On June 4, Zhipu declined 3.56% in regular trading, trading at 1,411 HKD/share with turnover of approximately 206 million HKD.

On the news front, Zhipu announced on June 1 its plan to issue A-shares and list on the STAR Market, targeting proceeds of up to 15 billion RMB — with 12 billion allocated to its general-purpose foundation model project, 2 billion for its MaaS platform, and 1 billion to supplement working capital. The proposed issuance of 2%-8% of enlarged share capital has triggered market concerns over equity dilution. Combined with the approaching July lock-up expiry for approximately 4.28 billion shares (96% of total shares), near-term selling pressure has intensified.

Multiple institutions have flagged valuation bubble risks, noting Zhipu's dynamic price-to-sales ratio exceeds 170x, far above industry averages. The stock has surged over 12x since its IPO at 116.2 HKD, with accumulated profit-taking pressure continuing to weigh on the share price following the prior session's 7.86% rally on the same news.

(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.)