7月17日，港股AI公司遭遇大幅调整。智谱AI股价下跌28.48%至1107港元，市值从6月峰值1.33万亿港元回落至约5154亿港元，短短25天蒸发逾8720亿港元[1]。同日MiniMax下跌15.63%至216港元，市值754亿港元，较历史最高价1330港元跌幅超过八成[1]。
此次调整背景下，浦银国际测算2026年港股全年解禁市值约1.7万亿港元，较2025年增长近三倍，其中9月解禁规模将达5300亿港元[1]。历史数据显示约58%的港股公司在解禁前后三个月跑输恒生指数[1]。市场正经历从叙事驱动向基本面审视的转变，投资者开始重新评估极高估值的合理性。
从估值水平看，智谱IPO首日市值约540亿港元、市销率约75倍，之后峰值时市销率飙升至1570倍[1]。7月17日按市值与2025年营收计算，智谱市销率655倍、MiniMax市销率122倍[1]，而对标的OpenAI市销率仅28倍、Anthropic仅20倍[1]。值得注意的是，Anthropic ARR从2025年底约90亿美元飙升至2026年5月440亿美元，短短几个月增长五倍[1]。
Hong Kong's artificial intelligence sector faced a sharp correction on July 17 as a massive wave of share unlocking triggered significant selloffs across the industry [1]. Zhipu AI's stock price collapsed 28.48% to close at 1,107 Hong Kong dollars, with its market capitalization falling to approximately 515.4 billion Hong Kong dollars—erasing about 872 billion Hong Kong dollars within just 25 days since peaking at 1.33 trillion Hong Kong dollars on June 22 [1]. MiniMax also declined sharply, dropping 15.63% to 216 Hong Kong dollars per share on the same day, with its market value at 75.4 billion Hong Kong dollars, representing a decline of over 80% from its historical high of 1,330 Hong Kong dollars [1].
The selloff reflects a broader market repricing of Hong Kong's AI companies following the onset of major unlock events. Puhui International estimated that the total value of unlocked shares across Hong Kong stocks in 2026 would reach approximately 1.7 trillion Hong Kong dollars, nearly tripling the figure from 2025, with September alone projected to see 530 billion Hong Kong dollars in unlocking [1]. Historical data shows that roughly 58% of Hong Kong-listed companies underperform the Hang Seng Index in the three months surrounding unlocking events [1].
The dramatic valuation compression underscores investor skepticism toward the sector's elevated multiples. At its July 17 closing price, Zhipu's price-to-sales ratio stood at 655 times based on 2025 projected revenue, compared to its 1,570-fold peak valuation [1]. This contrasts sharply with established AI firms such as OpenAI, which trades at a 28 times price-to-sales multiple, and Anthropic at 20 times [1]. Anthropic's annual recurring revenue surged from approximately 9 billion dollars at the end of 2025 to 44 billion dollars by May 2026, demonstrating a five-fold increase in just a few months [1].