Zhipu AI shares slide further as Chinese rivals ship new models

Hong Kong-listed Zhipu AI shares fell 7.7% to HK$911.50 on August 3, extending a decline of roughly 67% from their post-listing peak, as investors weighed a wave of newly released Chinese large language models from rivals. MiniMax gained more than 8% the same session after unveiling its H3 multimodal model and Alibaba rose after launching Qwen3.8-Max, underscoring how fast open-weight competition from Kimi, DeepSeek, Qwen and others is compressing the pricing power and perceived edge of Zhipu's GLM model line.