Hong Kong AI Model Stocks Slide; Zhipu Down Over 10%, MiniMax Over 5%

The move looks less like a verdict on either company than on the group as a single trade: Hong Kong's listed large-model names are still being priced as one basket, so weakness in one drags the rest. That matters for anyone tracking how AI exposure gets valued in public markets, since it suggests the sector has yet to earn stock-specific differentiation. Whether that correlation loosens, or the pullback broadens further, is the open question.