On June 17, Zhipu (02513.HK) declined 5.02% in regular trading, trading at HKD 1,418.0/share, with turnover of HKD 327 million.

The decline follows two consecutive trading sessions of significant gains, during which Zhipu surged over 32% and 10% respectively, pushing its market capitalization back above HKD 700 billion. Those rallies were driven by two catalysts: the U.S. Commerce Department ordering Anthropic to suspend access to its latest flagship Claude models for all foreign nationals under export control authorities, and Zhipu simultaneously launching and open-sourcing its new flagship model GLM-5.2, which targets long-horizon tasks and is released under a permissive MIT license compatible with multiple domestic computing platforms.

With both catalysts now fully priced in, short-term profit-taking emerged as the dominant force. Market participants also noted ongoing debate over whether premium model pricing can effectively convert into commercial penetration rates, adding to selling pressure after the sharp run-up.

(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.)