BlockBeats News, August 18th, according to TradingBeats (formerly Hyperinsight) monitoring, most of the 92 stock contracts with a trading volume of over $100,000 in the past 24 hours experienced a decline. ZHIPU fell by about 16.1% to $127.84, MINIMAX fell by about 12.2% to $37.32, sweeping the top two spots on the active target price drop list. Two major domestic model targets significantly underperformed the overall market, but there was no major bearish news.

According to official sources and Axios reports, the most important catalyst came from GLM-5.2. After the new generation flagship model was unveiled on June 15th, the company's Hong Kong stock price surged by nearly 48% intraday. Subsequently, the market began trading in anticipation of GLM-5.3. News on August 14th revealed that GLM-5.3 scored 84.5% in the CyberGym vulnerability test, but the public weight time was delayed by two weeks. The originally anticipated catalyst approaching realization may have re-entered a waiting period.

According to official sources, MiniMax's previous surge mainly revolved around H3 and the Hong Kong stock link. The company released H3 on July 31st, then opened up the weight and promoted ecosystem adaptation. On August 6th, it formally entered the Hong Kong stock link. With the model release, open weight, and Hong Kong stock link successively implemented, the market's marginal impact on the narrative of repeated trading of H3 may have cooled off.

At an exchange rate of approximately 7.8 Hong Kong dollars to 1 US dollar, ZHIPU received target prices from three institutions (JPMorgan Chase, Bernstein, and Goldman Sachs) ranging from $173 to $241, with the current price still below this range. The disparity in MiniMax's target prices is more extreme, with target prices approximately equal to $20.5, $35.3, and $110.3. The current price of MINIMAX is already higher than the target prices of the first two.

Just before the sharp decline of the two stocks today, JPMorgan Chase had just simultaneously raised the target prices of ZHIPU and MiniMax. The target price for ZHIPU was raised from HKD 1600 to HKD 1800, approximately $230.8, maintaining a "hold" rating; the target price for MiniMax was raised from HKD 160 to HKD 260, approximately $33.3, maintaining a "neutral" rating.

At an exchange rate of approximately 7.8 Hong Kong dollars to 1 US dollar, ZHIPU received target prices from JPMorgan Chase, Bernstein, and Goldman Sachs ranging from $173 to $241, with the current price still below this range. The valuation discrepancy for MiniMax is more extreme, with target prices from the three firms approximately equal to $33.3, $35.3, and $110.3. The current price of MINIMAX at $37.32 is already higher than the latest target prices of JPMorgan Chase and Bernstein.

On-chain data shows: the current open interest of ZHIPU is approximately $7.97 million, and MINIMAX is around $11.7 million; in the past 24 hours, their respective nominal OI has grown by about 61.7% and 109.9% at one point. Meanwhile, the funding rates for ZHIPU and MINIMAX over the last 24 hours are about +0.124% and +0.090% respectively. The market has continued to increase leverage during the downturn. Especially for ZHIPU, the cost of funding has significantly risen compared to before, leading to inflows of bottom-fishing capital, causing crowding among long positions to be squeezed either previously or after the catalyst weakened.

The largest long position in ZHIPU, held by 0xddb85, currently holds a long position of around $2.34 million, with an average price of $161.34 per token and an unrealized loss of about $612,000. There has been no further increase in positions since August 17th;

The largest long position in MINIMAX, held by 0xcd98, continued to buy 7,810 contracts during today's decline, approximately $301,000, increasing the position by about 10.6%. They currently still hold a long position of around $3.03 million with an unrealized profit of about $687,000; however, they have set a stop-loss covering about one-third of the position near $30.