Alibaba's Zhipu AI bet pays off; Hong Kong lock-up expiry halves Zhipu and MiniMax values

Alibaba portfolio gains tied to CXMT and Zhipu AI

The South China Morning Post reported on July 28, 2026 that Alibaba's strategic investments are paying off, citing CXMT and Zhipu AI as part of the portfolio benefiting from the strategy. The report positions these holdings within a broader pattern of strategic bets generating returns for the Chinese technology group, though specific return figures were not detailed in the available excerpt.

Hong Kong lock-up expiry pressures AI shares

According to 36 Kr's July 28, 2026 report, roughly HK$1.7 trillion worth of AI shares on the Hong Kong stock market underwent a lock-up expiry. The report named Zhipu AI and MiniMax as among the companies whose market values were halved as restrictions on share sales were lifted, making the event a significant mechanical pressure point for newly listed AI names.

Contrasting signals for the same name

The two reports frame Zhipu AI from different angles: one treats it as part of a successful strategic investment thesis by a major shareholder, while the other documents a sharp share-price decline tied to the expiry of sale restrictions. The available evidence does not establish a direct causal link between the two developments, but together they show how the company is simultaneously being validated by backers and repriced by market structure.

Open questions

The supplied material does not quantify Alibaba's specific returns from Zhipu AI, the exact percentage decline in Zhipu AI's market value, or the precise structure and duration of the affected lock-up arrangements. These details were not present in the available excerpts from either report.