Shares of Knowledge Atlas (HKEX: 02513) have surged more than 13%. At the time of writing, the stock is up 13.36% to HK$24.60, with a turnover of HK$2.409 billion.

Key Developments

On June 17, the company released and open-sourced its new flagship large language model, GLM-5.2. This model scored 51 points on the Artificial Analysis comprehensive leaderboard, achieving state-of-the-art (SOTA) status among open-source models. This positions it alongside Anthropic and OpenAI, forming a new top-tier global model triumvirate.

Furthermore, in response to online questions about when Chinese large models might catch up to top-tier global models like Fable, Elon Musk predicted it could be in the first quarter of 2027. Tang Jie, the founder of Knowledge Atlas, responded by suggesting it might not take that long, hinting that domestic models could achieve technological catch-up sooner. This has boosted market expectations regarding the company's technical capabilities.

Analyst Perspective

CLSA noted that since the official release of the GLM-5.2 API on June 17, substantial evidence has emerged showing Knowledge Atlas AI has ascended to global SOTA level in code generation. Its performance is now comparable to Opus 4.6 to 4.8, despite its model size being significantly smaller than its competitors.

The global community also holds the optimistic view that China could achieve Fable-level AI capabilities by the first quarter of 2027, or even earlier. CLSA views this as a landmark moment signifying global formal recognition of China's post-training capabilities. It is also seen as strong evidence of Knowledge Atlas AI's data flywheel effect, reflecting a major victory in the reinforcement learning field, which the firm describes as a true "GLM moment."