Zhipu’s Z.AI HK shares hit 610 HKD intraday on Sept 25, market cap near HK$300B
Caught in the global LLM inference price war, Zhipu/Z.AI (2513.HK) shares fell from a June 22 high of HK$2,980 to about HK$610 intraday on September 25.
Huxiu reported on September 25 that Zhipu, traded in Hong Kong as Z.AI (stock code 2513.HK), fell as low as HK$610.5 intraday on September 25, ending the session down 0.78 percent with a market cap near HK$300 billion. After listing at HK$116.20 on January 8, shares had rallied to an all-time high of HK$2,980 on June 22 before sliding back through the summer.
The share price adjustment came alongside rapidly declining global LLM inference prices. On September 10 DeepSeek shipped V4.1 Flash and reduced API rates; during its peak hours V4.1 Flash now costs ¥2 input and ¥8 output per 1M tokens for cache-miss requests, halving during off-peak. Smaller vendors and major labs including Xiaomi, Anthropic, and OpenAI all cut API prices in September, some by 40-60 percent, with cache-hit prices reaching as low as ¥0.025 per 1M tokens.
Zhipu’s revenue is growing rapidly but losses and margin pressure remain: first-half revenue rose 399.7 percent year-on-year to ¥954 million, with API revenue up 2,735.7 percent, while R&D spend reached ¥2.13 billion and net loss attributable to shareholders was ¥2.07 billion; overall gross margin fell from 50 percent to 26.4 percent. After GLM-5 launch, demand grew tenfold and pushed the company to pause sales due to capacity constraints. Zhipu completed about HK$31.4 billion in financing in July and launched an additional HK$39.3 billion placement plus convertible bond in September, taking full-year financing above HK$70 billion. Goldman Sachs expects bottom-tier API prices to fall to $0.10-0.20 per 1M tokens in the second half of 2026.