On July 29, Z.AI (02513.HK) rose 3.45% in regular trading, trading at HK$1,072/share, with turnover of HK$368 million. The stock is recovering from the prior session's sharp decline triggered by the announcement of a HK$314.1 billion stock offering.

On July 28, Z.AI dropped as much as 20% intraday after launching the large-scale share sale in Hong Kong, sparking dilution concerns among existing shareholders. The stock had previously surged over 30% on July 21 and gained another 10% on July 24, meaning the selloff also reflected profit-taking. Despite the broad selloff, northbound funds were net buyers of Z.AI on July 28, signaling institutional confidence in the stock's longer-term trajectory.

The proceeds from the stock offering are expected to fund business expansion and technology R&D. Haitong International recently raised its target price on Z.AI to HK$2,300, reiterating an Outperform rating, citing accelerating annual recurring revenue growth and continued model capability expansion through its GLM-5.2 flagship model and 1GW domestic-chip-powered data center.

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