On August 18, the large-model concept stocks listed on the Hong Kong stock market experienced a sharp decline. Notably, Zhipu's stock price plummeted by more than 13%, and MINIMAX-W also saw a significant drop of over 10%. Since its debut on the market in January, Zhipu's stock has retreated over 60% from its peak value. Similarly, MINIMAX-W has witnessed a staggering decline of over 78% from its high point in March.