[Hong Kong Stock Market AI Duo Faces Record Short Selling, MiniMax Short Position Ratio Rises to 20%] Odaily Planet Daily News: According to S&P Global data, the short positions of Hong Kong-listed large model companies MiniMax and Zhitu AI have both reached record highs. Shares shorted for MiniMax account for approximately 20% of its free-floating shares, while Zhitu AI's shorted shares account for about 6%. MiniMax is set to release its semi-annual report after the Hong Kong stock market closes today, while Zhitu AI will announce its earnings on August 31. The stock prices of both companies have fallen more than 50% from their year-to-date highs, and a large number of shares entered circulation after the IPO lock-up period ended in July. Despite the proportion of Southbound funds holding shares rising to approximately 12% for Zhitu AI and 8.1% for MiniMax, it has not significantly driven a rebound in stock prices. The market is currently focused on the commercialization and profitability of the two companies amid intensified price competition in the large model sector. Hedgeye believes Zhitu AI faces pressure on profit margins due to the price war, while MiniMax is under pressure from competition in model performance and costs.