On June 25, Zhipu (02513.HK) rose 6.72% in regular trading, trading at HK$2,280/share, with turnover of HK$132 million. The stock appears to be rebounding from a sharp 15% pullback on June 23 that followed its surge to a trillion-HKD market capitalization milestone.

Multiple catalysts continue to underpin bullish sentiment. On June 17, Zhipu launched and open-sourced its flagship model GLM-5.2, which ranked second globally on the Code Arena benchmark — behind only Anthropic's Claude Fable 5, whose access has since been restricted by US authorities. The company's Science and Technology Innovation Board (STAR Market) IPO also advanced to the guidance acceptance stage on the same day, signaling imminent A-share listing progress.

The broader narrative of Chinese AI assets benefiting from US restrictions on Anthropic's frontier models has fueled significant capital inflows, with southbound funds accumulating approximately HK$3.96 billion in net purchases over three consecutive days in mid-June. Despite the stock's 1,900% year-to-date gain, the company reported full-year revenue of only RMB 724 million and a net loss of RMB 4.72 billion, leaving valuation largely driven by growth expectations and strategic positioning rather than current profitability.

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