On July 6, Zhipu AI (02513.HK) fell 4.07% in regular trading, trading at HKD 1,668.0 per share, with turnover of HKD 462 million.

On the news front, Zhipu AI is set to face its first post-IPO lock-up expiry on July 8, with approximately 25.68 million shares becoming eligible for sale, representing roughly 11.6% of total Hong Kong-listed share capital. Due to the previously extremely small free float, the stock had carried a significant liquidity premium. Morgan Stanley had earlier warned that the large-scale unlock could reverse supply-demand dynamics, putting the scarcity premium under severe pressure.

Adding to concerns, reports indicate Zhipu AI is in discussions with advisors regarding a potential Hong Kong share placement that could raise several billion US dollars. Key shareholder Meituan has also explicitly stated its intention to actively exit holdings in listed investee companies including Zhipu AI when appropriate. The combination of lock-up expiry and potential equity issuance has intensified short-term supply expansion fears, with the market broadly attributing the decline to a preemptive reaction ahead of the unlock date.

(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.)