Zhipu AI (2513.HK) surged 10% in Hong Kong trading to HK$1,623. On June 17, the company officially open-sourced its next-generation flagship model GLM-5.2, which achieved best performance among available models in Code Arena global blind evaluation.
The model supports 1M ultra-long context window with significantly improved coding capabilities. Long-horizon task planning and execution received positive feedback from the developer community.
Multiple institutions recently upgraded ratings and price targets. JPMorgan reaffirmed Buy rating, raising target from HK$950 to HK$1,400, citing API pricing doubling this year while maintaining business growth. CICC maintained Outperform with target at HK$1,250. Macquarie kept Outperform rating with target of HK$1,221.4.
Zhipu was recently added to Hang Seng Tech 100 Index. Southern capital continued net buying with HK$22.94 billion single-day inflow on June 15. Amid US restrictions on Anthropic models, domestic substitution sentiment strengthened, with GLM-5.2 filling the market gap. The stock had previously jumped over 32% on June 15.