Zhipu stock down 70% from HK$1,400 to HK$408, GLM 5.5 seen as make-or-break

teortaxesTex · x · 2026-11-15

Zhipu's stock has fallen over 70%, from nearly HK$1,400 to HK$408.
The quoted post argues Zhipu is betting everything on its next model, GLM 5.5: it faces competition from the big three labs plus DeepSeek's pressure, and GLM 5.3's performance has been disappointing.
The commenter adds a key structural concern: as a publicly traded company, Zhipu may not recover from a fumble. DeepSeek has GPU allocations (plus a 1GW datacenter project), while it's unclear whether Zhipu has similar GPU access — making its path back uncertain if GLM 5.5 underwhelms.

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