On July 8, Zhipu AI (02513.HK) fell 8.63% in regular trading, trading at HKD 1500.0/share, with turnover of HKD 979 million. The decline was triggered by the formal unlocking of the company's first batch of cornerstone investor lock-up shares following its Hong Kong IPO.

Approximately 25.68 million shares held by 11 cornerstone investors were released from their six-month lock-up restriction, representing about 5.76% of total share capital. Based on the previous trading day's closing price, the unlocked shares carry a market value exceeding HKD 400 billion. Prior to this event, the company's free float was extremely small at less than 4%, which had supported a significant liquidity premium. The large-scale unlock reverses the supply-demand dynamic, with Morgan Stanley having previously flagged that the stock's scarcity premium would face a severe test post-unlock.

Despite reports that nearly 70% of unlocking cornerstone shareholders — spanning state-level strategic capital, local government industrial funds, and major SOE funds — have expressed intentions to hold long-term, and JPMorgan raising its target price to HKD 2000, short-term selling pressure expectations continue to dominate market sentiment.

(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.)