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About Z.ai
ZHIPU tracks the value of 1 H-share of Knowledge Atlas Technology JSC, listed on the Stock Exchange of Hong Kong (stock code 2513). The oracle converts the underlying stock's HKD price to USD at the prevailing USD/HKD FX rate. Zhipu (z.ai) is a Beijing-headquartered AI foundation model company, founded in 2019, building the open-weight GLM series of LLMs.
On Lighter, ZHIPU is a synthetic perpetual market with its own order book, so its mark price, funding rate and open interest can differ from the same instrument on another venue.
ZHIPU is listed as a Lighter synthetic perpetual market. Prices track traditional-asset exposure synthetically and do not represent ownership of the underlying shares, ETFs, commodities, or cash instruments. Educational market data only — not investment advice.
Sector tags: AI & Big Tech, China Equity.
HKEX Market Hours vs Lighter 24/7 Perpetual
Comparing 2513.HK Hong Kong Stock Exchange session hours with continuous crypto trading
- Morning Session
- 09:30 – 12:00 HKT
- Lunch Break
- 12:00 – 13:00 HKT (Closed)
- Afternoon Session
- 13:00 – 16:00 HKT
- Trading Days
- Mon – Fri (Closed Weekends & Holidays)
- Settlement Rule
- T+2 Settlement
- Trading Hours
- Continuous 24 Hours / Day
- Lunch Break
- None (No Midday Pause)
- Weekend Trading
- Active 24/7 (No Weekend Shutdown)
- Trading Schedule
- Monday – Sunday 365 Days
- Settlement Rule
- T+0 Instant Execution & Hedging
Frequently Asked Questions
- Does trading ZHIPU give me any of the rights of owning Zhipu stock?
- No. ZHIPU is a synthetic perpetual with no delivery mechanism or arbitrage bridge to Zhipu's actual shares. It gives price exposure only — there are no shareholder rights, no dividends, no voting rights, and no claim on the underlying stock.
- Does ZHIPU carry foreign-exchange risk?
- Yes. Zhipu's share trades in HKD on the Stock Exchange of Hong Kong, so ZHIPU's oracle price converts that HKD price to USD at the prevailing exchange rate. That means ZHIPU carries exposure to that currency's exchange rate against the dollar, alongside the underlying stock.
- How is ZHIPU different from other names, like MINIMAX?
- ZHIPU and MINIMAX are both Chinese AI foundation-model companies listed in Hong Kong, but Zhipu, based in Beijing, focuses on its open-weight GLM series of large language models, while MiniMax, based in Shanghai, focuses on multimodal models across language, video, speech, and music.
- ZHIPU on Lighter is a synthetic perpetual market that tracks 1 H-share of Knowledge Atlas Technology JSC. It trades on Lighter, so you can go long or short without holding any shares.
- ZHIPU on Lighter is a synthetic perpetual market that tracks 1 H-share of Knowledge Atlas Technology JSC. It trades on Lighter, so you can go long or short without holding any shares.
- Can ZHIPU's price on Lighter differ from the price on other venues?
- Yes. Lighter's ZHIPU market runs its own order book, so its mark price, funding rate, and open interest can differ from the same instrument on another venue.
- What does it mean that Lighter runs its own order book?
- An order book is the live list of buy and sell orders in a market. Because ZHIPU on Lighter has its own book, prices are set by the orders on Lighter itself rather than imported from any other market.
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