Z.AI shares plunged 5.03% during intraday trading on Thursday, as the stock extended its decline following the announcement of a massive HK$314.1 billion stock offering earlier this week.

The sharp drop adds to the nearly 20% intraday slump on July 28, when the company first unveiled the equity issuance plan. The offering has triggered strong market concerns over shareholder dilution, and despite occasional technical rebounds, large block sell orders indicate that institutional capital continues to exit positions. Analysts note that the company's limited free float amplifies price volatility, and short-term selling pressure remains heavy as the stock offering news continues to weigh on sentiment.