On June 8, Zhipu (02513.HK) fell 10.64% in regular trading, trading at HK$1,419/share with turnover of HK$859 million. The decline was triggered by concentrated selling pressure as the stock's formal inclusion in the Hang Seng Tech Index prompted a classic sell-the-news reaction.

Zhipu was officially added to the Hang Seng Tech Index today with a 0.53% initial weighting, becoming one of the first pure AI large-model constituent stocks in the index's history. However, with the stock having surged over 10x since its January IPO and its dynamic price-to-sales ratio exceeding 170x — far above industry averages — institutional investors moved to lock in gains upon the catalyst's realization. The approaching July lock-up expiry and the company's continued loss-making status (net loss of RMB 4.7 billion on revenue of RMB 724 million in fiscal 2025) further pressured sentiment.

The broader AI sector sold off in tandem, with MINIMAX-WP falling 6.42% and Haizhi Tech Group declining 11.22%, reflecting sector-wide concerns over elevated valuations amid profit-taking momentum.

(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.)