Another script that hits its peak right after listing. $ZHIPU Today it’s at 129.88, having dropped from a high of 156.36—down nearly 17%. In just 24 hours, the trading value is only 55.5M. With this volume, what can it possibly hold up?
In plain terms, Zhipu AI is indeed one of the few strong players among domestic large-model companies. But the valuation logic the Hong Kong stock market is applying to AI right now can be summed up in one word: hype. Look at its peers listed around the same time—who hasn’t surged up, then pulled back and drifted lower for three months? The premium paid by private placement investors is ridiculously high. Retail investors become bag-holders, holding the stock as if it’s value investing, even though it’s more like a zero-sum game.
The key observation level is simple: if 127.68—the recent low—gets broken, the next support should be around 110, roughly the psychological line near the issue price. If rebounds can’t get above 140, then it’s basically weak consolidation. Don’t expect a violent snapback in the short term.
This move is either a smoke screen from the big players as they unload, or the market simply hasn’t fully digested the emotional selling pressure yet. For correlation: if BTC rebounds tonight, it might provide some sentiment support, but don’t expect to “save” the AI stock with the big pie. Fundamentals are the real hard truth.
Newcomers might think that a drop is an opportunity, but old hands know this kind of stock can fall without a clear bottom. Keep an eye on 127. If it breaks, don’t pretend.
In plain terms, Zhipu AI is indeed one of the few strong players among domestic large-model companies. But the valuation logic the Hong Kong stock market is applying to AI right now can be summed up in one word: hype. Look at its peers listed around the same time—who hasn’t surged up, then pulled back and drifted lower for three months? The premium paid by private placement investors is ridiculously high. Retail investors become bag-holders, holding the stock as if it’s value investing, even though it’s more like a zero-sum game.
The key observation level is simple: if 127.68—the recent low—gets broken, the next support should be around 110, roughly the psychological line near the issue price. If rebounds can’t get above 140, then it’s basically weak consolidation. Don’t expect a violent snapback in the short term.
This move is either a smoke screen from the big players as they unload, or the market simply hasn’t fully digested the emotional selling pressure yet. For correlation: if BTC rebounds tonight, it might provide some sentiment support, but don’t expect to “save” the AI stock with the big pie. Fundamentals are the real hard truth.
Newcomers might think that a drop is an opportunity, but old hands know this kind of stock can fall without a clear bottom. Keep an eye on 127. If it breaks, don’t pretend.