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Morning Edition · Sunday, October 25, 2026Published at 2:22 AM EDT · New York
Hong Kong-listed MiniMax and Zhipu have lost a combined $150 billion from their peaks as Chinese token prices fall
MiniMax now trades below its January listing price, having been about 650% above it in March, and Zhipu is down 81% from its June high, with share unlocks approaching in January.
As of Thursday's close, MiniMax Group and Z.AI, also known as Zhipu, had together lost $150 billion in market value from their highs, Bloomberg reported. Both companies made their market debuts in January. The Telegram channel AI Post summa…
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Part of a tracked trend
Frontier Model Price War
Frontier API vendors increasingly compete on strategic price-cutting rather than pure capability, repeatedly launching or repricing models below prevailing rates to grab share and compressing industry inference margins; expect recurring below-rival pricing moves.
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