TechFlow News, June 26: According to Hyperinsight monitoring data, Zhipu AI (ZHIPU) has been declining continuously since hitting a peak of approximately 17x its IPO price on May 29. Over the past 24 hours, its price fell another 15.22% to $256.81, leading declines across the Hyperliquid HIP-3 market.
On-chain order book depth remains shallow, with overall positioning skewed bullish: the long-term moving average for long positions stands at ~$277.40, while that for short positions sits at ~$284.30. The nearest long liquidation level is at $223.54—approximately 13% below the current price. A whale opened a long position on June 26 with a notional value of $1.02 million at an average entry price of $268.58, currently sitting at a 24% unrealized loss.
From a news perspective, three bearish catalysts have converged recently: (1) Lock-up expiration for cornerstone investors begins on July 8, tripling the free-floating supply; (2) The company plans a secondary listing in Shanghai to raise ~RMB 15 billion, raising concerns over share dilution; and (3) Valuation support remains weak—the company’s 2025 revenue forecast was revised downward, resulting in an adjusted net loss of RMB 3.18 billion. Additionally, MiniMax—a peer in the same sector—also suffered sharp losses, further dampening sector sentiment.
