0904 GMT - Zhipu AI still faces risks from many fronts, according to HSBC analysts in a research note. Domestic competitors including Moonshot and DeepSeek have raised funds, while western players like OpenAI and Anthropic are also working on their top performance models, HSBC points out. Zhipu also faces tests when lock-up periods expire, as 6% of its shares are set to be unlocked in early July and 40% could be unlocked as of January, they point out. IPOs of other frontier labs could also reduce the "scarcity premium," HSBC says. HSBC maintains its hold rating on the stock and raises the target price to 1,900 Hong Kong dollars from HK$920.00. Shares last closed at HK$2,046.00. (tracy.qu@wsj.com)

(END) Dow Jones Newswires

June 26, 2026 05:04 ET (09:04 GMT)

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