On July 8, Hong Kong-listed AI model leaders Zhipu and MiniMax surged on their lockup expiry day, with Zhipu spiking over 19% intraday and MiniMax climbing roughly 17%. Over 80% of core shareholders explicitly committed to holding their shares, with strategic investors including Alibaba and miHoYo pledging long-term ownership, while founding teams voluntarily extended lockup periods to 12 months. JPMorgan raised its Zhipu target price to HK$2,000, while Goldman Sachs, Bank of America, and Citi simultaneously issued "Buy" ratings on MiniMax. Zhipu's unlocking involved approximately 25.68 million shares held by 11 cornerstone investors, representing 5.76% of total shares outstanding, valued at over HK$40 billion. MiniMax faced its first tranche of unlocked shares reaching 146 million shares, accounting for roughly 63% of its Hong Kong-listed equity. Risks remain, including expanded free float post-unlocking and potential AI valuation corrections.