Zhipu AI (2513.HK) fell 7.5% in Hong Kong trading to HK$1,073, with turnover exceeding HK$3.6 billion. Multiple large block sell orders emerged in early afternoon trading, with transactions at HK$1,100, HK$1,097 and HK$1,090 between 13:04 and 13:05 CST totaling more than HK$200 million. The stock briefly touched an intraday low of HK$1,063, nearly 8% below the previous close.

The pullback follows a 12.6% surge in the previous session, when shares rallied on news of the company's open-source GLM-5.3-Flash model. Southbound funds net sold approximately HK$555 million of Zhipu shares on Aug. 27, while short-interest value rose to HK$381 million, reflecting increasingly active two-way trading.