Chinese AI Billionaire Yan Junjie Battles Heavy Selling Pressure After $39 Billion Market Wipeout

Chinese AI billionaire Yan Junjie is facing heavy selling pressure after a sharp MiniMax market value wipeout, underscoring the volatility of the sector. The Hong Kong-listed AI model developer shed about $39 billion in market value since its March peak, wiping out $9.3 billion of Yan Junjie’s wealth. Forbes estimates his net worth fell to $3.3 billion from a high of $12.6 billion, after MiniMax’s January IPO raised $619 million and shares dropped more than 70% from an HK$1,330 ($170) record in March. The pressure comes as lockup periods are set to expire on Wednesday, potentially increasing selling. Investors are also questioning MiniMax’s pace, with analysts saying rival Zhipu has been closing the gap. Zhipu’s stock has surged nearly 1,300% this year, and cofounder Liu Debing is now Forbes’ eighth richest at $28.4 billion.