Hong Kong's 'big two' AI stocks plunge: Zhipu down over 13%, MiniMax down over 10%

Hong Kong-listed AI stocks swung sharply on August 18, with Zhipu and MiniMax — dubbed the "big two" of Chinese large-model companies — falling over 13% and more than 10%, respectively.

The declines, reported by Sina Finance, made the two companies the most-watched names in the day's AI sector sell-off.

Zhipu is one of China's leading large-model companies, and MiniMax is likewise a major domestic AI player; both have listed in Hong Kong, which earned the pair their "big two" label.

The reports did not attribute the drop to a single cause, leaving investors focused on the segment's prior gains, valuation levels, and capital flows.

For the industry, how leading model companies perform on the secondary market is often read as a barometer of AI sector heat and commercialization expectations, making the pullback worth watching.

The key questions now are whether the two stocks can stabilize and how the correction shapes expectations for the listing pace and valuations of Chinese large-model companies.