Z.AI is trading 10.17% down at HK$914.50 after investors continued repricing the stock following first-half results and a bearish Jefferies valuation update.

  • Revenue rose 400% to CNY953.89 million, but the company still posted a CNY2.07 billion net loss.
  • Jefferies cut its cloud-business price-to-sales multiple from 50x to 30x, citing crowded competition, rising computing costs and weaker monetization prospects.