On the morning of June 22, Hong Kong’s AI sector kept gaining steam. Among them, “the world’s first major AI model stock“ Zhipu (02513.HK) surged more than 40%, hitting a peak of 2,980 HKD/share, setting another record high and becoming the first Hong Kong-listed stock to firmly breakthe 2,000HKD mark, pushing the company’s total market cap past the 1 trillion HKD threshold. Riding on Zhipu’s momentum, domestic AI model player MiniMax also jumped over 16%.
In terms of recent news, on June 18, a social media user asked: “When do you think Chinese models will catch up to Anthropic’s Fable level? Zhipu’s GLM-5.2 certainly narrowed the gap.” Tesla CEO Musk replied: “Probably in Q1 of 2027.”Zhipu founder Tang Jie quickly chimed in: ‘Don’t count on needing that long.’
On June 17, Zhipu announced the launch and open-source release of GLM-5.2. According to the company, in Code Arena—a frontend development evaluation system where over a million users worldwide participated in blind testing—GLM-5.2 ranked number one among all globally available models. Meanwhile, the online inference for GLM-5.2 relies on multiple domestic computing power platforms. By Day 0, it had already completed inference adaptation with homegrown chip makers like Huawei Ascend, T-Head, Moore Threads, Cambricon, Kunlun Xin, MetaX, Hygon, and Biren. Once the Ascend 950 super node hits the market later this year, it’s also expected to serve as a powerhouse computing foundation for GLM-5.2.
Earlier, on June 12, the U.S. Department of Commerce invoked export control authorities, ordering AI firm Anthropic to temporarily block access to its latest flagship models, Claude Fable 5 and Claude Mythos 5, for all foreign nationals regardless of their location. Anthropic stated that the U.S. government’s decision was based on “a serious misunderstanding,” but since the company couldn’t verify users’ nationalities in real-time, it ultimately decided to pause access for everyone. They’re now working directly with regulators to push for a more granular licensing system that allows compliant access, rather than maintaining a blanket ban.
After Anthropic received the U.S. export ban, Chinese model developers quickly stepped up and pledged full public access. On June 13, leading domestic AI player Zhipu announced that its open-source flagship, GLM-5.2, would be fully accessible to all Coding Plan subscribers (Lite, Pro, Max, and team editions). They also teased an upcoming API launch and confirmed the model weights are open-sourced under the MIT license. Zhipu emphasized that this new release represents their most capable open-source model to date, adding that when cutting-edge tools suddenly become restricted, technology shouldn’t just belong to a select few, nor should it be yanked away on a whim.
It’s also worth noting that Zhipu has hiked API pricing four times this year alone. In February 2026, right alongside the GLM-5 rollout, Zhipu restructured its GLM Coding Plan prices, starting with a 30% increase. By March, the GLM-5-Turbo API saw another 20% bump, stacking up to roughly an 83% cumulative jump from the previous generation. Then in April, the GLM-5.1 API got a 10% lift, while international Coding Plan subscriptions jumped anywhere from 80% to 150%, basically matching the going rates for ChatGPT, Gemini, and Claude. During an earnings call, Zhipu CEO Zhang Peng shared some pretty telling stats: even after an 83% price hike in Q1 of 2026, API usage didn’t drop—it actually skyrocketed by 400%. The demand clearly outstrips supply.
Right now, Zhipu is fast-tracking its dual capital platform strategy across both the A and H shares markets. On June 1, they filed an announcement with the HKEX stating they’ve applied to relevant Chinese regulators to allocate and issue A-shares, while simultaneously petitioning the Shanghai Stock Exchange for those same A-shares to list and trade on the STAR Market. And honestly, we’re only five months removed from their initial Hong Kong IPO.
According to the filing, as part of this planned listing on the A-share market, Zhipu aims to raise 15 billion CNY. Out of that, 12 billion would fund next-gen general-purpose AI foundation model projects, while another 20 billion goes toward building a one-stop MaaS platform for large models. The remaining 10 billion covers working capital needs. Back on January 8 this year, Zhipu first listed on the HKEX,raising a total of 4.348 billion HKD.And again, this whole new venture is happening just five months after their Hong Kong debut.
The filing notes that Zhipu will handle this proposed A-share offering within 12 months of receiving CSRC registration approval, and will immediately apply for a STAR Market listing once the deal closes. Specifically, the exact number of A-shares will be at the board’s discretion, subject to shareholder approval and final CSRC registration limits. The company expects the entire offering to consist of newly issued shares, with no secondary sales from existing stakeholders.
Beyond Zhipu, another big name in the Hong Kong stockAIsector MiniMax is also moving forward with its own A-share listing. Official filings from the CSRC website show that on May 29, MiniMax signed an advisory agreement with CITIC Securities, officially kicking off their A-share IPO process. It’s looking like a rematch on the mainland exchange: just months after both Zhipu and MiniMax made their respective H-share debuts earlier this year, these two heavyweights are lining up to meet again on the A-board.
Digging into Zhipu’s 2025 annual report, the numbers tell a story of rapid scaling mixed with heavy upfront costs. Total revenue hit 724 million CNY, a solid 131.9% year-over-year jump. That said, net losses widened significantly to 4.718 billion CNY (up 59.5%), with adjusted net losses sitting at 3.182 billion CNY (up 29.1%). On the research side, 2025 R&D spend climbed to 3.18 billion CNY, marking a 44.9% increase. The filing makes it clear: this comes down to higher headcount costs and a steep rise in third-party computing fees as they scale their infrastructure.
Since hitting the market back in 1 of this year, Zhipu’s stock chart has been nothing short of spectacular. Their initial Hong Kong offering price landed at 116.2 HKD/share, but on day one alone, it closed at 131.5 HKD/share—that’s a 13.17% gain right out of the gate, pushing the total valuation to around 57.9 billion HKD.
As of our news update on June 22, Zhipu’s stock has ballooned by over 2,000% compared to its IPO days. The latest print sits at 2,518 HKD/share, up another 20.25% for the day, which currently values the company at roughly 1.12 trillion HKD.
