Short Sellers Target Zhipu AI, MiniMax Before Earnings

Z.AI Co., better known as Zhipu AI, and MiniMax Group Inc. listed in Hong Kong in January 2026, giving investors rare, direct exposure to China’s generative-AI model developers. Both remain in a costly expansion phase as domestic price competition intensifies. Their elevated valuations, persistent losses and ability to convert rapid adoption into sustainable revenue have therefore become key tests for investors assessing China’s AI sector.

Short-selling volume in both stocks reached records in June ahead of interim results. Zhipu’s short volume rose to 178,900 shares worth about HK$430 million, while MiniMax reached 239,700 shares valued at roughly HK$141 million. MiniMax is due to report on Aug. 26 and Zhipu on Aug. 31. MiniMax’s July lock-up expiry increased its tradable share supply by 65%, expanding the pool available for stock borrowing and adding to bearish pressure.