Zhipu AI surged 13%, bucking the broader market's pullback that day. Interestingly, the catalyst in recent days should have been negative—the first batch of cornerstone lock-up expirations post-IPO happened to fall in this window. However, about 70% of the unlocking parties (many being national strategic capital and local industrial funds) publicly stated they would hold long term and not reduce their holdings. The market directly interpreted "the lock-up expiration didn't cause selling pressure" as a vote of confidence.

MiniMax also rose 12%, with no specific news of its own, purely following this wave of sector rotation back into China's large AI models—a rebound after the previous halving. Moreover, it faces an even larger batch of lock-up expirations next week, making the future movement of its stock price uncertain.