Zhipu shares fell more than 13% after a July 13 H-share placement as the ZHIPU Hyperliquid contract dropped about 17% before rebounding 31.1%, leaving both earlier longs and recent shorts with sizable unrealized losses.
Zhipu-related markets saw sharp volatility, with the ZHIPU contract on Hyperliquid falling to as low as $120.7 before the Hong Kong open, down about 17% in around one hour, then rebounding 31.1% to $149.52 and later trading at $146.71. In Hong Kong cash trading, Zhipu (02513.HK) fell more than 13% and MINIMAX-W (00100.HK) declined more than 4%. Hyperinsight said a whale wallet beginning 0xddb held a 10x isolated long of 7,300 units worth about $905,000 that was showing an unrealized loss of about $367,000, while a 5x isolated short worth about $198,700 and seven new short positions above $50,000 were also in the red after the rebound. The moves followed Zhipu’s July 13 placement of 19.78 million new H shares and came after Moonshot AI’s July 17 release of the open-source 2.8 trillion-parameter Kimi K3, which the source cited as part of the backdrop without quantifying direct price effects.