On July 8-9, Zhipu and MiniMax saw their first lock-up share expiration following their listings on the Hong Kong Stock Exchange. On July 8, Zhipu's stock price opened nearly 3% lower at HK$1,563, plunged to HK$1,450, then reversed to an intraday high of HK$1,689, ultimately closing at HK$1,825 with a 13.35% gain and a total market capitalization of approximately HK$8.137 trillion. MiniMax's stock closed nearly 12% higher on July 8, but on July 9 its price tumbled over 20% at one point, hitting a new low in nearly half a year. No major market disruption occurred. Both companies had pre-emptive rehearsals for the unlock, and by the expiration date their valuations were no longer at peak levels. The sharply accelerating ARR curve injected optimism, with both Zhipu and MiniMax setting firm targets to reach $1 billion in ARR this year. The temporary soft landing is attributed to market sentiment, unlock strategy design, and commercialization trajectories. In 2026 today, large language models are a globally recognized core track, with widespread market optimism about AI's future development.