On August 3, Z.AI fell 7.59% in regular trading, trading at 866.0 HKD/share, with turnover of HKD 400 million.

On the news front, Moonshot AI recently open-sourced its Kimi K3 model, scaling parameters from 1 trillion to 2.8 trillion while releasing model weights and core infrastructure technology. Multiple domestic and international AI infrastructure vendors have announced Day-0 adaptation, significantly heating up open-source model competition in China. Concurrently, HSBC published a research note acknowledging that Z.AI has already achieved its USD 1 billion annual recurring revenue target ahead of schedule, but cited intensifying competition and new share dilution effects, cutting the target price from HKD 1,900 to HKD 1,500 while maintaining a Hold rating.

Z.AI had previously rebounded 14.56% on July 31 driven by expectations of Hang Seng Index inclusion and AI computing infrastructure expansion, but persistent industry competition pressure continues to suppress valuation recovery, weighing on the stock price.

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