China's Zhipu, MiniMax, Iluvatar fall on lock-up expirations

Z.AI

06/07/2026 07:17

** Shares of Knowledge Atlas Technology 2513.HK, aka Zhipu AI, fall 11.7% to HK$1,583, their lowest level since June 17
** Chinese AI developer's stock set for its biggest one-day pct decline since July 2 and is top pct loser on Hang Seng TECH Index .HSTECH, which is up 0.9% 
** Shares in some of Hong Kong's hottest new listings are set to hit the market this week in an unprecedented wave of lock-up expirations
** Zhipu will have 25.6 mln shares, or 6% of the outstanding shares, released from a six-month cornerstone investor lock-up on Wednesday 
** MiniMax Group 0100.HK and Shanghai Iluvatar CoreX Semiconductor 9903.HK are also among the six companies facing lock-up expirations this week, with about 45% and 4.3% of their respective outstanding shares set to be unlocked
** MiniMax and Shanghai Iluvatar shares down as much as 6.8% and 14.1%, respectively
** Since Hong Kong debut on Jan. 8, Zhipu stock up 1,338.9% from offer price of HK$116.2 apiece 
** YTD, benchmark Hang Seng Index .HSI down 8.4%



 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))