On July 22, Zhipu (02513.HK) declined 3.12% in regular trading, trading at HK$1,161.0 per share, with turnover of HK$2.662 billion. The stock gave back a portion of the prior session's 36% rally as investors reassessed near-term headwinds.

On the news front, Zhipu recently launched a HK$31.41 billion stock offering in Hong Kong, triggering market concerns over equity dilution. Additionally, the company's founder announced the initiation of a two-year \"Touch High\" initiative, under which Zhipu will pause short-term application-layer commercialization to concentrate resources on foundational AGI research. While Haitong International raised its target price from HK$1,200 to HK$2,300 and reiterated an Outperform rating, the financing dilution pressure combined with the strategic pivot toward long-term R&D continues to suppress short-term sentiment and weigh on the stock price.

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