On June 3, Zhipu AI rose 3.26% in regular trading, trading at HKD 1,470/share, with trading volume of HKD 131 million.

Multiple catalysts converged to drive the stock higher. On June 1, the company announced its board approved a proposal to issue A-shares and apply for listing on the Shanghai Stock Exchange STAR Market, planning to raise up to RMB 15 billion in net proceeds. The funds are earmarked for an AI foundational large model project (RMB 12 billion), a MaaS one-stop service platform (RMB 2 billion), and working capital (RMB 1 billion). The issue size ranges from 9.1 million to 38.8 million new A-shares, representing 2%-8% of enlarged share capital.

Additionally, Open Source Securities initiated coverage with a Buy rating, highlighting that GLM-5 has 744 billion total parameters and cloud deployment revenue grew approximately 293% year-over-year. Huachuang Securities also initiated with a Recommend rating, projecting revenue growth of 316.9%, 135.4%, and 72.7% over the next three years. The company is also set to be included in the Hang Seng Tech Index from June 8.

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