On June 18, Zhipu (02513.HK) rose 8.01% in regular trading, trading at HKD 1,770.0/share, with turnover of HKD 253 million. The rally extends a multi-day surge driven by dual catalysts from product launch and capital market developments.

On the product front, Zhipu officially launched and open-sourced its flagship model GLM-5.2 under the MIT license. The model achieved the top ranking among all globally available models in Code Arena, a blind-test evaluation platform with over one million participants worldwide. Its coding capabilities were significantly enhanced, featuring 1M long-context support suited for complex long-horizon programming tasks.

On the capital markets front, the CSRC website disclosed that Zhipu's Science and Technology Innovation Board IPO guidance status has been upgraded to acceptance review, with Guotai Junan Securities as the sponsor. The company plans to raise up to RMB 15 billion, allocating RMB 12 billion to its foundation model project, accelerating its A+H dual-listing strategy. Macquarie noted GLM-5.2 is expected to strengthen Zhipu's subscription pricing power and drive annual recurring revenue growth.

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