Short-selling volumes against Zhipu AI and MiniMax Group have reached record highs on the Hong Kong Stock Exchange, reflecting growing investor anxiety about the outcome of China’s intensifying generative AI price war. Zhipu’s stock surged approximately 170 % through mid-June 2026, while MiniMax’s shares plummeted nearly 50 % over the same period. Short volumes hit all-time highs with Zhipu recording 178,900 shares worth approximately HK$430 million and MiniMax hitting 239,700 shares worth around HK$141 million. This divergence reflects the perceived technological edge of Zhipu’s GLM-5.2 model over MiniMax’s M3 model in enterprise applications. Lock-up expirations freed approximately 65 % of MiniMax’s outstanding shares compared to only 6 % for Zhipu, amplifying downward pressure on MiniMax’s stock. Investors are deploying a pair trade strategy, going long on Zhipu while shorting MiniMax to capture the widening performance gap.
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