On July 13, Zhipu AI (02513.HK) rose 5.18% in regular trading, trading at HKD 1,751 per share, with turnover of HKD 1.263 billion.

On the news front, Zhipu AI founder Tang Jie published an internal letter titled The Giant Wave Has Come on July 11, officially launching the TouchHigh strategic plan. The plan outlines strategic investment over the next two years in four core engines: long-horizon tasks, autonomous agent systems, fully self-directed training, and extreme safety governance, aiming directly at the next frontier of AGI.

Tang emphasized that real commercial opportunities lie not in incremental product adjustments but in leaps of the intelligence upper bound, choosing to push upward while the industry broadly accelerates monetization. The letter came after the stock experienced significant volatility surrounding its lock-up expiry on July 8 and a HKD 31.4 billion share placement on July 9. Multiple institutional investors including JPMorgan had maintained overweight ratings, with a target price raised to HKD 2,000, while Goldman Sachs initiated coverage with a neutral rating and HKD 1,880 target.

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