To The Moon

Today, Zhipu (02513) saw its share price fall more than 7.5% in the afternoon session, hitting an intraday low of HK$1,066. Dragged down by the sector, MiniMax also dropped over 4%.

On the news front, Zhipu today launched the GLM-5.3-Flash model, officially claiming the recently hyped "Niulai" model, confirming earlier market speculation. The model currently ranks 10th on the AAII leaderboard, surpassing DeepSeek V4 ProMax, and topped OpenRouter's usage charts last week. Zhipu claims the model was trained on 100,000 domestic chips, with the market speculating that Huawei's Ascend chips were used.

The sell-off may be attributed to a "buy the rumor, sell the fact" dynamic. Right after the midday break, between 13:04 and 13:05, three large sell orders (10,600 shares, 4,700 shares, and 4,800 shares) were placed consecutively, with the transaction price dropping from HK$1,100 to HK$1,090. Heavy institutional selling was evident, directly weighing on the stock and pushing it even lower.

On the valuation front, the current LTM price-to-sales (P/S) ratio stands at approximately 599x. Although this has come down from its historical peak of 1,300x, it remains extremely elevated compared to the 20–30x P/S multiples of leading U.S. AI companies. The company's thin revenue base struggles to support its current market capitalization, and the pressure for valuation mean-reversion persists.

Overall, today's decline was primarily driven by large-capital selling and high-valuation pressures, with both technical and liquidity factors reinforcing each other. Whether the HK$1,000 level can hold will depend on short-term market sentiment and the company's future earnings delivery.$Z.AI(02513)$$MINIMAX-W(00100)$