On August 3, Z.AI fell 4.81% at open, trading at HK$940.0 per share, with turnover of HK$25.004 million.

On the news front, HSBC published a research note stating that while Z.AI has achieved its US$1 billion annual recurring revenue target ahead of schedule, the broker cut its target price from HK$1,900 to HK$1,500, citing intensified competition and dilution effects from new share issuance, while maintaining a Hold rating. Meanwhile, the open-sourcing of Kimi K3 by rival Moonshot AI has further heightened competitive pressure in China's frontier model landscape.

The decline follows a sharp 14.56% rebound on July 31, which was driven by expectations of inclusion in the Hang Seng Index and the opening of its GLM Coding Plan subscription service. However, HSBC noted that sustained industry competition continues to constrain valuation recovery. J.P. Morgan had previously maintained an Overweight rating on Z.AI, arguing that the market had become excessively pessimistic on its commercialization trajectory following a 50%+ pullback from highs.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)