Zhipu Hong Kong Shares Drop Over 15% on July 17 Intraday as Rivals Launch Kimi K3, Anthropic Points to Model Distillation

According to Bitget market data, Zhipu's Hong Kong-listed shares fell over 15% intraday on July 17, down from an earlier drop exceeding 17%.

Moonshot, a direct competitor, released Kimi K3, which outperformed Claude Opus 4.8 and GPT-5.5 in select coding and agent tests. Additionally, Anthropic publicly criticized Zhipu for the first time yesterday, accusing GLM-5.2 of distilling Claude and OpenAI models.