On August 19, Z.AI fell 3.55% in regular trading, trading at 1039.0 HKD/share, with turnover of HKD 448 million. The decline extends a multi-day selloff as the stock approaches the HKD 1,000 level.

On the news front, Z.AI officially launched the GLM-5.3 API today, but the model has failed to deliver an upside catalyst. Daiwa Securities noted that GLM-5.3 is an iterative upgrade of GLM-5.2 via post-training scaling rather than a larger-parameter flagship model as the market had anticipated. Additionally, pricing pressure remains elevated, with the hybrid API price still 2.2 times higher than DeepSeek V4 Pro off-peak pricing. The board is scheduled to review interim results on August 31, prompting some investors to hold off on adding positions ahead of the earnings announcement.

The stock has been in a correction phase following a rapid rally, with southbound capital net selling over HKD 1 billion on August 13. On August 14, shares surged over 8.8% on the GLM-5.3 release before reversing sharply to close down 4.94%, establishing a classic sell-the-news pattern that has persisted into subsequent sessions.

(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.)