As of June 15, 2026, according to Gate market data, Hong Kong-listed AI stocks surged collectively. Zhipu (02513.HK) led the rally, opening higher in the morning and continuing to climb, with its intraday gains exceeding 47% at one point and closing up 34%. This performance made it the top gainer in Gate’s Hong Kong stock trading AI sector.
Since Gate officially launched its Hong Kong stock trading service on June 11, 2026—supporting over 1,000 Hong Kong-listed stocks—ZHIPU has quickly become one of the most closely watched stocks among platform users. This week’s sharp rally in ZHIPU followed several days of volatility and sparked discussion about whether this "world’s first public large model stock" is entering a sustained upward trend. The current rally is not simply a technical rebound; it’s driven by a combination of factors, including shifts in the industry’s geopolitical landscape, the company’s product release cadence, and validation of its business model.
What’s the Fundamental Position of Zhipu?
Zhipu Huazhang Technology Co., Ltd., founded in 2019, originated from the technological achievements of Tsinghua University’s Department of Computer Science. It is one of the earliest teams in China to engage in the development of general artificial intelligence (AGI) large models. The company pioneered the GLM general pre-training paradigm based on autoregressive fill-in-the-blank methodology and has successively released China’s first 10-billion-parameter model, the first 100-billion-parameter open-source model, the first dialogue model, and the first multimodal model. Zhipu’s core positioning is "building the brain"—focusing on independent R&D of foundational general large models, rather than shifting toward downstream applications like world models or embodied intelligence.
On the commercialization front, Zhipu was the first to establish a standardized product system centered on MaaS (Model-as-a-Service), delivering "general intelligence capabilities" to enterprises and developers via API calls, model subscriptions, and localized deployment. This approach contrasts with the traditional enterprise AI route of heavy delivery and high customization. In 2024, Zhipu ranked first among independent general large model developers in China by revenue, and second among all general large model developers, capturing a 6.6% market share.
Can Zhipu’s Financial Structure Support Its Current Market Valuation?
According to Zhipu’s 2025 annual report, the company achieved operating revenue of 724 million yuan, up 131.9% year-over-year, making it the largest independent large model provider in China by revenue. Breaking down the revenue, localized deployment contributed 534 million yuan, up 102.3% and accounting for 73.7% of total revenue. Cloud deployment revenue reached 190 million yuan, up 292.6%, with its share rising from 15.5% in 2024 to 26.3%—signaling a strategic shift toward the MaaS model. By business segment, the open platform and API business generated 190 million yuan in 2025 revenue, up 292.6%; enterprise-grade agent solutions brought in 160 million yuan, up 248.8%; and enterprise-grade general large models contributed 360 million yuan, up 70.5%.
However, rapid growth comes with high investment. In 2025, Zhipu posted a net loss of 4.718 billion yuan, an increase of 59.5% year-over-year. Adjusted net loss stood at 3.182 billion yuan, with R&D expenses reaching 3.18 billion yuan—about four times annual revenue. The rise in R&D costs was mainly due to the expansion of the R&D team, increased share-based compensation, and payments to third-party compute service providers. The overall gross margin dropped from 56.3% in 2024 to 41% in 2025, mainly due to a higher proportion of cloud deployment and a temporary decline in the gross margin of localized deployment.
By the end of 2025, the company held about 2.259 billion yuan in cash and cash equivalents, with a debt-to-asset ratio of 15.2%, indicating a relatively light debt burden. The coexistence of high growth, high investment, and high losses is the defining feature of Zhipu’s current financial structure.
What Does the Full Release of GLM-5.2 Mean for Zhipu’s Large Model Product Matrix?
On June 13, 2026, Zhipu announced the full release of its latest flagship model, GLM-5.2, granting Lite/Pro/Max and team version access to all Coding Plan users, with API access coming soon. The model features a 1M context window, maintaining domestic leadership in long-context programming and agent tasks. The model weights are open-sourced under the MIT license. Early developer reviews suggest its coding capabilities are approaching the level of Claude Opus 4.8.
GLM-5.2 is Zhipu’s sixth flagship model released since 2025, following GLM-4.5, GLM-4.6, GLM-4.7, GLM-5, and GLM-5.1. Each generation has set new records in international benchmarks. Notably, GLM-4.7 achieved an 84.9% SOTA score in the open-source category on LiveCodeBench V6, outperforming Claude Sonnet 4.5. According to Zhipu’s technology spokesperson, Zheng Qinkai, the core breakthrough of GLM-5 is that AI has evolved from a code generation tool into an "engineer" with autonomous testing and iteration capabilities. GLM-5.1 further enabled closed-loop execution of long-duration tasks, allowing independent operation for over eight hours per task.
From a business perspective, the "GLM Coding Plan" programming package launched in 2025 has attracted over 242,000 paying developers, with token calls growing 15-fold in six months. Nine of China’s top ten internet companies now use GLM models extensively on a daily basis. As of March 2026, Zhipu’s registered enterprise and user base exceeded 4 million, serving customers in more than 218 countries and regions worldwide.
How Has the Anthropic Export Control Incident Reshaped the Competitive Landscape for Domestic Large Models?
On June 12, the U.S. Department of Commerce, under export control authority, ordered Anthropic to suspend access to its latest flagship models—Claude Fable 5 and Claude Mythos 5—for all foreign nationals. These models were taken offline just three days after launch. Anthropic stated that the U.S. government’s decision was based on a "serious misunderstanding," but, unable to distinguish user nationality in real time, ultimately chose to suspend access for all users.
This event has had a structural catalytic effect on China’s large model industry. Orient Securities pointed out that the removal of Anthropic’s models exposed the uncontrollable risks of closed-source models being subject to a single jurisdiction, benefiting leading domestic model companies like Zhipu as substitutes. Huatai Securities noted that the "domestic model + domestic compute" combination has shifted from a backup option to a must-have for enterprises, with demand for multi-model backup and localized deployment rising exponentially.
Within 24 hours of the incident, Zhipu responded by fully opening up GLM-5.2 and emphasizing that "technology should not belong only to a few, nor should it be subject to arbitrary withdrawal." By open-sourcing the model under the MIT license, Zhipu has significantly lowered the barriers for enterprise localization and is poised to accelerate the penetration of domestic large models in the enterprise sector.
How Does the Import Substitution Narrative Benefit Hong Kong-Listed AI Stocks?
On June 11, 2026, Gate officially launched Hong Kong stock trading services, covering over 1,000 stocks. Users can trade Hong Kong equities directly in USDT through a unified account, with no need for currency conversion or additional KYC procedures. Zhipu became the standout performer in this sector with today’s sharp gains. More importantly, the entire Hong Kong-listed AI large model sector is experiencing a synchronized upward trend.
At the index level, the Hang Seng Tech Index and Stock Connect completed constituent adjustments on June 8, with Zhipu newly added as a component of the Hang Seng Tech Index and simultaneously included in Stock Connect. This marks the formal entry of AI large model companies into the core technology benchmarks of Hong Kong stocks. Meanwhile, China’s AI large model market reached 49.539 billion yuan in 2025, up 49.1% year-over-year, and is expected to surpass 70 billion yuan in 2026. By the end of March 2026, China’s total intelligent compute capacity reached 1.88 million PFLOPS, providing a solid infrastructure foundation for large model applications at scale. According to OpenRouter, a global AI model API aggregation platform, China’s weekly large model API calls have consistently surpassed those of the U.S., accounting for over 33% of global total calls.
What Is the Strategic Significance of Zhipu Accelerating Its A+H Dual Listing?
On June 1, Zhipu announced it had applied to Chinese regulators for the issuance of A-shares and to list them on the STAR Market of the Shanghai Stock Exchange, just five months after its Hong Kong IPO. According to the announcement, the A-share issuance will account for 2% to 8% of the company’s post-issuance total share capital, with a fundraising target of 15 billion yuan: 12 billion yuan for foundational AI large model R&D, 2 billion yuan for a one-stop MaaS platform, and 1 billion yuan for working capital.
Building an A+H dual capital platform offers Zhipu several strategic advantages. On the funding side, large model R&D is a capital-intensive, long-cycle hard tech track; Zhipu’s R&D spending exceeded 3.1 billion yuan in 2025, and A-share fundraising will provide ample capital for compute expansion and model iteration. On the valuation side, since its Hong Kong debut on January 8, 2026, Zhipu’s IPO price was HK$116.2 per share, closing at HK$131.5 on the first day with a market cap of about HK$57.9 billion. As of today’s close, the stock has risen more than 11-fold since listing, with a total market cap exceeding HK$627.7 billion. In terms of industry structure, leading domestic large model companies such as Zhipu, Kimi, and DeepSeek are all trading at historic high valuations—DeepSeek’s latest valuation is $150 billion, OpenAI’s is $850 billion, and Anthropic’s is $1.2 trillion. Listing on the A-share market will help Zhipu further expand its capital channels and strengthen its market influence, but ultimately, value realization will depend on technology commercialization and profitability.
How Do Institutions View Zhipu’s Long-Term Investment Value?
CMB International recently initiated coverage of Zhipu with a "Buy" rating and a target price of HK$1,503.9. The report notes that based on 2024 revenue, Zhipu ranks first among independent large model developers in China and second among all large model developers, with a 6.6% market share. The company possesses full-stack capabilities from foundational model pre-training and fine-tuning to enterprise deployment and application development.
From a profitability perspective, Zhipu’s MaaS model is entering a phase of scaled growth. The company’s API business now generates 1.7 billion yuan in annual recurring revenue, up 60-fold year-over-year, while the gross margin of cloud deployment jumped from 3.3% in 2024 to 18.9% in 2025. According to Miao Zhen, a partner at KPMG China, the inflection point for large model profitability may arrive even faster than it did in the internet era, with a potential industry turning point in the next one to two years. Commercialization capability will be the key to success.
What Needs to Be Verified After a Single-Day Surge to Confirm a Trend Reversal?
The drivers behind today’s sharp rally in Zhipu are clear: the full release of GLM-5.2 provided a product-level catalyst; the Anthropic export control incident opened up new substitution market opportunities; inclusion in Stock Connect and Gate’s Hong Kong stock trading launch expanded investor coverage; and expectations for A+H dual listings further boosted market sentiment. Together, these factors provide multi-layered support for the current rally, distinguishing it from a mere technical rebound.
However, confirmation of a trend reversal requires several validations. First, whether the substitution demand triggered by the Anthropic incident can translate into actual API call volume and incremental revenue for Zhipu needs to be confirmed in subsequent quarterly reports. Second, the high-loss pressure facing the large model industry—Zhipu’s 2025 net loss is 6.5 times its revenue—means that clarity on the path to profitability remains a core variable for long-term value assessment. Third, the large model sector in 2026 is transitioning from a "technology and scale race" to a "commercialization and monetization race," so ongoing monitoring of competitive dynamics and market share shifts is essential.
In summary, Zhipu’s rally today is supported by multiple catalysts, but the sustainability of the trend will require further evidence in areas such as product penetration, enterprise client conversion, and gross margin improvement. For investors focused on Hong Kong-listed AI stocks, it’s important to track structural industry changes and the pace of technological iteration. The alignment between short-term sentiment-driven rallies and medium- to long-term fundamentals will take time to validate.
Summary
Zhipu’s intraday surge exceeded 47% today, closing up 34%, making it the top gainer in Gate’s Hong Kong stock trading sector. The core drivers of this rally include: the full release and MIT open-sourcing of the GLM-5.2 flagship model; import substitution opportunities arising from the U.S. export control incident targeting Anthropic; Zhipu’s inclusion in the Hang Seng Tech Index and Stock Connect, improving liquidity; and strategic expectations around the A+H dual capital platform. On the fundamentals side, Zhipu’s 2025 revenue reached 724 million yuan, up 131.9% year-over-year, making it the largest independent large model provider in China by revenue, though high R&D spending resulted in a net loss of 4.718 billion yuan. At the industry level, China’s AI large model market is expected to exceed 70 billion yuan in 2026, with domestic weekly large model API calls already surpassing those of the U.S. Confirmation of a trend reversal will require follow-up verification of API call conversion, gross margin improvement, and clarity of the profitability path.
FAQ
Q: What kind of company is Zhipu? Where is it listed?
Zhipu Huazhang Technology Co., Ltd. was founded in 2019, originating from Tsinghua University’s Department of Computer Science, and is one of the earliest companies in China to focus on large model R&D. The company specializes in the development and commercialization of foundational general artificial intelligence large models. Zhipu was listed on the main board of the Hong Kong Stock Exchange on January 8, 2026, and is known as the "world’s first public large model stock," with stock code 02513.HK.
Q: What was Zhipu’s financial performance in 2025?
In 2025, Zhipu achieved operating revenue of 724 million yuan, up 131.9% year-over-year, making it the largest independent large model provider in China by revenue. Net loss was 4.718 billion yuan, with R&D expenses of about 3.18 billion yuan. The overall gross margin was 41%. The company held about 2.259 billion yuan in cash and cash equivalents, with a debt-to-asset ratio of 15.2% and a relatively light debt burden.
Q: How does the GLM-5.2 model improve upon previous versions?
GLM-5.2 is Zhipu’s most powerful open-source large model to date, supporting a truly usable 1M context window and maintaining domestic leadership in long-context programming and agent tasks. Early developer reviews indicate its coding capabilities are approaching the level of Claude Opus 4.8. The model is open-sourced under the MIT license, significantly lowering the barrier for enterprise localization.
Q: What impact did the Anthropic export control incident have on Zhipu?
The U.S. required Anthropic to suspend access to its flagship models for non-U.S. users, exposing the uncontrollable risks of closed-source models being subject to a single jurisdiction. This event accelerated enterprise demand for domestic model alternatives. Huatai Securities noted that "domestic models + domestic compute" have shifted from backup options to must-haves, benefiting leading domestic model companies like Zhipu.
Q: What does Zhipu’s A+H dual listing strategy mean?
On June 1, 2026, Zhipu announced plans to issue A-shares on the STAR Market, aiming to raise 15 billion yuan, with 12 billion yuan allocated for foundational large model R&D. This move will help the company further expand its capital channels and provide stronger funding for large model R&D and commercialization.
