Hong Kong-Listed AI Model Stocks Fall; Zhipu, MiniMax Each Drop Over 10%

The scale of the decline matters more than the direction: a double-digit drop concentrated in the two pure-play model developers suggests the market is differentiating between AI infrastructure and AI model economics, rather than selling the theme indiscriminately. It also highlights how narrow Hong Kong's listed large-model universe remains, leaving sentiment toward the sector hostage to a handful of names. Whether this reflects a repricing of model-layer margins or simply rotation within AI trade is the open question — watch whether the weakness stays confined to model developers or spreads to the broader AI complex.