On July 17, Zhipu closed at HK$1107, down 28.48%, with its market cap falling to around HK$515.4 billion, after exceeding HK$1 trillion on June 22 and peaking at over HK$1.3 trillion. In 25 days, its market value evaporated by approximately HK$872 billion. MiniMax fell 15.63% on July 17, closing at HK$216 per share with a market cap of about HK$75.4 billion, down more than 80% from its all-time high of HK$1330. Unconfirmed rumors spread that Zhipu's ARR reached 1 billion US dollars, with anonymous insiders disclosing a 15-times increase between January and July 2026. SPDB International estimates that in 2026, the total market value of unlocked shares in Hong Kong will be about HK$1.7 trillion, with September alone reaching HK$530 billion. Historical data shows about 58% of companies underperform the Hang Seng Index around lock-up expiration. Calculated against 2025 revenue, Zhipu and MiniMax have price-to-sales ratios of 655 times and 122 times respectively, while OpenAI's is 28 times and Anthropic's is 20 times.