Short positions in Hong Kong-listed large-model developers MiniMax and Zhipu AI have climbed to record highs, according to S&P Global data. MiniMax has about 20% of its free float sold short, while Zhipu AI stands at roughly 6%. MiniMax is set to release its interim results after the Hong Kong market closes today, and Zhipu AI will report earnings on Aug. 31. Both stocks have fallen more than 50% from their highs this year. At the same time, the end of IPO lock-up periods in July released a large amount of additional shares into circulation. Southbound investors have raised their holdings to about 12% in Zhipu AI and about 8.1% in MiniMax, but that has not led to a meaningful rebound in either stock. The market is focused on how the two companies can commercialize their large-model businesses and sustain profitability as price competition intensifies. Hedgeye said Zhipu AI faces pressure on profit margins from the price war, while MiniMax is dealing with competition tied to model performance and costs.
Short interest in Hong Kong-listed large-model companies MiniMax and Zhipu AI has reached record highs, according to S&P Global data.
MiniMax has about 20% of its free float sold short, while the figure for Zhipu AI is about 6%. MiniMax is scheduled to release its interim results after the Hong Kong market closes today. Zhipu AI is due to report earnings on Aug. 31.
Both companies have seen their shares fall more than 50% from their highs this year. In July, the end of IPO lock-up periods also brought a large volume of shares into circulation. Even as southbound holdings rose to about 12% for Zhipu AI and about 8.1% for MiniMax, their share prices have not shown a clear recovery.
The market is watching how both companies handle commercialization and profitability as competition in large-model pricing becomes more intense. Hedgeye said Zhipu AI is facing pressure on profit margins from the price war, while MiniMax is under pressure from competition over model performance and costs.
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