JPMorgan Raises Zhipu Target to 2,000 HKD, Cuts MiniMax to 300 HKD on July 8

According to JPMorgan Chase on July 8, the bank raised its 2026 target price for Zhipu (ChatGLM) from 1,800 HKD to 2,000 HKD while cutting MiniMax's target from 400 HKD to 300 HKD. JPMorgan cited a "winner-takes-all" dynamic in open-source large language model commercialization, where stronger models expand adoption through open-source weights and monetization channels (APIs, partnerships, enterprise deployments), while weaker models face faster price competition and traffic diversion. JPMorgan maintained "Buy" on Zhipu and "Neutral" on MiniMax, noting that MiniMax's 50% permanent discount suggests no clear capability premium over domestic competitors.
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