On September 28, Z.AI fell 3.87% in regular trading, trading at 601.0 HKD/share, with turnover of approximately HKD 432 million. The decline reflects a combination of ongoing fallout from the ZCode data privacy scandal and intensifying global AI model pricing pressure.

Z.AI's AI coding tool ZCode was previously found to have silently uploaded users' local repository data to cloud servers without explicit consent. Although the company has since completed rectification, open-sourced ZCode on GitHub, and engaged third-party auditors including the China Academy of Information and Communications Technology and NSFOCUS for security reviews confirming zero data retention, market confidence has yet to fully recover. Notably, Chengming Technology's formal accountability letter — demanding detailed explanations of data handling, potential cross-border transfers, and deletion proof by October 10 — remains unresolved, extending the controversy from a technical vulnerability into legal and compliance territory.

Meanwhile, a UBS research note highlighted that per-token pricing across AI models is expected to continue deflating, while Anthropic and OpenAI have recently unveiled low-cost model offerings, adding competitive pressure on domestic AI firms. Within the Systems Software sector, MINIMAX-W fell 9.81%, HAIZHI TECH GP fell 6.55%, and DEEPEXI TECH fell 2.42%, reflecting broad sector weakness.

(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.)