Movement Alert｜Zhipu Falls 10.64% in Regular Trading, Hang Seng Tech Index Inclusion Triggers Massive Profit-Taking

Market Focus09:45

On June 8, Zhipu (02513.HK) fell 10.64% in regular trading, trading at HK$1,419/share with turnover of HK$859 million. The decline was triggered by concentrated selling pressure as the stock's formal inclusion in the Hang Seng Tech Index prompted a classic sell-the-news reaction.

Zhipu was officially added to the Hang Seng Tech Index today with a 0.53% initial weighting, becoming one of the first pure AI large-model constituent stocks in the index's history. However, with the stock having surged over 10x since its January IPO and its dynamic price-to-sales ratio exceeding 170x — far above industry averages — institutional investors moved to lock in gains upon the catalyst's realization. The approaching July lock-up expiry and the company's continued loss-making status (net loss of RMB 4.7 billion on revenue of RMB 724 million in fiscal 2025) further pressured sentiment.

The broader AI sector sold off in tandem, with MINIMAX-WP falling 6.42% and Haizhi Tech Group declining 11.22%, reflecting sector-wide concerns over elevated valuations amid profit-taking momentum.

(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.)

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.

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