Over 70 billion HKD in market value lost! Leading AI large model stock plummets against the market due to a letter

Hong Kong stocks experienced a strong rebound in the early trading session, but the AI large model sector underperformed against the trend, showing clear differentiation. By midday, Zhipu (02513.HK) fell 23%, Haizhi Technology Group dropped 18%, and MINIMAX-WP (00100.HK) declined 10%. This contrasted sharply with the widespread gains in the tech sector. Among them, Zhipu’s market value evaporated by over 70 billion Hong Kong dollars in just half a day.

This adjustment was directly triggered by Zhipu’s apology letter released on February 21 regarding the GLM Coding Plan revision. The company acknowledged three major issues: insufficient transparency of rules, slow rollout of GLM‑5 grayscale access, and rough upgrade mechanisms for old users. It quickly introduced compensation measures such as full refunds, one-click rollback, and service extensions to restore user experience and market confidence.

Previously, driven by the launch of the GLM‑5 flagship model and a 30% price increase for the Coding package, Zhipu’s stock price surged continuously. On February 20, it closed at 725 HKD, with a total market capitalization of 323.2 billion HKD. Based on the opening price on the first trading day, the stock had gained over 500%, making it a core AI large model stock in Hong Kong.

Institutional investors maintained a positive long-term outlook on the sector: China International Capital Corporation (CICC) rated Zhipu as “industry outperform,” with a target price of 688 HKD, optimistic about the technical barriers of GLM‑5 and the commercialization potential of AI Coding, expecting a CAGR of over 130% from 2023 to 2027; JPMorgan Chase initiated coverage on February 10, giving Zhipu an “overweight/overweight” rating with a target price of 400 HKD, and also rated MINIMAX as “overweight/overweight” with a target price of 700 HKD, recognizing the company’s model iteration and ecosystem monetization capabilities.

In the short term, the unexpected traffic surge of GLM‑5 led to capacity expansion delays, flow restrictions on Pro/Lite versions, refund pressures, and profit-taking from previous gains, causing stock fluctuations. Most institutions believe this incident is an operational issue that does not alter the core technology and commercialization logic. Currently, GLM‑5 Max is fully open, Pro version is available but with peak flow restrictions, and Lite will gradually be grayscale during non-peak periods after the holiday. The company is accelerating computing power upgrades to improve service stability.

Overall, the Hong Kong AI large model sector faces short-term pressure due to event-related shocks, but leading institutional ratings remain unchanged. The market continues to focus on technology implementation, user retention, and profit realization. Investors should monitor computing power progress, commercialization pace, and the effectiveness of compensation measures, exercise caution in short-term volatility, and remain optimistic about the long-term prospects of AI large model industry commercialization.