June 23 report: Domestic general AI company MiniMax will see its first batch of restricted shares unlock on July 9, 2026. Two core strategic shareholders, Alibaba and MiHoYo, have publicly expressed long-term confidence in the company's development and pledged to continue holding shares without selling.
The current unlocking window is generally expected to bring short-term fluctuations in shareholding. However, MiniMax has proactively released multiple stability signals: the company's founding team voluntarily set a 12-month share lock-up period, significantly longer than the industry standard of 6 months. This unlocking does not include shares held by the founding team and employees. The long-term holding commitments from industry shareholders and the extended lock-up period of the founding team work together to create a stable equity structure with long-term holdings by both founders and industry capital.
Alibaba stated that it is optimistic about the transformation process of the general AI industry, recognizing MiniMax's technological R&D and commercialization capabilities. Currently, the AI industry is entering a stage of large-scale implementation. Domestic AI companies have global development potential, and in the future, Alibaba will deepen ecological collaboration around cloud computing and enterprise services, accelerating enterprise technology iteration and business expansion.
From an industry perspective, the extension of lock-up periods by leading AI companies' founding teams and the decision of industry giants to avoid short-term selling reflect the gradual shift of industry capital from short-term speculation logic to long-term AI technology benefits. This helps alleviate market volatility pressure caused by share unlockings of listed AI companies and provides a stable capital environment for continuous R&D of large model companies in China.
