Hong Kong-listed AI stocks broadly declined, with MINIMAX falling over 10%, as overseas large model price cuts intensify commercialization pressure on domestic models.

BlockBeats news, October 8th, according to Bitget market data, Hong Kong stock AI concept stocks fell broadly, among them: MINIMAX dropped over 10%, Zhipu fell over 6%, Xunce dropped nearly 5%, Baidu and Meituan slightly followed the decline.

On the news front, overseas large models have recently continued to trigger a wave of price cuts. Anthropic launched its new-generation model Haiku 5.5 and lowered inference costs, while OpenAI also introduced low-priced versions GPT-6 Sol and Luna, among which Luna API prices dropped 50% compared to the previous GPT-5.6 series.

The market is concerned that as overseas frontier models continue to improve in performance and API prices rapidly decline, domestic large models will face more direct price competition pressure. Especially after overseas models priced in US dollars are converted through exchange rates, some products are already priced lower than similar domestic models, and the competitive barriers previously established by domestic models relying on localization and price advantages face further narrowing pressure.

Previously, domestic models such as DeepSeek had already continued to push API prices lower, and the industry price war is further extending from the domestic market to the global market. Overseas model price cuts may not only compress the pricing space of domestic models, but also prompt the market to reassess the commercialization capabilities, gross margins, and valuation levels of large model companies such as Zhipu and MiniMax.