AI large model stock KNOWLEDGE ATLAS staged a counter-trend rebound on the day its restricted shares were first unlocked, followed swiftly by a major equity financing round.

On July 8th, approximately 256.8 million cornerstone investor restricted shares in KNOWLEDGE ATLAS were officially unlocked, representing a market value exceeding HK$400 billion. Despite facing immense selling pressure, the share price defied expectations by rising, surging nearly 19% intraday and ultimately closing up over 13%, lifting its total market capitalization to HK$813.7 billion.

Capitalizing on this strong performance, the company promptly proceeded with a placement plan, aiming to sell 19.8 million H-shares at a price between HK$158.8 and HK$169.8 per share. This represents a discount of roughly 7% to 13% compared to that day's closing price, with fundraising expected to reach between HK$31.44 billion and HK$33.62 billion.

The company disclosed that the proceeds will be used in three key areas: first, for research and development investments, including talent cultivation, computing resource deployment, and procurement of related technical services; second, to accelerate business expansion and advance strategic investments and mergers and acquisitions; and third, to optimize capital structure and working capital management.

Unlock Pressure Fails to Crush Share Price as Key Investors Signal Long-Term Commitment

The unlocking involved 11 cornerstone investors, and the potential selling pressure from the expiry of their lock-up period had been the market's primary concern beforehand. However, on the eve of the unlock, several institutions publicly stated their holding intentions.

JSC International Investment Fund SPC indicated it is willing to continue holding shares based on confidence in the company's long-term development trajectory. Institutions including WT Asset Management and Optimas Capital Limited also subsequently expressed their long-term holding intentions.

These cornerstone investors, who have committed to holding their shares, collectively hold nearly 70% of the total cornerstone shares unlocked in this round.

JPMorgan recently raised its target price for KNOWLEDGE ATLAS from HK$1,800 to HK$2,000, maintaining an "Overweight" rating. Its research report noted that the company's newly launched GLM-5.2 model already possesses global competitiveness and suggested that the scaling growth potential from its open-weight model still contains unpriced "option value."

The collective statements helped alleviate market fears of a selling wave. The stock's performance that day confirmed this view, opening about 2.92% lower, then falling nearly 10% intraday before staging a strong rebound to touch a high of HK$1,918.

MiniMax Faces More Complex Unlock Test Today

The market reaction following KNOWLEDGE ATLAS's share unlock has shifted attention to another Hong Kong-listed large model company, MiniMax.

MiniMax listed on the Hong Kong Stock Exchange on January 9th, 2026. Its share price initially surged to HK$1,330 before facing sustained downward pressure; its current market capitalization is approximately HK$113.7 billion.

MiniMax's cornerstone investors include Alibaba, the Abu Dhabi Investment Authority, and Boyu Capital, among others. Based on a standard six-month lock-up period, the company is set to face its first major batch of post-listing restricted share unlocks on July 9th.

Unlike the KNOWLEDGE ATLAS unlock, which was concentrated among cornerstone investors, MiniMax's unlock structure is more complex, involving both cornerstone investors and some pre-IPO investors. The potential unlock scale represents about 49% of its total share capital, a significantly higher proportion than for KNOWLEDGE ATLAS.

Market focus on its investors' potential selling motives and the secondary market's capacity to absorb the shares is therefore more intense. Whether KNOWLEDGE ATLAS's unlock experience provides a reference for MiniMax remains to be seen based on today's market performance.