Z.AI is trading at HK$604.50, down 4.58%, with the ZCode privacy controversy cited as an overhang, though its role in the September 28 decline is unconfirmed. - Reuters reported ZCode uploaded users’ local code repositories to cloud servers without consent; Z.AI disabled features and apologized. - The price context shows a sustained decline over the past week, including a 12.40% drop on September 23. - No new company announcement explaining the September 28 move surfaced in the search.