MiniMax's effective free float surged from under 6% to roughly 50% after 146 million shares, or 46% of shares outstanding, came off lock-up at once. This increased tradable supply led to an 18% drop on the first day, with its valuation falling from a peak of nearly US$52 billion to US$10.7 billion by July 10. Zhipu AI, in contrast, saw only 5.76% of its shares become tradable, with 70% remaining with state-backed cornerstone investors committed not to sell, and its stock initially rose 13% before a discounted US$4.0 billion share placement.