AI TRENDS | Zhipu Shares Fall Before Hong Kong Open Amid Delisting of No New Company-Level Negative News

Zhipu shares fell before the Hong Kong market opened, reaching a low of $120.7 within about one hour and extending losses during intraday trading, according to HyperInsight. According to Odaily, the company completed a placement of 19.78 million new Hong Kong-listed shares on July 13, and its shares fell 28.49% on July 17 after Moonshot released the open-source Kimi K3 model with 280 billion parameters. Before publication, no new company-level negative developments had been seen today. HyperInsight said Zhipu's largest bullish whale was currently holding a 10x isolated long position of 7,300 contracts, with a position value of about $905,000, an average entry price of $174.2, and a liquidation price of about $78.3. The position was showing an unrealized loss of about $367,000, or 288.2% based on return calculations. The whale first opened a long position near $198.45 on the evening of July 6 and had not sold it. At 10:12, it added 409.1 contracts at $129.6.