On June 22, the Hong Kong stock market's artificial intelligence sector saw a surge in热度, with Zhipu (02513.HK), known as the "first global large model stock," standing out particularly during the day, with its stock price rising by more than 40% at one point, reaching a high of 2980 HKD, becoming the first stock in the Hong Kong market to maintain a price above 2000 HKD. With the significant rise in stock price, the company's total market value officially broke through the 10 billion HKD threshold, having increased by more than 2000% since its listing in January this year.

This round of sharp increase is closely related to the competition and industry hotspots in the field of large models. Previously, U.S. regulatory authorities imposed access restrictions on some of Anthropic's flagship models, causing the model to be temporarily unavailable in certain regions. In response, Zhipu quickly reacted, announcing on June 13 that its open-source flagship model GLM-5.2 would be fully opened to all Coding Plan users, while also opening APIs and open-source weights simultaneously. Zhipu's move caused strong market resonance, with company executives clearly stating that in key frontier technology areas, technology should be open, not a tool that can be arbitrarily withdrawn by a few forces.

Zhipu's GLM-5.2 model not only has excellent performance, but also ranked first among available models in the "Code Arena" global model blind test, and showed strong ecological integration capabilities in terms of computing power adaptation. Currently, the model has completed deep reasoning adaptation with major domestic computing platforms such as Huawei Ascend, Tuya, and Cambrian, building a solid autonomous technology foundation. At the same time, the demand for domestic large models continues to be strong. Data shows that despite multiple price increases for API services throughout the year, with significant cumulative growth, the usage volume still maintained a strong growth of 400%, showing a clear situation of supply and demand imbalance.

In terms of capital strategy, Zhipu is accelerating its "A+H" dual platform layout. The company officially announced on June 1 that it plans to apply for the issuance of A-shares on the STAR Market, expecting to raise 1.5 billion yuan, mainly invested in the development of general base large models and the construction of MaaS one-stop service platform. At the same time, another leading AI company, MiniMax, has also started the IPO guidance process for the A-shares market.

Although according to the latest financial report, due to increased R&D investment and computing power leasing costs, Zhipu is still in a loss state, this has not weakened the confidence of the capital market. With the continuous improvement of the domestic computing power ecosystem and the acceleration of AI application, Chinese large model companies represented by Zhipu are facing an important turning point from technological追赶 to ecological collaboration. Industry insiders believe that the emergence of this head effect marks that the domestic artificial intelligence industry is entering a new cycle of rapid development and capital value reevaluation.