On June 22, the Hong Kong stock market's artificial intelligence sector experienced a notable surge in interest. Zhipu (02513.HK), often called the "first global large model stock," stood out dramatically during the day. Its stock price jumped over 40% at one point, reaching a high of 2,980 HKD, making it the first Hong Kong-listed stock to consistently trade above 2,000 HKD. Following this sharp rise, the company's total market capitalization officially surpassed 10 billion HKD, representing an increase of more than 2,000% since its listing in January this year.

This round of sharp gains is closely tied to competition and industry trends in the large model space. Earlier, U.S. regulators imposed access restrictions on some of Anthropic's flagship models, making them temporarily unavailable in certain regions. In response, Zhipu acted quickly, announcing on June 13 that its open-source flagship model GLM-5.2 would be fully accessible to all Coding Plan users, while also releasing APIs and open-source weights. This move generated strong market reaction. Company executives clearly stated that in key frontier technology areas, technology should remain open and not be a tool that can be arbitrarily withdrawn by a few entities.

Zhipu's GLM-5.2 model not only delivers excellent performance but also ranked first among available models in the "Code Arena" global blind test. It demonstrated strong ecological integration capabilities in computing power adaptation. The model has completed deep reasoning adaptation with major domestic computing platforms such as Huawei Ascend, Tuya, and Cambrian, laying a solid foundation for autonomous technology. Meanwhile, demand for domestic large models remains robust. Data shows that despite multiple API price increases throughout the year with significant cumulative growth, usage volume still surged 400%, reflecting a clear imbalance between supply and demand.

On the capital strategy front, Zhipu is accelerating its "A+H" dual-platform layout. On June 1, the company officially announced plans to apply for the issuance of A-shares on the STAR Market, aiming to raise 1.5 billion yuan. The funds will be primarily used for developing general-purpose foundational large models and building a MaaS one-stop service platform. Meanwhile, another leading AI company, MiniMax, has also initiated the IPO guidance process for the A-share 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 catch-up to ecological collaboration. Industry insiders believe that the emergence of this leading effect signals that the domestic artificial intelligence industry is entering a new cycle of rapid development and capital value revaluation.