Hong Kong AI stocks face sell-off as lock-up period ends

Hong Kong’s stock market is bracing for a potential wave of selling pressure as the six-month lock-up period expires for shares of popular artificial intelligence and semiconductor companies, including Zhipu AI and MiniMax. Lock-up periods prevent early investors and insiders from selling shares immediately after a company goes public. When they end, large amounts of stock can hit the market at once. Analysts warn the fresh supply of shares could drain liquidity, as many of the same companies are also planning large secondary share placements—sales of additional stock to raise more capital. “The market is facing dual selling pressure,” said Stevan Tam, associate director at Fulbright Financial. Investors are now watching closely to see if the sell-off will deepen in the coming days.