In the crypto market, everything seems to be dropping, but that Zhipu token is up by 10%. It sees about 25 million in daily trading volume. Among stock tokens, it has the largest volume.
What’s moving is the Hong Kong stocks side. Yesterday, southbound capital net-bought Zhipu by more than HK$700 million. A few days ago, the company just announced a financing of about US$5 billion for its next-generation GLM model. Today, the company’s actual Hong Kong stock is also rising.
Between the token and the underlying stock, there’s a trading session gap, so the price increase here can’t be reflected in the order book in real time. We’ll have to wait for the market open to see whether the price difference is filled and how much it closes.
What’s moving is the Hong Kong stocks side. Yesterday, southbound capital net-bought Zhipu by more than HK$700 million. A few days ago, the company just announced a financing of about US$5 billion for its next-generation GLM model. Today, the company’s actual Hong Kong stock is also rising.
Between the token and the underlying stock, there’s a trading session gap, so the price increase here can’t be reflected in the order book in real time. We’ll have to wait for the market open to see whether the price difference is filled and how much it closes.
