There is no launch video and very little data published about the launch. Considering how the maiden flight was successful, and it does appear that they made any design changes, what went wrong? Why did it fail? Do they even know?
Some information that I found after asking. This is only a partial answer to help others when trying to give a more complete one. According to Space News, the original report simply said "did not enter orbit as scheduled". Later, i-Space revealed that the failure was due to a fairing separation error. Falling foam insulation was isolated as the cause of the loss of the mission. Contrary to my original statement images of the first and second Hyperbola-1 rockets look different, and suggest significant changes in design between the two earlier launches.