Hong Kong-Listed AI Firms Zhipu and MiniMax Release Internal Letters on Same Day as Lockup Expiry Nears

Zhipu AI and MiniMax, the two prominent Chinese large language model companies listed on the Hong Kong Stock Exchange, issued internal letters from their founders on the same day, drawing widespread market attention. Both founders addressed the competitive landscape, product strategy, and organizational priorities in their communications.

Zhipu founder Tang Jie outlined the company's strategic focus areas, including deepening AI model R&D, accelerating commercialization, and expanding international reach. MiniMax's founder also detailed the company's next-phase development roadmap in their letter. Media reports interpreted both letters as efforts to align internal morale and clarify direction during the post-IPO lockup period.

The timing was significant: both stocks were approaching the expiration of their IPO lockup periods, during which early investors and employees become eligible to sell shares. Following the letters, Zhipu and MiniMax shares showed diverging price trajectories, reflecting differentiated market assessments of the two companies' prospects.

As the leading AI model companies listed in Hong Kong, Zhipu and MiniMax serve as key vehicles for global investors to gain exposure to China's AI sector. The coordinated timing of their internal letters sparked discussion about the competitive dynamics between the two firms.

Analysts noted that while internal letters are routine corporate communication, their publication during the sensitive lockup window served to stabilize market expectations. The diverging stock performance suggests investors are moving from a sector-wide approach to individual company assessment in the Chinese AI model space.