MiniMax Breaks Issue Price for First Time in Hong Kong; Zhipu Falls 7.1% on Same Day as LLM Price War Continues
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On October 22, MiniMax's Hong Kong shares fell more than 7% intraday, hitting a low of HK$158.10 and closing at HK$160.70, below the HK$165 issue price—its first break below the issue price since listing in January this year; on the same day, Zhipu closed down 7.1% at HK$460.80. MiniMax's share price has pulled back about 88% from its high, while Zhipu has pulled back about 85% from its high, with more than HK$1 trillion in market value wiped out. The article attributes the pullbacks to weakness in Hong Kong stocks and the price war: Zhipu launched GLM-5.3-Flash on August 26, pricing it at one-tenth of the flagship GLM-5.3; OpenAI released the GPT-6 series on September 23 and announced a permanent 50% API price cut; MiniMax released M3.1 Flash on October 19, saying the overall cost of use for Agentic tasks is 70% lower than the previous generation.
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The article places the stock pullbacks of the two Hong Kong-listed large-model companies alongside several recent rounds of price cuts, allowing readers to observe how the price war affects valuation logic.
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10月22日，港股大模型企业MiniMax盘中一度跌超7%，最低触及158.10港元，收盘报160.70港元，正式跌破165港元的发行价，这是MiniMax今年1月登陆港交所以来首次破发。与MiniMax并称港股“大模型双雄”的智谱同日重挫7.1%，收报460.80港元。
两家公司均于今年1月先后挂牌，上市初期备受资金热捧：MiniMax公开发售部分获超千倍超额认购，首日大涨109%，3月时最高触及1330港元；智谱则在6月22日摸高2980港元，总市值一度突破1.33万亿港元。
然而短短数月后，MiniMax股价自高点累计回撤约88%，上市后的涨幅尽数回吐；智谱自历史高点回撤约85%，市值蒸发超1万亿港元。股价剧烈波动的背后，除了港股市场整体走弱外，是大模型行业白热化的价格战。
8月26日，智谱上线GLM-5.3-Flash原生多模态模型，定价直接压至旗舰GLM-5.3的1/10，限时折扣期内低至1/20，每百万Token输入0.80元、输出2.80元。
9月23日，OpenAI发布GPT-6系列并宣布API永久降价50%，其中Luna版本输入价低至每百万Token0.10美元。
10月19日，MiniMax发布M3.1 Flash新模型，在 Agentic 类任务中，称综合使用成本较上一代下调70%，输入价压至每百万Token 1.00元、输出价4.00元。
财报显示，MiniMax与智谱2026年上半年B端收入均高速增长，但仍处于商业化早期、尚未实现整体盈利。头部厂商接连降价意味着单位Token收入承压，市场估值逻辑正从“概念溢价”向“商业化兑现”切换，叠加重磅解禁压力与南向资金观望情绪，大模型双雄短期仍面临估值消化考验。
（文章来源：东方财富研究中心） 正文中部 内嵌广告