On June 2, Zhipu (02513.HK) fell 3.41% in regular trading to HKD 1,425.0, with trading volume of HKD 408 million. The stock continues to retreat from its May 29 intraday high of HKD 1,993, extending losses following the company's announcement of a proposed A-share issuance on the Shanghai STAR Market.
On June 1, Zhipu's board approved a plan to issue between 9.1 million and 38.8 million new A-shares, representing 2% to 8% of post-issuance total share capital. The company aims to raise approximately RMB 15 billion, with RMB 12 billion earmarked for its AI foundation model project, RMB 2 billion for its MaaS platform, and RMB 1 billion for working capital. The announcement, combined with MiniMax's simultaneous A-share IPO filing, triggered immediate selling as markets interpreted the dual listing push as signaling elevated capital needs despite both companies' persistent net losses — Zhipu reported an adjusted net loss of RMB 3.18 billion last year.
Market participants noted that the A-share plan follows an already volatile period, with the stock swinging 30% on May 29 amid pre-positioning ahead of its June 8 Hang Seng Tech Index inclusion and looming July lock-up expiry concerns.
(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.)
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