The largest long positions on MINIMAX and ZHIPU each lost over 300% of their principal.

Hong Kong-listed large language model (LLM) giants MiniMax and Zhipu AI continue to slump: MiniMax fell below its IPO price of HK$165 during intraday trading, while Zhipu AI also extended its decline, with both pulling back over 80% from their all-time highs. On-chain long positions are also under pressure: the former largest long holder of Zhipu AI liquidated their position with losses exceeding $2.7 million, while the current largest long holders of both contracts still hold a combined unrealized loss of around $1.53 million. According to TradingBeats monitoring, the perpetual contracts for MINIMAX and ZHIPU on Hyperliquid are trading at $20.593 and $58.354 respectively. Among them, the current largest long holder of Zhipu AI (wallet address 0xddb8) holds a ZHIPU position valued at approximately $1.7119 million, with an average entry price of $105.091, resulting in an unrealized loss of around $1.3711 million. The current price is about 44.5% lower than its cost basis, and the liquidation price is $34.55. This account opened its position on the evening of July 6. The current largest long holder of MiniMax (wallet address 0xd33c) holds a MINIMAX position valued at around $331,200, with an average entry price of $30.7616, and an unrealized loss of approximately $163,600. The current price is about 33.1% lower than its cost, and the liquidation price is $16.95. The former largest long holder of Zhipu AI (wallet address 0x8b3f) liquidated their position at a loss the day before yesterday. This account had opened a long position worth $4.5445 million, incurring a loss of around $2.7063 million; had they not exited, the loss would have widened further.