JPKNATL@EC2610D

Zhipu Revenue Reached RMB 724 Million in 2025

Zhipu to acquire 100% equity of Red Diamond Technology Beijing for up to 361 million yuan

Zhips AI AutoClaw Launches Self-Evolution Mechanism and Skill Store

Zhipu Acquires Diamond Plaza for Its Own Use

Zhi 谱 Acquires An 狮 Red Diamond Property for Daily Needs

ZhiPu Technology to Acquire 100% Shares of Beijing Hongzhuan Technology Development Co., Ltd. for Up to RMB 360.52 Million

Zhipu Announces Price Hike for GLM-5.1, Shares Rise for Three Consecutive Days, Market Cap Surpasses $513 Billion

Anthropic Releases New AI Model Claude Mythos Without Public Release

Taichi Yuanqi Completes Just-In-Time Adaptation for Zhispu GLM-5.1

CITICS Securities Gives a Buy Rating to Zhìpǔ for the First Time

Huawei Cloud Launches GLM-5.1 Model by Smart Spectrum

Zhipu Releases GLM-5.1 Open Model and Adjusts Pricing

Zhipu Establishes Subsidiaries for Business Model Adjustment

JPMorgan Raises Zhigu Target Price to HKD 950

Zhipu Releases GLM-5V-Turbo Multimodal Coding Foundation Model

JPMorgan Raises Zhipu AI Target Price and Revenue Projections

Zhipu's Q1 Report Reveals Soaring Revenue and Gross Margin, Challenging Industry Consensus

CICC Raises 2026/2027 Revenue Projections and Target Price for Zhitu

Zhipu Saw Increased Loss But Revenue Soared, Outlining Future Evolution of Intelligent Paradigm

Zhipu's CSO Xliao Elucidates AI Product Strategy in Enterprise Market for the Second Half of the Year

ASIA TELE-NET

WAI CHUN GROUP

SILKWAVE INC

SHEUNG YUE GP

POLYFAIR HLDGS

BGMC International

CEC INT'L HOLD

RONGZHONG FIN

ECHO INT HOLD

02513

KNOWLEDGE ATLAS reported 2025 annual revenue of 724 million yuan, compared to 312 million yuan in 2024

Wallstreetcn

KNOWLEDGE ATLAS

China's AI large model GLM-5.1 has sparked a buying frenzy overseas, with programming performance comparable to top American AIs, and a monthly fee of only about 23 yuan. KNOWLEDGE ATLAS open-sourced the model on April 8, attracting a large number of overseas developers to purchase it. Despite price increases overseas, the domestic version is priced low, leading overseas users to seek purchasing channels through social platforms. Analysis indicates that regional price differences are a common strategy in the global SaaS industry, and the cost-performance ratio and performance advantages of domestically produced large models are highly valued by overseas developers

Stheadline

MINIMAX-W

BABA-W

Alibaba

BABA-WR

Alibaba HK SDR 5to1

Domestic AI sparks a buying frenzy among foreigners, KNOWLEDGE ATLAS open-source model rivals Anthropic, costing only 23 yuan per month

KNOWLEDGE ATLAS's AutoClaw officially launched its self-evolution mechanism and skill store on April 17, aiming to lower the usage threshold for AI entities and automatically complete complex tasks. The core of the update is the self-evolution capability, which can recognize users' long-term intentions and convert them into permanent memory. In addition, the GLM Office Skills suite has been introduced, optimizing scenarios such as PPT, documents, and spreadsheets, and incorporating skills co-created with industry experts. AutoClaw supports Windows and macOS systems, allowing users to easily access IM platforms like Feishu

PingWest

KNOWLEDGE ATLAS AI releases AutoClaw update, introducing self-evolution mechanism and skill shop

002534

Intelligent robot company KNOWLEDGE ATLAS and Westone United recently reached a strategic cooperation agreement to launch systematic applications of embodied intelligent robots around core scenarios such as high-end manufacturing and smart industrial parks

XZCE

Embodied Intelligent Robots Enter Production Lines and Industrial Parks: KNOWLEDGE ATLAS and Westone United Reach Strategic Cooperation

02656

01396

09678

00100

03317

02726

02650

03625

00600

160 HEALTH(02656) fell 13.06%, with a trading turnover 84.3 Million HKD, and a year-to-date fell 35.6%. GD-HKGBA HLDGS(01396) fell 11.46%, with a trading turnover 69.8 Million HKD, and a year-to-date rose 39.6%. UNISOUND(09678) fell 11.18%, with a trading turnover 511.1 Million HKD, and a year-to-date fell 17.9%.

Top Gainers & Losers

160 HEALTH

GD-HKGBA HLDGS

UNISOUND

XUNCE

EPIWORLD

ZHIDA TECH

FOURSEMI

AXERA

Top 10 HK Stock Losers (4.15)

06990

09926

06181

01801

01177

06869

01772

SKB BIO(06990) rose 6.97%, with a trading turnover 458.1 Million HKD, and a year-to-date rose 32.3%. AKESO(09926) rose 6.89%, with a trading turnover 1.7 Billion HKD, and a year-to-date rose 30.4%. MINIMAX-W(00100) fell 10.88%, with a trading turnover 1.9 Billion HKD, and a year-to-date rose 413.6%. KNOWLEDGE ATLAS(02513) fell 8.54%, with a trading turnover 1.9 Billion HKD, and a year-to-date rose 646.1%.

SKB BIO

AKESO

LAOPU GOLD

INNOVENT BIO

SBP GROUP

YOFC

GANFENGLITHIUM

Top 5 HK Stock Gainers/Losers (>100B) (4.15)

KNOWLEDGE ATLAS fell 11.87%; MINIMAX-W fell 13.25%, with a transaction volume of HKD 1.257 billion; Dipu Technology fell 7.90%, with a transaction volume of HKD 1.128 billion; Haizhi Technology Group fell 5.35%, with a transaction volume of HKD 55.07 million; Jivis fell 3.24%, with a market value of HKD 10.8 billion

HK Stock Movers Tracker

Hong Kong stock movement: KNOWLEDGE ATLAS's acquisition of Red Diamond Technology raises market concerns, with stock price plummeting 11.87%! Financial pressure becomes the focus

688802

Guanghe Venture Capital announced the completion of a new round of dual-currency fund raising, with a total amount exceeding 5 billion yuan, including 460 million US dollars for the dollar fund and 2 billion yuan for the yuan fund. This fundraising attracted a diverse range of LPs, including national sovereign funds and global technology companies, demonstrating the attractiveness of China's capital market. Founding partner Mi Qun stated that the dual-currency structure will provide flexible resource support for the invested companies, aiding their growth. Guanghe Venture Capital has also continuously achieved IPOs for KNOWLEDGE ATLAS and MetaX

雷帝触网

MetaX

Guanghe Venture Capital completes dual-currency fundraising exceeding 5 billion, continuously gaining IPOs from KNOWLEDGE ATLAS and MetaX

Several stocks in Hong Kong's AI application sector have declined, with Zhipufalling over 10%, MINIMAX-Wdropping more than 8%, and Xuncedecreasing over 6%. This trend indicates a broader market reassessment of AI-related stocks by investors.

CoinLive

Hong Kong AI Application Stocks Decline as Zhipu and MINIMAX-W Experience Losses

KNOWLEDGE ATLAS announced that it will spend 360 million yuan to purchase the property of Diamond Building in Beijing, with a total construction area of approximately 22,666.71 square meters. KNOWLEDGE ATLAS will pay 81.62 million yuan in cash and assume approximately 279 million yuan of related debt. After the acquisition, KNOWLEDGE ATLAS will gain ownership of the property, optimize its asset structure, and relocate part of its business to the new site. The potential value of the property will support the company's long-term strategic planning, enhance its risk resistance capability, and promote sustainable development. KNOWLEDGE ATLAS expects to be listed on the Hong Kong Stock Exchange in 2026, with a current market value of over 430 billion Hong Kong dollars

KNOWLEDGE ATLAS plans to spend 360 million to buy a building in Beijing

Knowledge Atlas Technology Joint Stock Company Limited (HK:2513) has announced its agreement to acquire 100% equity interest in an unnamed target company from ACREP Diamond Investment Limited for approximately RMB360.52 million. The deal includes RMB81.62 million in cash and RMB278.90 million to assume the target's debt. This acquisition qualifies as a discloseable transaction under Hong Kong listing rules, indicating a strategic expansion of the company's asset base while avoiding shareholder approval. The agreement was signed on April 14, 2026, and is subject to completion audit adjustments.

Tip Ranks

Knowledge Atlas Technology to Acquire Target Firm in RMB360 Million Deal

KNOWLEDGE ATLAS announced the acquisition of 100% equity, including debts, from the independent third party Anshi Hongzuan, which mainly holds properties located on the basement level and the first to third floors of Diamond Building in Haidian District, Beijing, with a total construction area of approximately 22,667 square meters. The total price does not exceed 361 million RMB. Upon completion, the company will retain the property for its own use to meet daily administrative and business operational needs

AASTOCKS

KNOWLEDGE ATLAS acquires Beijing property for self-use for up to 360 million RMB

688012

002371

00501

000977

300308

JP Morgan released a report listing a thematic list of stocks related to China's AI ecosystem, all of which have been given an "overweight" rating. The list includes a target price of HKD 950 for KNOWLEDGE ATLAS, a target price of HKD 1,100 for MINIMAX-W, a target price of RMB 430 for Zhongji Innolight, a target price of RMB 610 for NAURA, a target price of RMB 380 for AMEC, a target price of RMB 186 for OMNIVISION, a target price of RMB 75 for IEIT, and a target price of RMB 135 for Huqin Technology

AMEC

NAURA

OMNIVISION

IEIT

Zhongji Innolight

JP Morgan lists the theme stock list of China's AI ecosystem (table)

09866

00981

01347

Hong Kong stocks opened higher this morning, with the Hang Seng Index rising 139 points to 25,891 points, and the National Index and Hang Seng Tech Index also increasing by 43 points and 22 points, respectively. Chip stocks performed well, with HUA HONG and SMIC opening up 3.5% and 2.3%, respectively. AI stocks KNOWLEDGE ATLAS and MiniMax also saw gains. Nio's stock price opened down 6.8% due to market profit-taking pressure on its new model ES9. The overall market is affected by fluctuations in international oil prices and the situation in the Middle East

NIO-SW

SMIC

HUA HONG SEMI

"Hong Kong Stocks" Hang Seng Index opened high at 139 points, chip and AI stocks perform well, Nio drops over 6%

智谱

Financial Analysis

Up 6x in a single quarter, the investor darling and foundation-model poster child—Zhipu—has reported as well.Against such a parabolic stock move, 2H25 performance looks much calmer—but does it even matter?Straight to the point: 1) Revenue: API biz ARR reached RMB 250 mn in Mar.Everything else is minor.Among domestic independent model vendors, $KNOWLEDGE ATLAS(02513.HK) is a pure homegrown LLM player, with talent anchored in universities and a client base largely comprising the Gov. and SOEs on the B2B side.Execution is heavy on on-prem deployment and delivery...

ZHIHU-W

Zhihu

Minim

FiEE

Zhipu: RMB 700mn profit vs. RMB 3.2bn loss? Dream first—fretting over losses is small-minded

Conference Minutes

Below is Dolphin Research's Trans of Zhipu's FY2025 earnings call. I. Core financial highlights.1) Rapid revenue growth: FY2025 revenue reached RMB 724 mn (+132% YoY). The cloud open platform and API businesses accounted for 26.3% of total revenue.2) API ARR inflection: As of Mar 2026, API ARR reached $250 mn, up 60x over the past 12 months. Pricing per API call rose 83% vs. Dec 2025, with demand increasing after the price hike...

Alphabet - C

Alphabet

TENCENT

Tencent Holdings Limited

TENCENT-R

Tencent

Tencent HK SDR 10to1

Zhipu (Trans): Tech-Driven, Focus on Advancing the Model Frontier

Powell may not have an FOMC talk, but his recent QnA at a University sparks interests and influenced the market. A simple comment that inflation outlook in check and there's no need to hike rates due to oil shock has the market reacting positively. Let's see how the situation pans out in the next few weeks

🇺🇸🇭🇰🇸🇬 Big moves across US, HK, SG markets. Join the chat &amp; earn Task Coins!

Invesco QQQ Trust

SPDR S&P 500

Proshares UltraPro QQQ

FTSE Straits Times Index

Tesla

Direxion Daily TSLA Bull 2X Shares

Apple

iQIYI

Rocket Lab

POP MART

TONGSHIFU

UBTECH ROBOTICS

Miniso

MNSO

Nike

Apple Group

Robinhood

Standard BioTools

SoFi Tech

Rocket

Allianzim US Large Cap Buffer10 Mar ETF

☕️ [Task Coins Giveaway] Daily Market Talk

POP MART HK SDR 20to1

Zhipu 2H25 First Take: a sixfold move in a quarter as the model star stock steals the show. Headline growth reads as a 99% surge in 2H25 revenue, but the underlying picture is fairly muted.The market clearly priced in an upgrade from on-premise deployments to a standardized, cloud-based sales model. Execution is underway and broadly in line with expectations.The main issue lies in GPM mix: while on-premise deals face less brutal price competition than open-access APIs, delivery intensity drove up costs. As a result, this higher-margin line, accounting for 70% of 2H25 revenue, saw GPM fall from 59% in 1H to 44% in 2H.On opex, compute investment was split roughly evenly between halves and remains outsized, totaling RMB 3.2bn for the year, vs. just RMB 720mn of FY25 revenue. The imbalance is stark.Against this backdrop, movements in the other two expense buckets — sales expenses declining in absolute terms and G&amp;A still growing fast — are footnotes. For 2H overall, relative to the share price rally, there was little in the print worth highlighting.That said, the market at current valuations appears indifferent to model losses, focusing instead on the scarcity of model 'intelligence' and token consumption.Since Lunar New Year, the company rolled out the GLM-5 base model, the agent-focused Turbo model for 'Lobster', and the coding-oriented GLM-5.1. Its intelligence benchmark is aligned with top overseas models like Claude Opus. More importantly, Zhipu has been raising prices, with subscription plans up ~30–50% and API rates up over 80%.Since mid-Feb, the 3x rally already reflects optimism about the business model upgrade. Dolphin Research is more keen to see post-Feb trends in token consumption after the new models and price hikes, but the company did not disclose this in the release; we will watch for color on the call. $KNOWLEDGE ATLAS(02513.HK)

Fed is in a dilemma. On one hand, he is cautious of rising inflation due to wars &amp; tariff, on the other hand, he is watching unemployment rate in the labor market. Do nothing is the best current strategy for the Fed, till events becomes clearer. Singapore is pivoting to partner other trading blocks to increase trade export to like minded countries. And fast adoption of AI to enhance productivity to address rising cost of doing business here. Is all hands on deck. Singapore has to be ahead of the curve due to fast changing political and economical landscape changes to keep growth on track.

Fed’s dovish is shifting short term sentiment, creating a tactical risk on window. Not a full pivot yet,so stay long quality growth but keep macro hedges in placeTesla TERAFAB – Moving into ultra scale compute fits the AI capex boom, where global demand is surging. For now, it’s a high beta narrative play, with execution risk still the main swing factor.Singapore retains solid growth supported by strong manufacturing and AI driven exports, showing underlying resilience despite external risks.

Musk is again promising the sun and moon; selling a dream, forever over promising and shifting goal posts. With the geopolitical event causing headache and pocket-aches to investors, I don't think anyone would be in the mood to be an all-in bull right now...

7 days into negotiation between US and IRAN, but no news of any breakthrough. The war will be long and the blockade will last. Start being defensive people!

As the war continues, oil will be in short supply and cause Singapore to suffer. Yes we do have 6 months of reserve. But one that used up, we are in the same situation as other South East Asia counties... So be worried peeps!

As usual anything from tesla is to take with a pinch of salt. Elon Musk have always over promise but under deliver. Only when it really launches then believe in the narrative!

JPKNATL@EC2610D(28406.HK)

JPKNATL@EC2610D Stock Performance Chart

KNOWLEDGE ATLAS reported 2025 annual revenue of 724 million yuan, compared to 312 million yuan in 2024

Domestic AI sparks a buying frenzy among foreigners, KNOWLEDGE ATLAS open-source model rivals Anthropic, costing only 23 yuan per month

KNOWLEDGE ATLAS AI releases AutoClaw update, introducing self-evolution mechanism and skill shop

Embodied Intelligent Robots Enter Production Lines and Industrial Parks: KNOWLEDGE ATLAS and Westone United Reach Strategic Cooperation

Top 10 HK Stock Losers (4.15)