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ZHIPU
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ZHIPU references 1 H-share of Knowledge Atlas Technology Joint Stock Company Limited (HKEX: 2513). The oracle converts the HKD share price to USD at the prevailing USD/HKD FX rate. The company, also known as Zhipu AI or Z.ai, develops AI models and applications.
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ZHIPU Unwinds Its Data-Center Spike as the Perp Snaps Back to Cash Parity
ZHIPU is down 9.59% over five hours to $147.60, but there is no fresh Z.AI headline behind it — this is Tuesday's 37% data-center spike unwinding. The underlying Hong Kong H-share sits at HK$1,155, off 5.25% on the day from its HK$1,219 close, and at the roughly 7.82 USD/HKD peg that pins the perp's fair value at almost exactly where it now trades. The premium the thin perp carried into this window has fully converged, so the move is an overshoot mean-reverting rather than spot breaking down. Until the H-share reclaims HK$1,219, ZHIPU stays inside the violent range it has traded since the Kimi K3 re-rate.
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All ZHIPU Mover Articles
ZHIPU Unwinds Its Data-Center Spike as the Perp Snaps Back to Cash Parity
ZHIPU is down 9.59% over five hours to $147.60, but there is no fresh Z.AI headline behind it — this is Tuesday's 37% data-center spike unwinding. The underlying Hong Kong H-share sits at HK$1,155, off 5.25% on the day from its HK$1,219 close, and at the roughly 7.82 USD/HKD peg that pins the perp's fair value at almost exactly where it now trades. The premium the thin perp carried into this window has fully converged, so the move is an overshoot mean-reverting rather than spot breaking down. Until the H-share reclaims HK$1,219, ZHIPU stays inside the violent range it has traded since the Kimi K3 re-rate.
ZHIPU's Thin Perp Discounts Triple the Cash Dip as the AI Cooldown Bites
ZHIPU is down 9.07% over four hours to $148.40, but there is no new Z.AI headline behind it. The underlying Hong Kong H-share is only off about 2.7% on the day to HK$1,186, so the thin, dollar-denominated perp is once again discounting roughly triple the cash move. The drop is the thin book handing back part of Tuesday's 37% data-center spike as a broad AI-sector cooldown pressures the whole complex, not a break in the story. Until the H-share works back toward the HK$1,219 close it printed Tuesday, ZHIPU stays inside the violent range it has traded since the Kimi K3 shock.
ZHIPU Hands Back Part of Its Compute Re-Rate as a Thin Perp Overshoots Spot
ZHIPU is down 11.62% over two hours to $144.90, but there is no fresh company headline behind it — the underlying Z.AI H-share is only off about 5.4% intraday to HK$1,153 from Tuesday's HK$1,219 close. The thin, USD-denominated perp is simply discounting about twice the cash move, giving back part of this week's compute-independence re-rate rather than pricing anything new. That re-rate had carried the stock off its HK$890-area Kimi K3 washout on news that Z.AI finished a 1-gigawatt data center running entirely on Chinese chips. Until the H-share reclaims the HK$1,588 placement price overhead, moves like this stay inside the range Zhipu has traded since the Moonshot shock.
ZHIPU Holds Its Compute Re-Rate as GLM-5.2 Demand Builds
ZHIPU is up 24.20% over 24h to $151.80, but the real story is that it is holding just under the $154.70 it hit at Tuesday's Hong Kong close rather than fading. There is no fresh headline behind the move — it is the same compute-independence re-rate that pulled the underlying Z.AI H-share off Monday's washout, now consolidating on rising volume. What makes the buildout credible is demand: GLM-5.2's daily token usage jumped as much as 27 times in its first week. The underlying still sits roughly 24% below the HK$1,588 where Zhipu placed $4 billion of equity two weeks ago, which is the level this needs to reclaim.
ZHIPU Round-Trips the Washout as Z.AI's Homegrown Gigawatt Bid Holds Into the Close
Z.AI's Hong Kong H-share (2513.HK) closed Tuesday up 37.11% at HK$1,221, fully recovering Monday's HK$890.50 washout, and the ZHIPU perp is up 35.71% over 22h to $154.70. The bid held into the Hong Kong close rather than fading at the open, on roughly $18M of 24h perp volume — about double the turnover behind the same rebound a session earlier. The catalyst is Z.AI's newly activated 1-gigawatt data center running entirely on Chinese-made chips, a direct answer to the compute-cost fears that cratered the stock after Moonshot's Kimi K3 launch. It is a strong recovery, but at HK$1,221 the stock still sits about 23% below the HK$1,588 where Zhipu placed $4 billion of equity two weeks ago.
ZHIPU's Bounce Gets a Catalyst: Z.AI's Gigawatt Data Center on Chinese Chips
ZHIPU's Hyperliquid perp is up 18.97% over 14h to $135.60, extending a two-session rebound in the underlying Z.AI H-share (SEHK: 2513), which is up 13.42% Tuesday to HK$1,010 off Monday's HK$890.50 low. Unlike Monday's move, this one has a fresh catalyst: Z.AI has switched on a 1-gigawatt data center running entirely on Chinese-made chips, its answer to the compute and competitiveness fears the Kimi K3 crash was pricing in. It still leaves the stock roughly 36% below the HK$1,588 where Zhipu placed $4 billion of equity two weeks ago and about 66% under its GLM-5.2 peak, so this reads as a re-rate being repaired, not reversed.
ZHIPU Bounces 9.71%, Still 40% Below Its $4 Billion Placement
ZHIPU's Hyperliquid perp is up 9.71% over 18 hours to $124.50, tracking a Tuesday bounce in the underlying Z.AI H-share (SEHK: 2513), which closed up 7.36% at HK$956 after Monday's slide to HK$890.50. There is no fresh Zhipu catalyst here. This is an oversold rebound off a two-session, 50%-plus crash triggered by Moonshot's Kimi K3, riding a broader Hong Kong tech recovery. At HK$956 the stock is still roughly 40% below the HK$1,588 where Zhipu placed $4 billion of fresh equity two weeks ago, so every placement buyer remains underwater and the competitive re-rate stands.
Moonshot's Kimi K3 Sends ZHIPU Below Its $4 Billion Placement Price
ZHIPU's Hyperliquid perp is down 22.28% over 23 hours to $114, extending the Friday crash in the underlying Z.AI H-share (SEHK: 2513), which closed off 28.49% at HK$1,107 after rival Moonshot shipped Kimi K3, a 2.8-trillion-parameter model it bills as the world's largest open-weight LLM, aimed squarely at Zhipu's open-weight GLM franchise. At $114 the perp now prices the stock near HK$890, roughly 44% below the HK$1,588 where Zhipu placed $4 billion of fresh equity barely two weeks ago, leaving every placement buyer underwater. This is not a lockup fade anymore; it is a competitive re-rate, and the thin free float is making it violent. The stock has roughly halved from its July 9 close.
ZHIPU Fades 9.55% as the Rip Runs Past Every Analyst Target
ZHIPU's Hyperliquid perp is down 9.55% over 24 hours to $242.50, handing back part of the two-day surge that followed Zhipu's $4 billion discounted placement and its cleanly absorbed lockup. There's no fresh catalyst — this is a fade of an overheated rip, with off-hours money marking the perp roughly 9% below where the underlying 2513.HK closed on July 9. The gravity underneath is hard to argue with: even after JPMorgan and Bank of America endorsed the raise, their price targets sit 30% or more below the tape, and the $4 billion of new stock just settled at HK$1,588, about 25% under spot. The perp is telling you the placement floor, not the placement pop, is the level that matters.
Zhipu Sells $4B of Stock at a Discount and the Perp Rips Anyway
ZHIPU's Hyperliquid perp is up 19.56% over seven hours to $253.70, and the trigger isn't the lockup traders watched all last week — it's what Zhipu did the day that lockup cleared. On July 8 the company launched a roughly $4 billion accelerated share placement, pricing new H-shares at a 7-13% discount to the prior close. That is textbook bearish: printing dilutive stock at a markdown into a nervous float. The market bought it anyway, because both the supply overhang and the financing overhang cleared in 48 hours and the raise reads as a war chest, not a wound.
ZHIPU Rips as the Feared Lock-Up Expiry Gets Bought, Not Sold
ZHIPU's Hyperliquid perp is up 29.14% over four hours to $240.90 — and it's ripping on the exact day traders spent two weeks dreading. July 8 is when Zhipu's first post-IPO lock-up expires, freeing 25.68 million cornerstone shares worth about HK$26.9 billion and roughly tripling a float that sat under 4% of shares outstanding. The stock fell 17% into that unlock on July 2, then found a bid as the feared supply hit the tape without a collapse and Zhipu batted down a last-minute rumor that it had pulled its A-share IPO filing. This is a feared-event-passes bounce on a name that still has the GLM narrative underneath it.
ZHIPU Bounces Back as the Feared Share Sale Stays Unconfirmed
ZHIPU's Hyperliquid perp is back near $300.50, up 8.31% over 12 hours, clawing back most of the dilution-driven washout HIPERWIRE flagged hours earlier at $287.10. There is no fresh Zhipu-specific catalyst behind the leg: the underlying Hong Kong line rebounded about 7% in a broad China-AI session, and the multibillion-dollar share sale that spooked the tape is still just an unconfirmed Bloomberg report, not a priced deal. The overhang has not cleared either, with a July 8 cornerstone lock-up set to free roughly 11.9% of the H-share float. The perp is marking the name above the last cash close, front-running a session that still has to absorb that supply.
ZHIPU Fades as Zhipu Eyes a Share Sale Into Its 2,000% Run
ZHIPU's Hyperliquid perp is down 4.98% over four hours to $287.10, mapping to roughly HK$2,240 on Knowledge Atlas Technology's Hong Kong line. The leg lower has a concrete reason this time: a June 24 Bloomberg report that the company is weighing a multibillion-dollar secondary share sale to capitalize on a stock up about 2,000% since its January IPO. That dilution signal lands on top of a July 8 cornerstone lock-up that will unlock float, plus a separately announced Shanghai STAR Market listing. Two supply overhangs converging on a name that printed a HK$1 trillion market cap just two days ago.
ZHIPU Bounces 15% Off the GLM-5.2 Blow-Off Washout
ZHIPU's Hyperliquid perp is up 15.19% over 20 hours to $304.50, clawing back part of the violent round-trip that followed Monday's GLM-5.2 blow-off. There is no fresh company catalyst behind the bounce — the underlying Hong Kong share, Knowledge Atlas Technology, whipsawed between HK$1,980 and HK$2,422 on Tuesday after Monday's record HK$2,980 print and HK$1 trillion market cap, and the 24/7 contract is simply tracking the recovery in a thin book. The bigger picture is still a name up roughly 2,400% since its January IPO, propped by Beijing's AI-buildout policy push but capped by a July cornerstone lockup and a planned $2.2 billion Shanghai listing.
ZHIPU's 24/7 Perp Hands Back the GLM-5.2 Blow-Off
ZHIPU's Hyperliquid perp is down 17.83% over six hours to $277.50, finishing the job it started overnight: a near-full round-trip of the GLM-5.2 blow-off that briefly took Knowledge Atlas Technology to a record HK$2,980 and a HK$1 trillion market cap on June 22. There is no fresh negative headline. The 24/7 contract simply ran the vertical spike and its reversal ahead of the Hong Kong cash session, and the structural overhangs — a July 8 cornerstone lockup and a planned $2.2 billion Shanghai listing — never went away.
ZHIPU Round-Trips Its Record Trillion-Dollar Day on Profit-Taking
ZHIPU's Hyperliquid perp has round-tripped its biggest day. The contract — one Hong Kong-listed H-share of Knowledge Atlas Technology, the vehicle behind Beijing AI lab Zhipu — fell 20.8% in five hours, erasing an intraday spike that took the stock to a record HK$2,980 and pushed its market cap past HK$1 trillion for the first time. There is no fresh negative catalyst; this is profit-taking at a round-number milestone, amplified by a perp book that turns over only about $27 million a day. The July 8 cornerstone lockup and a planned $2.2 billion Shanghai listing are the real overhangs.
How to Trade ZHIPU (Zhipu AI) on Hyperliquid
ZHIPU is a Hyperliquid HIP-3 perpetual that tracks one Hong Kong-listed H-share of Knowledge Atlas Technology, the listed vehicle for Beijing AI lab Zhipu, now branded z.ai and maker of the open-weight GLM model series. The oracle converts the underlying stock's Hong Kong dollar price into USD at the prevailing USD/HKD rate, so a single contract gives dollar-settled exposure to China's first publicly traded large language model developer. The stock has been one of Asia's most violent post-IPO names, up more than 1,700% since its January 2026 debut, with a $2.2 billion Shanghai listing now hanging over it. This guide breaks down what you are actually trading and where the risk lives.
ZHIPU Pulls Back 5.58% From a Record Run as a $2.2B Raise Looms
ZHIPU, the Hyperliquid perp tracking Hong Kong-listed Knowledge Atlas Technology, fell 5.58% over three hours with no fresh headline behind it. The stock has been one of the most violent post-IPO names in Asia, printing a record in mid-June on a JPMorgan upgrade, then chopping both ways on thin liquidity. Hanging over all of it is a planned $2.2 billion secondary listing on Shanghai's STAR Market that would dilute holders, plus a company still losing billions of yuan a year. A 5.58% three-hour fade in a name like this is noise, not signal, but the two-way risk underneath it is very real.
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