On October 2, Z.AI fell 3.12% in regular trading, trading at 621.0 HKD/share, with turnover of approximately HKD 149 million. The decline was driven by concerns over share capital dilution following the company's recent completion of a new H-share placement and additional share issuance.

According to filings with the Hong Kong Stock Exchange, Ant Group's long position in Z.AI was passively diluted in two stages — first from 7.27% to 6.67% upon the placement of new H-shares, and then further to 6.11% following the issuance of additional new shares — while its absolute shareholding remained unchanged at approximately 16.08 million shares. The company also disclosed a share incentive plan grant ahead of the National Day holiday, amplifying investor focus on potential equity dilution and near-term supply overhang.

Meanwhile, the broader Systems Software sector was under broad-based selling pressure. MINIMAX-W fell 5.2%, Wenge AI declined 4.7%, Deepexi Tech dropped 4.25%, and Extreme Vision lost 3.5%, reflecting weak industry sentiment that reinforced the downward pressure on Z.AI.

(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.)