On October 12, Z.AI fell 3.66% in regular trading, trading at 617.5 Hong Kong dollars. Market attention remains focused on the imminent unlocking of pre-IPO shares, with lingering concerns over the dilution effects from approximately 9 billion US dollars in equity financing. The broader Hong Kong large language model sector also weakened, prompting short-term profit-taking.

Earlier, Goldman Sachs upgraded Z.AI from Neutral to Buy with a target price of 1,560 Hong Kong dollars, raising its annualized ARR estimate to 3.2 billion US dollars. However, the company's supplementary disclosure regarding the performance targets of its 2026 share incentive plan was interpreted as neutral by the market, failing to effectively bolster sentiment. The stock had previously rallied sharply following the listing of its GLM-5.3 model on Amazon Bedrock, which opened an overseas revenue-sharing channel.

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