The largest bull in Zhipu suffered a massive drawdown, with principal loss of 268%.

BlockBeats News, September 8 - According to TradingBeats monitoring, ZHIPU is currently trading at $118.12, down approximately 12.8% in the past 24 hours. The whale with address starting 0xddb8 still holds 18,320.38 long positions in ZHIPU, with a position value of approximately $2.164 million, an average entry price of $161.34, and an unrealized loss of approximately $791,900. The platform shows a position return on equity (ROE) of approximately -267.9%.

In addition to the price loss, the position has also accumulated approximately $75,700 in funding fees since its opening, bringing the total drag to approximately $867,600.

On the news front, Jefferies yesterday lowered its target price for ZHIPU from HK$1,299.8 to HK$1,183.79, a reduction of approximately 8.9%, while maintaining a "Hold" rating. Based on an exchange rate of approximately HK$7.84 per US dollar, the new target price translates to approximately $151, still below the whale's entry cost of $161.34.

Jefferies' main concerns include the sustainability of revenue growth, customer concentration, and gross margin pressure in the second half of the year. The firm also reduced its cloud business valuation multiple from 50x to 30x of the projected 2026 ARR.

Currently, ZHIPU's open interest (OI) in the market stands at approximately 87,800 contracts, equivalent to approximately $10.369 million at the current price. This whale's single long position accounts for approximately 20.9% of the total OI.

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