In July, Zhipu, which surged 20 times, will face its first market test Zhipu's market value exceeded HKD 1 trillion yesterday, with a stock price of HKD 2410. It has risen 20 times in less than half a year since its listing, but today its stock price has dropped to HKD 2136. Zhipu was listed on the Hong Kong Stock Exchange on January 8th, with only 5.76% of the total share capital issued through the IPO. Of these 5.76%, approximately 3.95% are held by cornerstone investors and can only be sold after being locked in until July 8th. In the past six months, the stocks that were truly freely traded in the market accounted for only 1.81% of the total share capital, approximately 11.76 million shares. The daily trading volume of Zhipu ranges from 4.6 to 4.9 million shares, with about 40% of the freely tradable shares changing hands every day. Currently, there are only 11.76 million shares circulating in the market, and buying and selling a few million shares can significantly boost prices. Zhipu had previously fallen sharply by 30% from its high, and was questioned as a private equity stock. In May, Zhipu was included in the Hang Seng Technology Index, and all ETFs and passive funds tracking the Hang Seng Technology Index must be bought by weight, regardless of the stock price. The buyer is forced to buy, and the seller cannot sell because the lock up period has not expired. The supply and demand of chips are extremely imbalanced, and the price is pushed up like this. On July 8th, the first wave of restrictions was lifted. The lock up period of 11 cornerstone investors has expired, and approximately 25.86 million shares have entered circulation. This batch of cornerstone has had a floating profit of over 1100% since its listing. The tradable chips have expanded from 1.81% to 5.76%, and the number of stocks available for sale in the market has more than tripled. But July 8th is just an appetizer. In January 2027, the second wave of lifting restrictions will be implemented, with non controlling shareholders collectively lifting restrictions, involving more than 60% of the total share capital. The shareholder list includes Meituan, Ant, Alibaba, Tencent, Xiaomi, Kingsoft, as well as Sequoia, Hillhouse, Qiming, Shunwei, Dachen, and various local government state-owned assets. The cost of holding shares is much lower than the current stock price, and the theoretically tradable shares have jumped directly from 5.76% to over 65% after the lifting of the ban. The support logic for the current trillion dollar market value is largely based on the scarcity of chips. The 1.81% circulating stock, combined with the forced buying of passive funds, constitutes a price self reinforcing structure. Is lifting the ban a countdown to this structure? On July 8th, the first answer sheet.