Zhipu Stock Soars Over 1,500% YTD While MiniMax Plunges 50%, Sparking HK Pair Trade

According to market monitoring by Beating, Hong Kong investors are executing pair trades focused on Chinese AI large language model companies. Since late March, Zhipu's stock has surged 170%, while MiniMax has declined roughly 50%. Since their January listings, both stocks have gained, but Zhipu's year-to-date rally of over 1,500% far outpaces MiniMax.

The divergence reflects performance gaps. Zhipu maintained sales volume while raising GLM model pricing, whereas MiniMax slashed its M3 flagship model price by 50% just one week after launch. Goldman Sachs cut MiniMax's price target 14% over profitability concerns, while JPMorgan raised Zhipu's target while downgrading MiniMax, citing MiniMax's pricing move as evidence of weaker model competitiveness. HSBC estimates MiniMax faces 65% share unlock on July 8, versus only 6% for Zhipu on July 7, providing ample short ammunition ahead of anticipated acceleration of pair trades in early July.