Hong Kong-listed AI stocks described as the "large model duo" fell sharply on Aug. 18. Market data showed Zhipu down more than 13% and MINIMAX-W down more than 10%, indicating steeper losses than earlier readings of more than 10% and more than 8%, respectively. The move reflected broad weakness in Hong Kong's large-model concept shares, a market category linked to companies involved in generative AI and large AI model development.