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Zhipu AI Soars Past Trillion Valuation as Domestic Models Take Center Stage

Zhipu AI's Meteoric Rise Reflects China's AI Ambitions

Hong Kong's AI darling Zhipu (02513.HK) made waves on June 22 with its stock price briefly rocketing 40% to an all-time high of 2,980 HKD. This remarkable surge cements its position as Hong Kong's first stock to consistently trade above the 2,000 HKD threshold since its January IPO. The company's valuation now exceeds 10 billion HKD - a staggering 2,000% increase from its debut.

The Open-Source Gambit That Changed the Game

The recent price explosion followed Zhipu's bold countermove after U.S. regulators restricted access to Anthropic's models. On June 13, Zhipu announced full open-access to its GLM-5.2 model for Coding Plan users, including API access and weight releases. "Technology should empower, not exclude," stated a Zhipu executive, framing the move as a stand against "artificial barriers in frontier tech."

Market response was electric. The GLM-5.2 had already impressed by topping the "Code Arena" global blind test and demonstrating seamless integration with domestic computing platforms like Huawei Ascend and Cambrian. These technical wins, coupled with surging demand (API usage grew 400% despite multiple price hikes), paint a picture of an industry hitting its stride.

Dual-Listings and the China AI Ecosystem

Zhipu isn't just riding the wave - it's shaping it. The company revealed plans on June 1 to pursue a 1.5 billion yuan STAR Market listing, targeting investments in foundational models and MaaS platform development. This "A+H" strategy mirrors moves by peers like MiniMax, signaling maturing capital strategies among China's AI leaders.

While financials show losses due to heavy R&D and computing costs, investors seem undeterred. As one industry insider put it: "We're witnessing China's AI transition from playing catch-up to defining the game. The headwinds are becoming tailwinds."

Key Points

  • Market Milestone: Zhipu becomes first Hong Kong stock to sustain >2,000 HKD price
  • Strategic Win: Open-sourcing GLM-5.2 counters U.S. restrictions, wins market favor
  • Technical Prowess: Model tops global benchmarks, integrates with domestic computing ecosystem
  • Capital Moves: "A+H" dual-listing strategy mirrors sector's maturation
  • Sector Outlook: Analysts see China's AI entering golden age of development and valuation