On June 9, Zhipu AI fell 5.78% in regular trading, trading at HK$1,272.0/share, with trading volume of HK$249 million.

On the news front, Zhipu AI was formally included in the Hang Seng Tech Index and Stock Connect on June 8, during which it surged as much as 11% intraday before reversing sharply. With year-to-date cumulative gains exceeding 1,100%, short-term profit-taking pressure has intensified. The stock currently carries a market capitalization of approximately HK$578.3 billion against annual revenue of just RMB 724 million, implying a price-to-sales ratio of 721x and negative earnings.

Adding to valuation concerns, the company recently announced plans to raise RMB 15 billion via a STAR Market listing, with RMB 12 billion earmarked for foundational large model development. The company reported a net loss exceeding RMB 5.2 billion for the full year, deepening market divergence over its lofty valuation amid persistent heavy losses. Its weight in the Hang Seng Tech Index stands at only 0.53%, limiting broader index impact.

(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.)