The stock of KNOWLEDGE ATLAS (02513) opened significantly higher, gaining nearly 15% in early trading. At the time of writing, the share price has risen 14.95% to HK$126.1, with a turnover of approximately HK$61.16 million.

The surge follows a significant company announcement. On June 13th, the company officially declared the full-scale launch of its most powerful open-source large language model to date, GLM-5.2. The API for this model is scheduled to go live next week alongside its formal open-source release. The model notably supports a genuinely usable 1 million token context window and is reported to maintain a leading position in long-context tasks.

This development comes in the wake of a related event concerning a leading overseas model. On June 12th, Anthropic announced the suspension of all user access to its Fable 5 and Mythos 5 models. This decision was made in response to a request from the U.S. government citing national security concerns, coupled with the company's own stated inability to distinguish user nationality in real-time. The suspension occurred merely three days after the models' initial release.

Market analysts view this situation as potentially beneficial for domestic leaders in the field. Dongfang Securities suggests that the removal of Anthropic's leading model from the market could create a substitution effect favorable to top-tier Chinese model companies.

Guosen Securities provided analysis on KNOWLEDGE ATLAS's strategic direction. The firm points out that the company's GLM series of large models is evolving along a defined pathway: enhancing code capabilities, enabling agent-like functionality, handling long-duration tasks, and progressing toward an autonomous operating system. Starting with the GLM5 iteration, the company is said to have established a leading position in the programming domain, with a strong focus on improving the model's coding abilities. The analysis indicates that the company is gradually building a positive data flywheel effect in programming, which is expected to help sustain its competitive advantage.