On August 25, Z.AI rose 3.48% in regular trading, trading at 1043.0 HKD/share, with turnover of HKD 1.26 billion. The stock had plunged over 10% in the previous session to close at 1007 HKD, triggering a technical recovery from oversold levels.

On the news front, a mysterious model codenamed Ox Alpha appeared on the OpenRouter platform and surged to the top of the leaderboard on its first day, setting a record for single-day model usage. Independent researchers noted that the model's tokenizer, video encoder, and output style closely match Z.AI's GLM series, with multiple analysts stating they are 99% confident the model originates from Z.AI. The model also ended DeepSeek's 56-day streak atop OpenCode. However, Z.AI has not officially confirmed the attribution.

Since the MSCI China Index inclusion news materialized on August 13, the stock has retreated over 20%, and with the interim results announcement scheduled for August 31 approaching, short-term long-short dynamics remain intense. Brokerages including CLSA and CMB International maintain bullish ratings with target prices of 2061 HKD and 1503.9 HKD respectively.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)