Domestic large models rebound, prompting whales to chase the rally; their long positions have already accounted for over 20% of the market holdings in Zhipu and MiniMax.

October 27 — Hong Kong-listed Chinese large-model duo rebounded sharply in early trading, with ZHIPU rising as much as about 13.3% and MiniMax gaining nearly 6% at one point. An on-chain whale took advantage of the rebound to build long positions in both companies, buying a cumulative total of about $3.85 million, but as the gains were given back, the positions have now turned to unrealized losses.

According to TradingBeats monitoring, the account began buying ZHIPU in batches around midday today and has so far built a cumulative long position of 40,000 contracts, worth about $2.8305 million at an average price of $70.76; over the same period it bought 45,000 MiniMax contracts, worth about $1.0221 million at an average price of $22.71.

The whale's new positions account for a considerable share of the two contracts' open interest. Measured by number of contracts, the account's ZHIPU and MINIMAX long positions are equivalent to about 20.6% and 26.4% of the respective contracts' OI. The account currently holds only these two contract positions, both using 1x isolated leverage.

The afternoon rebound in Hong Kong stocks failed to fully hold. As of press time, ZHIPU's gain has narrowed to about 8.9%, while MiniMax has turned from a gain to a decline of about 1.1%. Over the same period, the combined value of the two on-chain long positions is about $3.7983 million, with an unrealized loss of about $54,300.