Bloodbath without end—Zhipu’s Hong Kong-listed shares plunged nearly 28% in a single day, and the open-sourcing of Kimi K3 directly ignited panic.

Crypto News claims that before the opening of Zhipu’s Hong Kong stock, it plunged nearly 17%, with a low of $120.7; on July 13 it completed a placement, and on July 17, Mysterious Moon released the open-source model Kimi K3, triggering concerns about the competitive landscape of domestic large models, with a daily drop of about 28.49%. The largest long holder has a position of 7,300 contracts with 10x leverage, with an unrealized loss of about $367,000 and a return of about -288.2%. Since July 6, they have not reduced their position; today at $129.6, they added another 409.1 contracts.