---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000898337.md"
description: "$MINIMAX-W(00100.HK)$Z.AI(02513.HK)💥 Chinese AI Stocks CRASH ~25% - 4 Catalysts Behind the Meltdown!Leading Chinese AI players Z.AI and MiniMax just had their worst week since listing. Both fell roughly 25% in a sharp, synchronized drop. Four negative catalysts hit all at once.1️⃣ US Geopolitical Accusations US intelligence agencies accused both firms of large-scale model distillation from US frontier AI models. This raises serious geopolitical risks.2️⃣ Price War Heats Up DeepSeek launched its ultra-low-cost V4.1 Flash model below 1 cent per million tokens. A brutal price war threatens profit margins across the whole sector.3️⃣ Big Dilution for Z.AI Z.AI announced a ~US$5 billion capital raise via discounted shares and convertible bonds. This creates roughly 10% dilution pressure.4️⃣ Valuation Cuts on Wall Street Jefferies lowered Z.AI’s cloud valuation from 50x to 30x after H1 results showed widening net losses.With combined first-half losses near HK$5.1 billion, the market is shifting fast. It is moving away from hype and now demanding real revenue, clear monetisation and sustainable margins.What do you think about this sector re-rating? Will you start accumulating Chinese AI stock into your portfolio?Not financial advice. Do your own DD☺️"
datetime: "2026-09-14T00:51:29.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000898337.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000898337.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000898337.md)
author: "[Fattycat](https://longbridge.com/en/profiles/19854884.md)"
generator: "portal-rs"
---

# $MINIMAX-W(00100.HK)$Z.AI(02513.HK)💥 Chinese AI St…


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## Comments (2)

- **Steve_Z · 2026-09-14T05:50:04.000Z**: gross margin is where this lands first, token price cuts hit the cost line a quarter or two before they show up in reported revenue.
  - **Fattycat** (2026-09-14T05:51:54.000Z): Zhipu has been dropping like “….” 😅 from 2000 . Don’t know where is the bottom 😆. HKD 200 I buy 😜


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**