China AI Lab's 170% Stock Surge Cements Winner-Loser Pair Trade

Shares of Zhipu are up 170% since late March in Hong Kong while MiniMax shares are down about 50%, creating a long Zhipu/short MiniMax pair trade. Analysts expect the trade to gain momentum in early July when more MiniMax stock exits IPO lockup. The divergence reflects investor preference for Zhipu's model quality and earnings potential.