shares. The institutions include JSC International Investment Fund SPC, WT Asset Management, Optimas Capital Limited, and Zhipu's early shareholder and cornerstone investor Luster LightTech Group Co., Ltd. The combined holdings of institutions making simultaneous statements account for nearly 70% of Zhipu's unlocking cornerstone shares this time.
Combined Unlocking Market Cap of MiniMax and Zhipu Approaches HKD 100 Billion This Week
Zhipu and MiniMax lead this week's unlocking wave, with the combined market value of restricted shares from the two stocks alone nearing HKD 100 billion. Lens Technology (stock code 06613), an Apple supplier, has an unlocking market cap reaching HKD 77.3 billion this week, representing the largest individual stock unlocking scale this month. According to Bloomberg data calculations excluding secondary market placements, this month's total restricted share unlocking scale reaches HKD 259.5 billion, the highest monthly figure in the second half of the year.
Goldman Sachs Forecasts Record HKD 2.14 Trillion Lock-Up Expiration Over Next 12 Months
Goldman Sachs previously projected that Hong Kong's market will see USD 274 billion (approximately HKD 2.14 trillion) worth of restricted shares unlocked over the next 12 months, a record-high scale. The bank stated that based on historical experience, related shares typically experience average price declines ranging from 4% to 7% within 3 to 6 months after lock-up expiration, reflecting that unlocking events often increase market profit-taking pressure.
FAQ
What percentage of MiniMax shareholders committed to long-term holding ahead of the lock-up expiration?
Over 80% of MiniMax's pre-IPO shareholders and cornerstone investors stated their intention to continue holding shares long-term as the lock-up expiration window approached this week. The committed institutions include cornerstone investors Aspex, Boyuan Capital, IDG, Janchor, and Martis Fund, as well as state-owned entities China Life Investment and Xuhui Capital, and early backers Alibaba, miHoYo, Yunqi Capital, and Mingshi Capital.
How much is the combined unlocking market cap of MiniMax and Zhipu stocks this week?
The combined market value of restricted shares from MiniMax (stock code 00100) and Zhipu (stock code 02513) approaches HKD 100 billion as they lead this week's unlocking wave in Hong Kong. Lens Technology (stock code 06613) has an additional unlocking market cap of HKD 77.3 billion this week, the largest individual stock unlocking scale this month.
What did Goldman Sachs forecast about Hong Kong stocks lock-up expirations?
Goldman Sachs projected that Hong Kong's market will experience USD 274 billion (approximately HKD 2.14 trillion) worth of restricted share unlocking over the next 12 months, representing a record-high scale. The bank noted that historically, related shares see average price declines of 4% to 7% within 3 to 6 months after lock-up expiration due to increased profit-taking pressure.
