--- title: "Hong Kong Stock Movement: Z.AI falls 10.27%: GLM-5.3 release fails to conceal the Hang Seng Index's shortcomings, highlighting the pressure of valuation regression" type: "News" locale: "en" url: "https://longbridge.com/en/news/296751612.md" description: "Z.AI fell 10.27%; MINIMAX-W fell 10.37%, with a transaction volume of HKD 3.225 billion; Haizhi Technology Group fell 0.59%, with a transaction volume of HKD 171 million; Dipu Technology fell 4.31%, with a transaction volume of HKD 34.07 million; Zhongke Wenge rose 0.57%, with a market value of HKD 15.4 billion" datetime: "2026-08-24T07:42:09.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296751612.md) - [en](https://longbridge.com/en/news/296751612.md) - [zh-HK](https://longbridge.com/zh-HK/news/296751612.md) generator: "portal-rs" --- # Hong Kong Stock Movement: Z.AI falls 10.27%: GLM-5.3 release fails to conceal the Hang Seng Index's shortcomings, highlighting the pressure of valuation regression **Hong Kong Stock Movement** Z.AI fell 10.27%. Based on recent key news: 1. On August 24, the Hang Seng Index Company did not include Z.AI in the Hang Seng Index during the quarterly review, leading to unmet market expectations and investors withdrawing, causing the stock price to drop. Source: BlockBeats 2. On August 21, Z.AI's stock price surged significantly due to the launch of the new generation base model GLM-5.3, but failed to maintain the upward momentum. Source: Zhitong Finance 3. On August 21, the market showed high interest in Z.AI's GLM-5.3 model; however, its exclusion from the Hang Seng Index affected market confidence. Source: Economic Information Daily, technology stocks are experiencing increased volatility, and caution is advised for investors. **Stocks with High Trading Volume in the Industry** MINIMAX-W fell 10.37%. Based on recent key news: 1. On August 21, the Hang Seng Index Company announced the results of the second quarter index review, and MINIMAX was seen as a popular candidate for inclusion in the index but ultimately did not make the cut, leading to a significant drop in stock price. Source: Economic Information Daily 2. On August 21, MINIMAX announced that Dr. Zhu Huaxing resigned as an independent non-executive director, and Dr. Li Ziqing took over. The change in the board of directors raised market concerns, putting pressure on the stock price. Source: Zhitong Finance 3. On August 21, MINIMAX launched the multimodal creation tool MiniMax Design; despite product innovation, the market is skeptical about its commercialization prospects, leading to stock price fluctuations. Source: Caixin, Hong Kong stocks' AI asset liquidity has increased, attracting more market attention. HaiZhi Technology fell 0.59%. Based on recent key news: 1. On August 21, HaiZhi Technology Group was referred to as the "Chinese version of Palantir," with its underlying technology highly compatible with government and enterprise service business models. Haitong International pointed out that HaiZhi Technology's Graph+Agent dual-layer Harness architecture creates differentiated barriers in financial and government scenarios, driving up stock prices. Atlas Agent revenue is expected to grow nearly 9 times year-on-year in 2024, becoming the company's core growth engine. As the proportion of Agent revenue increases, profit quality is expected to improve rapidly. Source: Zhitong Finance 2. On August 21, Palantir's second-quarter revenue surged 94% year-on-year, significantly raising its full-year sales forecast to $8.16 billion, far exceeding market estimates. This news boosted market expectations for HaiZhi Technology, as it is viewed as the "Chinese version of Palantir," leading to an increase in stock price. Source: Zhitong Finance 3. On August 21, as one of the few industrial-grade AI Harness stocks in Hong Kong, HaiZhi Technology's rarity attracted investor attention, driving up stock prices. Source: Zhitong Finance, the Hong Kong AI sector is performing actively, with noticeable capital inflows. Dipu Technology fell 4.31%, with a trading volume of HKD 34.07 million, and there has been no significant news recently. Trading is active, and capital flow is evident; considering the sector and industry trends, this stock shows significant volatility, and specific reasons need further observation **Stocks Ranked Among the Top by Market Capitalization in the Industry** Zhongke Wenge rose by 0.57%. Based on recent key news: 1. On August 21, Zhongke Wenge was included in the Hang Seng Composite Index, expected to take effect on September 7. This change may lead to Zhongke Wenge being included in the Hong Kong Stock Connect, as it meets market capitalization and liquidity standards, driving up the stock price. Source: Zhitong Finance 2. On August 14, Zhongke Wenge announced a partnership agreement with Guokexizi and Keqiao Jinkai to establish a RMB 300 million fund, focusing on high-quality enterprises within the decision-making intelligence business ecosystem. This move has strengthened market confidence in the company's future growth. Source: Zhitong Finance The Hong Kong stock market has recently seen increased volatility, and policy changes need to be monitored ### Related Stocks - [02513.HK](https://longbridge.com/en/quote/02513.HK.md) - [00100.HK](https://longbridge.com/en/quote/00100.HK.md) - [02706.HK](https://longbridge.com/en/quote/02706.HK.md) - [01384.HK](https://longbridge.com/en/quote/01384.HK.md) - [01956.HK](https://longbridge.com/en/quote/01956.HK.md) ## Related News & Research - [China's Z.ai emerges as creator of mysterious Ox Alpha model](https://longbridge.com/en/news/297060583.md) - [Zhipu identifies Ox Alpha as GLM-5.3-Flash and releases model weights](https://longbridge.com/en/news/297138298.md) - [Z.AI Says Chinese Firm Is Behind Mysterious Model Ox Alpha With All Compute Power Provided by Domestic Chips](https://longbridge.com/en/news/297140247.md) - [HSBC Sticks to Its Hold Rating for Knowledge Atlas Technology Joint Stock Company Limited Class H (2513)](https://longbridge.com/en/news/291017939.md) - [Z.AI Opens GLM-5.3 API Access; Model Weights to Be Open-Sourced Next Week](https://longbridge.com/en/news/296287311.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**