On June 23, Zhipu AI fell 6.14% in regular trading, trading at HKD 2,290 per share, with turnover of HKD 239 million. The decline came immediately after the stock surged to a trillion-HKD market cap on June 22, when shares once rallied nearly 40% intraday.

The pullback reflects growing profit-taking pressure following a parabolic rally. Since launching GLM-5.2 on June 17, the stock doubled within five trading days, accumulating over 18x gains from its January IPO price of HKD 116.2. At its peak, the price-to-sales ratio exceeded 1,300x based on full-year revenue of RMB 724 million, a valuation level that multiple analysts have flagged as extremely stretched.

Adding to near-term pressure, cornerstone investor lock-up shares totaling approximately 25.68 million shares — roughly 11.9% of H-shares — are scheduled to unlock on July 8. Given the current free float of only around 11.74 million shares, the unlock would expand tradeable supply by approximately 2.2x, a factor that market participants have increasingly cited as a headwind.

(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.)