Zhipu’s Hong Kong-listed shares dropped sharply on July 17, falling more than 17% at one point during the session before trimming losses to nearly 15%, according to Bitget market data. The move came as fresh pressure emerged on the news front. Moonshot AI, described as Zhipu’s direct competitor, released Kimi K3 and said the model outperformed Claude Opus 4.8 and GPT-5.5 in some coding and agent tests. Separately, Anthropic named Zhipu for the first time a day earlier and accused GLM-5.2 of distilling Claude and OpenAI models. The combination of a rival product launch and direct allegations from Anthropic coincided with the stock’s intraday decline.
Zhipu’s Hong Kong-listed shares fell more than 17% at one point on July 17 and were later down nearly 15%, according to Bitget market data.
On the news side, direct competitor Moonshot AI released Kimi K3, which it said outperformed Claude Opus 4.8 and GPT-5.5 in some coding and agent tests.
A day earlier, Anthropic named Zhipu for the first time and accused GLM-5.2 of distilling Claude and OpenAI models.
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