If you still hold AI stocks, you may not even have the courage to open your account these days.

On July 13, the “two giants of large models” saw their price action completely split apart—Zhipu surged by nearly 12%, with its market cap exceeding HK$800B; MiniMax fell by more than 13% again at the open, and its market cap dropped below HK$75 billion. Two star listings that debuted side by side at the start of the year—half a year later, the market-cap gap had widened to more than 10 times.
But what’s even more chilling than the polarization is the drawdown itself.
MiniMax, the AI darling once dubbed the “No. 1 large-model stock,” was still at its historical peak of HK$1,330 in March, when its market cap briefly topped HK$410 billion. Where is it now? Hovering around HK$220, down more than 80% from its high. On July 9, the unlocking day, 153 million shares—accounting for 48.9% of the total share capital—flooded out overnight. The stock price plunged nearly 18% in a single day, and its market cap evaporated by more than HK$20 billion in one day. Immediately afterward, on July 10, it announced a discounted placement again, and the share price continued to sink. Founder Yan Junjie said he would not take a salary until achieving AGI, but the market simply didn’t buy it.
And the real devastation is on another “first stock.”
In June 2025, Yunzhisheng listed under the halo of the “Hong Kong stock AGI first stock.” With the boost of the AI theme, the stock was pushed all the way to HK$879, with a market cap exceeding HK$62 billion. In less than ten months, this former star stock fell by more than 90%. By the close on July 9, it was HK$73.85, with a market cap of only HK$5.5 billion—HK$62 billion to HK$5.5 billion, and more than HK$50 billion worth of value vanished into thin air. It crashed 41% on the unlocking day, like