5月20日，快手-W盘中下跌3.11%，报47.58港元，成交额3.11亿港元。股价已跌破可灵AI分拆消息传出前水平，延续近一周的回调走势。
消息面上，快手此前确认正评估可灵AI资产重组方案，拟以200亿美元估值启动Pre-IPO融资，但公告强调方案仍处初步阶段，未签署任何最终协议。市场对此反应趋于冷淡，核心原因包括：公司处于一季报静默期（预计5月27日发布），无法披露更多细节；核心技术负责人张迪已离职加盟阿里，竞品Seedance、Happy Horse环伺下可灵增长前景存疑；200亿美元估值对应约40倍PS，远超同业Runway的35.5亿美元估值，市场对高估值能否兑现持观望态度。同行业板块整体偏弱，哔哩哔哩跌5.25%，百度集团跌2.63%。
（以上内容均基于市场公开消息，由程序或算法智能生成，仅作为股价异动提醒，不作为投资建议或交易依据。）
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.