--- title: "Hong Kong Stock Movement: Z.AI falls 12.39%: GLM-5.3 launch meets with lukewarm response, positive factors hard to offset valuation reassessment" type: "News" locale: "en" url: "https://longbridge.com/en/news/296164722.md" description: "Z.AI fell 12.39%; MINIMAX-W fell 8.21%, with a transaction volume reaching HKD 1.437 billion; Haizhi Technology Group fell 5.53%, with a transaction volume reaching HKD 17.39 million; Dipu Technology fell 0.97%, with a transaction volume reaching HKD 14.16 million; Zhongke Wenge fell 3.82%, with a market value reaching HKD 16 billion" datetime: "2026-08-18T01:53:27.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296164722.md) - [en](https://longbridge.com/en/news/296164722.md) - [zh-HK](https://longbridge.com/zh-HK/news/296164722.md) generator: "portal-rs" --- # Hong Kong Stock Movement: Z.AI falls 12.39%: GLM-5.3 launch meets with lukewarm response, positive factors hard to offset valuation reassessment **Hong Kong Stock Movement** Z.AI fell by 12.39%. Based on recent news, 1. On August 17, Z.AI released its new generation base model GLM-5.3. Despite significant performance improvements, the market reaction was relatively muted, and the stock price retreated to the level of 1270 HKD for consolidation. Source: Economic Information Daily 2. On August 17, JP Morgan raised Z.AI's target price to 1800 HKD, believing that GLM-5.3 enhanced Z.AI's position in the AI model capability and cost competition landscape, but the market still has concerns about mid-term profit fluctuations. Source: Economic Information Daily 3. On August 17, CMB International published a research report stating that Z.AI's GLM-5.3 programming and Agent capabilities have significantly improved, becoming a positive catalyst for the stock price, but the market reaction was not as expected. Source: Zhitong Finance AI demand surges, semiconductor market growth forecast raised. **Stocks with High Trading Volume in the Industry** MINIMAX-W fell by 8.21%. Based on recent key news: 1. On August 17, JP Morgan raised MiniMax's target price to 260 HKD, maintaining a neutral rating. JP Morgan believes that the pricing adjustment of DeepSeek temporarily alleviates MiniMax's cost pressure, but its M3 model has not yet established a clear advantage in capability or cost-performance ratio. The future key lies in the performance of the M3.1 model and the commercialization progress of the multimodal product Hailuo H3. This news had a certain impact on the stock price. 2. On August 17, MiniMax recorded a pre-market large transaction with a trading volume of 212 million HKD. The active pre-market trading indicates an increased market interest in the stock, which may lead to price fluctuations. 3. On August 17, China Merchants Securities International published a report stating that the iteration of domestic models is accelerating, and AI mainline investment targets continue to benefit. Inference commercialization has entered a new stage, with price increases and peak-valley pricing being the first systematic price adjustments for leading domestic models, validating that inference demand exceeds expectations, which is favorable for the inference computing power industry chain. This industry trend may affect MiniMax's market performance. The competition in the AI industry is intensifying, with a focus on commercialization progress. Haizhi Technology Group fell by 5.53%, with a trading volume of 17.39 million HKD, and there has been no significant news recently. The trading is active, and the capital flow is evident. Considering the sector and industry trends, the stock shows significant volatility, and specific reasons need further observation. Dipu Technology fell by 0.97%. Based on recent key news: 1. On August 17, Dipu Technology completed the placement of 14.286 million new H shares, with net proceeds of approximately 488 million HKD. This placement will inject sufficient capital into the company's enterprise AI intelligent body and token productivity platform technology iteration research and development, computing power reserves, and strategic investments, further solidifying the core advantages of enterprise AI infrastructure. 2. On August 12, Dipu Technology and Huawei Cloud jointly released a data intelligence solution. The two parties combined Dipu Technology's DeepWorks enterprise intelligent body platform with Huawei Cloud's computing power, models, and intelligent body infrastructure, initially targeting industries such as manufacturing and retail to promote the value channel from technology to scenarios 3. Recently, Dipu Technology disclosed its mid-term performance for 2026. Benefiting from the upgrade of its FastAGI enterprise-level artificial intelligence solutions, the company's revenue has significantly increased, achieving an operating income of 284 million RMB during the reporting period, a year-on-year increase of 115%. In the second quarter, it achieved a quarterly net profit of 30.1 million RMB, officially marking a turning point to profitability. The competition in enterprise AI infrastructure is intensifying, and technological iteration is key. **Stocks ranked among the top in industry market capitalization** Zhongke Wenge fell by 3.82%. Based on recent news, 1. On August 17, Zhongke Wenge announced the signing of a partnership agreement with Guokexizi and Keqiao Jinkai to establish a fund with a total investment of 300 million RMB. The company plans to contribute a total of 177 million RMB, accounting for 59% of the fund's total investment. This fund will focus on high-quality enterprises within the upstream and downstream ecosystem of the company's decision-making intelligence business, including enterprise-level data infrastructure, industry models, intelligent agents, AI security, AI4Science, and industrial decision-making systems. This move may lead to market attention on the company's future investment direction, affecting stock price fluctuations. 2. On August 17, the Shaoxing Keqiao Guoke Qizhi Venture Capital Fund Partnership (Limited Partnership) was established, with a fund duration of 10 years and a closed-end venture capital fund with a fixed duration. This news may trigger investor attention on the company's long-term investment strategy, affecting stock prices. 3. Recently, there are no other significant news. 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