Hang Seng Index Closes Down 0.34%; Zhipu Rises 12.62%

Zhipu's sharp intraday gain against a declining index underscores how AI names are decoupling from broader market sentiment in Hong Kong. The divergence suggests capital is rotating into specific AI plays rather than betting on the index as a whole. Whether this momentum reflects durable fundamentals or a short-term squeeze is the key question, as such moves often attract regulatory or profit-taking attention. Watch if other AI-linked listings follow suit or if the gap narrows in coming sessions.