Zhipu Valuation May Struggle to Withstand Triple Bearish Pressure, ZHIPU Sees 15% Daily Decline Leading the HIP-3 Market

BlockBeats News, June 26th, according to Hyperinsight Monitoring, Zhipu AI (ZHIPU) has been continuously falling since hitting a peak of about 17 times the IPO price on May 29th, dropping another 15.22% in the past 24 hours to $256.81, leading the decline in the Hyperliquid HIP-3 market.

On-chain order book is small, with overall positioning skewed to the long side: long average price around $277.4, short average price around $284.3; the most recent long liquidation price is $223.54, about 13% below the current price. A whale opened a long position on June 26th, with a scale of $1.02 million and an average price of $268.58, already at a 24% unrealized loss.

In terms of news, there have been three recent overlapping negative factors: on July 8th, cornerstone investors will see the end of lock-up period, tripling the free float; the company plans to raise about 15 billion yuan in a secondary listing in Shanghai, raising dilution concerns; the valuation support is weak, with an adjusted net loss as high as 3.18 billion yuan in 2025. Furthermore, MiniMax in the same track has also plummeted, further suppressing sector sentiment.