On September 25, Z.AI fell 3.6% in regular trading, trading at 614.5 HKD/share, with turnover of HKD 165 million.

The decline reflects lingering fallout from the ZCode data privacy controversy. Z.AI's AI coding tool ZCode was previously found to silently upload users' local code repositories to the cloud, triggering a data security crisis. Although the company has completed remediation, open-sourced ZCode on GitHub, and engaged the China Academy of Information and Communications Technology and NSFOCUS for independent security audits confirming zero data retention, market confidence remains fragile. Notably, Chengming Technology's formal accountability letter — alleging unauthorized upload of proprietary source code, database credentials, and cloud service keys — remains unresolved, extending the dispute from a technical vulnerability into legal and compliance territory.

Adding to the pressure, Anthropic and OpenAI recently unveiled new low-cost AI models, including Claude Opus 5.5, intensifying concerns over competitive headwinds facing domestic AI firms and broadly suppressing sector sentiment. Within the Systems Software sector, peers including MINIMAX-W (-3.66%), WENGE AI (-3.73%), and DEEPEXI TECH (-3.06%) also traded lower.

(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.)