Zhipu AI and MiniMax Face Lockup Expirations, Potential Selling Pressure Could Reach Billions

According to Sing Tao Headline, Zhipu AI and MiniMax, two of China's most prominent AI startups, are facing the expiration of their stock lockup periods, with potential selling pressure estimated to reach hundreds of billions of yuan. The development has drawn significant attention in Hong Kong-listed and Chinese ADR markets, as investors brace for possible downward pressure from the newly tradable shares.

Zhipu AI, known for its GLM family of large language models, and MiniMax, which has gained popularity with its Hailuo AI consumer products, are among the most closely watched companies in China's AI landscape. Both have completed multiple high-value funding rounds in recent years, making the expiry of lockup agreements for early investors and employee stock holdings a key market event.

The "hundreds of billions" estimate reflects a conservative assessment — the actual impact will depend on how quickly major shareholders move to sell and whether new long-term capital steps in to absorb supply. Analysts note that lockup expirations do not automatically trigger sell-offs, but the market's ability to digest any large block trades will be crucial.

How Zhipu AI and MiniMax navigate this window could serve as a bellwether for the broader Chinese AI sector. A smooth transition would bolster confidence in the space, while significant sell-offs could weigh on valuations across peer companies.

Neither company has issued public statements regarding the lockup expirations as of press time. Investors will be watching for block trade filings and shareholder disclosure notices to gauge actual capital flows in the coming days.