ZHIPU's valuation may struggle to withstand three major headwinds, falling 15% in a single day to lead declines in the HIP-3 market.

According to Hyperinsight monitoring, Zhipu AI (ZHIPU) has been on a downward trend since hitting a peak of around 17 times its IPO price on May 29. It dropped another 15.22% in the past 24 hours, trading at $256.81, leading declines in the Hyperliquid HIP-3 market. On-chain order books are small, with overall positions leaning bullish: the bullish moving average is around $277.4, while the bearish moving average is around $284.3. The latest bullish liquidation line stands at $223.54, about 13% below the current price. This whale opened a long position on June 26, worth $1.02 million at an average price of $268.58, and is now sitting on an unrealized loss of 24%. On the news front, three recent negative factors have converged: on July 8, cornerstone investors will face lock-up expiry, tripling the free float; the company plans to pursue a secondary listing in Shanghai to raise around 15 billion yuan, stoking dilution concerns; valuation support is weak, with adjusted 2025 revenue showing a huge loss of 3.18 billion yuan. Additionally, peer MiniMax has also plunged sharply, further weighing on sector sentiment.