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Zhipu ZHIPU briefly plunged by more than 17%, and the main long positions—still down nearly 300% of principal—continue to add to their holdings and average down

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Golden Finance reports, July 20, according to Hyperinsight monitoring, Hyperliquid’s ZHIPU (Zhipu) dropped sharply before the Hong Kong stock market open. Within about 1 hour, the lowest fell to $120.7, down about 17%; during the Hong Kong session, the decline continued. On the news front, Zhipu completed a placement of 19.78 million new H shares on July 13; on July 17, Mysterious Side released an open-source model KimiK3 with 2.8 trillion parameters, intensifying market concerns about the competitive landscape for domestic large models. On that day, Zhipu’s Hong Kong shares fell 28.49%. As of the time of publication, no new company-level major negative catalysts were yet seen for today. The sharp selloff further hit ZHIPU’s largest long (a whale starting with 0xddb).
It is currently going long on 7,300 positions with 10x isolated leverage, with a position value of about $905k. The entry average is $174.2, and the liquidation price is about $78.3. The floating loss is about $367k, with a return of about -288.2%, equivalent to 2.88 times the $127k cost to open the position. This whale previously opened its long around $198.45 in the evening of July 6 and has not sold since; at 10:12 today, it is still adding to the position against the trend at $129.6, buying another 409.1 shares.
ZHIPU31.22%
ZHIPU AI36.88%
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