On the day its restricted shares were unlocked, Zhipu AI's stock price surged more than 13% against the market trend, with several cornerstone investors affirming their intention to hold shares long-term, collectively accounting for nearly 70% of the unlocked shares. The company promptly initiated a share placement to raise approximately HK$31.5 billion to HK$33.6 billion, proposing to place 19.8 million H-shares at a price range of HK$1,588 to HK$1,698 per share. Net proceeds will be allocated toward R&D investment, business expansion and strategic investments, and optimizing capital structure. On July 8, approximately 256.8 million shares held by cornerstone investors were officially unlocked, with a market value exceeding HK$40 billion; the share price climbed nearly 19% intraday and closed up over 13%, pushing the company’s total market capitalization to HK$813.7 billion. JPMorgan recently raised its target price for Zhipu AI from HK$1,800 to HK$2,000. This development has drawn market attention to MiniMax, whose shares are also unlocking today, with a potential unlock volume representing approximately 49% of its total issued share capital.