--- title: "Hong Kong Stock Movement: KNOWLEDGE ATLAS falls 14%, market value drops below 1 trillion, controversy arises over unlocking pressure and high valuation" type: "News" locale: "en" url: "https://longbridge.com/en/news/290519599.md" description: "KNOWLEDGE ATLAS fell 14.11%; MINIMAX-W fell 18.90%, with a transaction volume of HKD 1.676 billion; Dipu Technology fell 8.35%, with a transaction volume of HKD 80.27 million; Haizhi Technology Group fell 8.52%, with a transaction volume of HKD 51.83 million; Shenyan Intelligent fell 0.67%, with a market value of HKD 29.7 billion" datetime: "2026-06-23T06:21:46.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/290519599.md) - [en](https://longbridge.com/en/news/290519599.md) - [zh-HK](https://longbridge.com/zh-HK/news/290519599.md) --- # Hong Kong Stock Movement: KNOWLEDGE ATLAS falls 14%, market value drops below 1 trillion, controversy arises over unlocking pressure and high valuation **Hong Kong Stock Movement** KNOWLEDGE ATLAS fell 14.11%. Based on recent news, 1. On June 23, KNOWLEDGE ATLAS's stock price surged 15% yesterday, with a market capitalization exceeding HKD 1 trillion. Today, it briefly rose again but quickly plummeted, dropping 14%. As of now, the company's market capitalization has fallen below HKD 1 trillion, down to HKD 928 billion. KNOWLEDGE ATLAS's stock price has shown a clear "up and down" characteristic in the capital market, with nearly HKD 400 fluctuations in less than an hour. Source: LeiDi Network 2. On June 22, KNOWLEDGE ATLAS is about to face its first "stress test" after going public. On July 8, six months after its listing, according to the Hong Kong Stock Exchange IPO rules, cornerstone investors and some old shareholders will see their restricted shares unlocked. The number of unlocked shares is approximately 11.9859 million, with a total unlocking scale of about 25.6816 million shares. After this round of unlocking, KNOWLEDGE ATLAS's circulating shares will expand by about 148%, with circulating stock supply more than doubling. Source: Daily Economic News 3. On June 22, the Hong Kong stock market welcomed its first AI large model company with a market capitalization exceeding HKD 1 trillion this year. On that day, KNOWLEDGE ATLAS's market capitalization first broke through the HKD 1 trillion mark; by the close, its total market capitalization had reached HKD 1.07 trillion. Source: Beijing News Shell Finance. The market is optimistic about the prospects of AI large model companies, but the scarcity of circulating shares has led to significant stock price fluctuations. **Stocks Ranked Among the Top in Industry Transaction Volume** MINIMAX-W fell 18.90%. Based on recent key news: 1. On June 23, MiniMax will face its first batch of unlocked shares after going public on July 9. Alibaba and miHoYo expressed long-term optimism about the company's development prospects. The unlocking news raised market concerns, leading to a decline in stock price. Source: Viewpoint Network 2. On June 22, Hong Kong tech stocks generally fell, dragging the Hang Seng Index to a new 11-month low. As one of the tech stocks, MiniMax's stock price significantly dropped due to the overall market sentiment. Source: Zeng Yuancong 3. On June 22, the capital market reassessed the valuations of AI companies, with MiniMax's price-to-sales ratio far exceeding that of its American counterparts, raising doubts about the sustainability of its high valuation, leading to stock price fluctuations. Source: Golden Finance. The AI industry's high valuations have increased risks. Dipu Technology fell 8.35%. Based on recent key news: 1. On June 22, Dipu Technology announced changes in its board members, with Dr. Feng Wei appointed as an independent non-executive director and Dr. Yang Hongxia resigning. This move may raise market concerns about the company's governance structure, leading to a decline in stock price. 2. On June 22, technical sentiment signals showed strong sell signals, with the market holding a pessimistic view on Dipu Technology's future performance, further exacerbating the stock price decline. 3. On June 22, Dipu Technology's average trading volume was 11,868,697, indicating a high level of market attention on the stock. Increased trading volume may have intensified stock price fluctuations. The tech industry has been volatile recently and requires attention Haizhi Technology Group fell by 8.52%, with a transaction volume of HKD 51.83 million, and there has been no significant news recently. The trading is active, and the capital flow is evident. Considering the sector and industry trends, the stock shows significant volatility, and the specific reasons need further observation. **Stocks ranked at the top of the industry by market capitalization** Shenyan Intelligent fell by 0.67%, with a market capitalization of HKD 29.7 billion, and there has been no significant news recently. The trading is active, and the capital flow is evident. Considering the sector and industry trends, the stock shows significant volatility, and the specific reasons need further observation ### Related Stocks - [02513.HK](https://longbridge.com/en/quote/02513.HK.md) - [00100.HK](https://longbridge.com/en/quote/00100.HK.md) - [01384.HK](https://longbridge.com/en/quote/01384.HK.md) - [02706.HK](https://longbridge.com/en/quote/02706.HK.md) - [02723.HK](https://longbridge.com/en/quote/02723.HK.md) ## Related News & Research - [CLSA Sticks to Their Hold Rating for Knowledge Atlas Technology Joint Stock Company Limited Class H (2513)](https://longbridge.com/en/news/290260641.md) - [China to match Anthropic’s top AI model in 2026, Zhipu founder tells Musk](https://longbridge.com/en/news/290463009.md) - [Knowledge Atlas Tech Ratifies Governance Changes at Highly Attended AGM](https://longbridge.com/en/news/290464120.md) - [Anthropic’s AI blackout gives Zhipu GLM-5.2 a chance to shine](https://longbridge.com/en/news/290560614.md) - [Alibaba slashes Qwen AI model price during US working hours in fight for users](https://longbridge.com/en/news/290712852.md)