Asset Intelligence / Hyperliquid Context
ZHIPU
Market guides and dated reports for ZHIPU. Browse recent coverage below or use the archive pages to find older articles.
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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Archive Summary
Latest Archived Thesis
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.
Archive
ZHIPU Article Archive
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 …
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 r…
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 s…
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-independe…
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 op…
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…
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 her…
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 mod…
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 …
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 acce…
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 …
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 …
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 …
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, K…
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 trilli…
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 too…
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 conver…
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-J…
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