MiniMax faces the sharper overhang, with July unlocks covering a large share of its equity, while Zhipu’s small free float means even a smaller release could reshape trading. Both companies are pursuing mainland listings as investors question whether revenue growth justifies their AI premiums.
The piece keeps the original sequence of facts: the announcement or report comes first, then the numbers, the company response and the market or policy implication.
Sources: CocoLoop and Caixin Global and 36Kr and BigGo Finance