Shares of KNOWLEDGE ATLAS (02513) experienced a significant intraday surge, rising close to 18% to touch HK$19.67, extending its weekly gain to nearly 80%. At the time of writing, the stock's turnover was close to HK$4.5 billion.

The rally was triggered by the company's recent release and open-sourcing of its new flagship large language model, GLM-5.2. On the Artificial Analysis comprehensive benchmark, GLM-5.2 scored 51 points, achieving state-of-the-art status among open-source models. This model is reported to be the company's most capable open-source offering to date, making a 1 million token context window production-ready and advancing long-context coding capabilities.

A research report from CICC maintained its earnings forecasts for KNOWLEDGE ATLAS largely unchanged. Citing the company's rapid and better-than-expected model iteration, the report expressed optimism about an accelerated release of its API in the future. Consequently, CICC raised its target price by 39% to HK$1,250, implying a 2027 price-to-sales ratio of 67x, while maintaining an "Outperform" rating. The stock is currently trading at a 2027 P/S ratio of 58x.

In related news, on June 17th, the Chairman of the China Securities Regulatory Commission, Wu Qing, delivered a keynote speech at the Lujiazui Forum, signaling policy directions in areas including reforms for tech listings, optimization of M&A and refinancing, deepening of market opening, and AI regulation.

Separately, according to disclosures on the CSRC website, the IPO tutoring status for Beijing KNOWLEDGE ATLAS Technology Co., Ltd. on the STAR Market has been updated to "tutoring acceptance," with the tutoring sponsor being Guotai Haitong Securities.