On July 20, according to monitoring by Hyperinsight, ZHIPU experienced a sharp decline before the Hong Kong stock market opened, dropping to a low of $120.7 within about an hour, a decrease of approximately 17%. The decline continued during the Hong Kong trading session. On July 13, ZHIPU completed a placement of 19.78 million new H-shares; on July 17, the release of the 28 trillion parameter open-source model KimiK3 by the Dark Side of the Moon heightened concerns about the competitive landscape of domestic large models, leading to a 28.49% drop in ZHIPU's Hong Kong stock that day. As of the time of writing, no new company-level negative news has been reported today. The sharp drop in stock price has further impacted ZHIPU's largest long position (a whale starting with 0xddb). Currently, this whale is holding a long position of 7,300 contracts with a value of approximately $905,000, an average entry price of $174.2, and a liquidation price of about $78.3; it is facing an unrealized loss of about $367,000, with a return rate of approximately -288.2%, equivalent to 2.88 times its initial investment of $127,000. This whale initially opened a long position around $198.45 on the evening of July 6 and has not sold since; as of 10:12 AM today, it continued to average down by adding 409.1 contracts at $129.6.