Zhipu AI (2513.HK) declined 2.65% during regular trading to HK$1,435, with intraday low at HK$1,375 and turnover of about HK$563 million. The stock fell more than 5% within five minutes after the opening, triggering an anomaly signal.
The company recently unveiled its latest flagship large model GLM-5.2 with open-source release. Programming capabilities ranked among top-tier open-source models in authoritative benchmarks, trailing overseas leaders by just 1%-4%. Macquarie reaffirmed a buy rating on June 15 with a target price of HK$1,221.40. Inclusion in the Hang Seng Tech 100 Index further strengthened Zhipu's positioning in the AI sector.
Persistent headwinds came from cautious market sentiment ahead of the Federal Reserve interest rate decision. The Philadelphia Semiconductor Index plummeted 5.7% the previous night, while the Nasdaq Golden Dragon China Index closed down 2.42%. Broader weakness across technology stocks and Chinese concept shares likely contributed to today's sharp decline.