Hong Kong-listed AI model stocks fall; Zhipu drops over 5%, MINIMAX over 6%

The retreat in Hong Kong-listed large-model names points to a sector-wide de-rating rather than a single-company story, with both Zhipu and MINIMAX moving lower together. That correlation matters because it suggests sentiment toward AI model developers as a listed asset class is being repriced, not just individual earnings or product news. For a market still building out its AI-listing pipeline, the depth of these losses shapes how receptive investors are to future offerings. Whether the weakness stays broad-based or starts to differentiate between names is the open question worth tracking.