---
title: "Understanding the Market | Zhipu surges over 5% as monetization path becomes clearer; Goldman Sachs finds valuation attractive"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/300896804.md"
description: "Zhipu rose over 5%, up 5.35% to HK$660 at the time of writing, with a turnover of HK$512 million. On the news front, Goldman Sachs upgraded its investment rating on Zhipu from \"Neutral\" to \"Buy,\" believing that the company remains one of China's leading artificial intelligence model enterprises and that its valuation has become attractive. In a research report, Goldman Sachs stated that considering Zhipu has signed new commercial terms with hyperscale cloud service providers in China and globally, which are expected to generate additional high-margin revenue, it raised its year-end annualized recurring revenue estimate for the company from the previous $2.7 billion to $3.2 billion. Recently, Zhipu completed rectifications regarding security issues with its ZCode product and open-sourced ZCode; institutions expect this event to have a minor impact on fundamentals. Previously, management revealed several key pieces of information during a conference call with analysts and investors. These included: computing power supply is no longer the main constraint on revenue growth in the short term; breakthroughs have been made in revenue-sharing cooperation with cloud service providers; the commercialization of Co-work is progressing faster than expected, with industry order values for Co-work exceeding RMB 1 billion within one month of the GLM-5.3 release; meanwhile, Zhipu's year-end ARR guidance was raised from $2.4 billion to $3.0 billion"
datetime: "2026-10-05T03:17:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/300896804.md)
  - [en](https://longbridge.com/en/news/300896804.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/300896804.md)
generator: "portal-rs"
---

# Understanding the Market | Zhipu surges over 5% as monetization path becomes clearer; Goldman Sachs finds valuation attractive

According to Zhitong Finance APP, Zhipu (02513) surged over 5%. At the time of writing, it was up 5.35% to HK$660, with a turnover of HK$512 million.

On the news front, Goldman Sachs upgraded its investment rating on Zhipu from "Neutral" to "Buy," believing that the company remains one of China's leading artificial intelligence model enterprises and that its valuation has become attractive. In a research report, Goldman Sachs stated that considering Zhipu has signed new commercial terms with hyperscale cloud service providers in China and globally, which are expected to generate additional high-margin revenue, it raised its year-end annualized recurring revenue estimate for the company from the previous $2.7 billion to $3.2 billion.

Recently, Zhipu completed rectifications regarding security issues with its ZCode product and open-sourced ZCode; institutions expect this event to have a minor impact on fundamentals. Previously, management revealed several key pieces of information during a conference call with analysts and investors. These included: computing power supply is no longer the main constraint on revenue growth in the short term; breakthroughs have been made in revenue-sharing cooperation with cloud service providers; the commercialization of Co-work is progressing faster than expected, with industry order values for Co-work exceeding RMB 1 billion within one month of the GLM-5.3 release; meanwhile, Zhipu's year-end ARR guidance was raised from $2.4 billion to $3.0 billion.

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**