TechFlow news, July 20, according to Hyperinsight monitoring, ZHIPU on Hyperliquid plunged before the Hong Kong stock market opening. Within about 1 hour, it dropped to a low of $120.7, a decline of about 17%; the decline continued during the Hong Kong stock trading session.
On the news front, ZHIPU completed a placement of 19.78 million new H shares on July 13; on July 17, Moonshot AI released the 2.8 trillion parameter open-source model Kimi K3, intensifying market concerns about the domestic large model competition landscape, causing ZHIPU Hong Kong stocks to fall 28.49% that day. No new company-level sudden negative news was observed today prior to publication.
The sharp stock price decline further frustrated ZHIPU's largest long position holder (a whale starting with 0xddb). It is currently going long 7,300 contracts with 10x isolated margin, with a position value of about $905,000, an average entry price of $174.2, and a liquidation price of about $78.3; the unrealized loss is about $367,000, with a return rate of about -288.2%, equivalent to 2.88 times its initial capital investment of $127,000.
This whale previously opened a long position near $198.45 for the first time on the evening of July 6 and has not sold since; at 10:12 today, it still added 409.1 contracts against the trend at $129.6.
