The lock-up period concluded for roughly 25.68 million shares owned by cornerstone investors in AI large model firm Zhipu, with the market value of these shares surpassing HKD 40 billion. On the same day, Zhipu's stock price defied the broader market trend, rallying to close up by over 13%, and propelling its total market capitalization to HKD 813.7 billion. Subsequently, Zhipu expedited its share placement initiative, aiming to secure between HKD 31.44 billion and HKD 33.62 billion to fuel research and development endeavors, facilitate business expansion, and refine its capital structure. This lock-up expiry encompassed 11 cornerstone investors, with nearly 70% expressing their intent to retain their shares for the long haul. JPMorgan Chase revised its target price for Zhipu upwards to HKD 2,000, while maintaining an "Overweight" rating. On the same day, Hong Kong-listed AI large model company MiniMax is set to encounter its first significant lock-up period expiry post-IPO, featuring a more intricate lock-up framework and the potential unlocking of shares accounting for roughly 49% of its total share capital. The market is keenly observing MiniMax's motives for reducing its holdings and its capacity to absorb the ensuing selling pressure. Whether Zhipu's lock-up expiry scenario can serve as a benchmark for MiniMax remains to be seen and validated by the market.