The trend of AI big models in the Hong Kong stock market is diverging, and the Chinese versions of OpenAI (minimax) and Anthropic (Zhipu) are heading towards two paths, with one stock price halving and the other doubling in a week to reach new highs. Hang Seng Technology's pig killing plate has recently fallen horribly, and the Internet sector has almost been wiped out. Only the AI big model track has bucked the trend and started to differentiate internally. The two companies are taking completely different paths. Zhipu is Anthropic from China, and MiniMax is OpenAI from China. Zhipu (02513) is taking the Anthropic route, focusing on programming capabilities and B-end deployment. GLM-5.2 ranks second on the front-end chart of Code Arena, with actual capabilities similar to Opus 4.6, squeezing into the top three in the world of programming. On June 13th, Zhipu fully open sourced GLM-5.2 under the MIT protocol, supporting millions of token contexts, and the market directly defined it as a "domestic carrier after being restricted by closed source frontier models". On June 22, the stock price hit HK $2960 during trading, and the market value briefly broke the trillion mark, nearly 30 times higher than the January issue price of HK $116.2. MiniMax (00100) is OpenAI's approach, focusing on the C-end market and multimodality. The product form is more inclined towards consumer level applications, with overseas income and users. Although it has risen by about 12% to HK $498 in the past trading day, it is still far from the historical high of HK $1330 in March and is currently only rebounding at a low level. The gap between the two companies is widening, with one reaching a new high and the other struggling at the bottom. The main reason is that in early July, the cornerstone investments of the two companies began to be unlocked, and the unlocking ratio of minimax was relatively large, increasing the supply by three times at once. Zhipu has less pressure to unlock, and is preparing to transfer to Chinese Mainland for listing. Now we need to use U to buy Hong Kong stocks, and @ StableStock has done a good job. Other exchanges in the cryptocurrency circle currently do not support Hong Kong stock trading. Stablestock will be added to other stock markets in the future, such as Japan, South Korea, Taiwan, etc. Now they have added a new Hong Kong stock leverage trading function, where buying 10000 USDT spot with 2x leverage only requires about 5000 USDT margin, and 3x requires about 3333 USDT, significantly reducing the entry threshold. Moreover, intraday Kaiping does not accrue interest, resulting in lower holding costs compared to contracts. However, the handling fees for Hong Kong stocks are relatively expensive, making it difficult to engage in frequent trading. Leveraged positions do not accrue interest within a day, but overnight positions will accrue interest. In this round of adjustment of Hang Seng Technology, traditional Internet stocks were almost not spared, and all funds poured into AI model. The market value of Zhipu has exceeded that of many old listed stocks, such as Xiaomi, Meituan, JD.com, Baidu, etc. It is indeed a bit outrageous, mainly because there are few circulating stocks, similar to the high FDV and low circulation in the cryptocurrency circle. Once there is a large unlocking, it is the real verification, after all, cornerstone investors have tens or hundreds of times the return and it is difficult not to sell.