On June 16, Zhipu (02513.HK) rose 3.09% in regular trading, trading at HK$1,489/share, with turnover of HK$451 million. The stock continues its strong momentum following a 28%+ surge in the previous session.

On the news front, the company officially announced on June 13 the full release of its flagship model GLM-5.2, open-sourced under the MIT license with 1M long-context support. Early developer evaluations suggest its coding capability approaches that of Claude Opus 4.8. CICC maintained its Outperform rating and raised its target price 39% to HK$1,250, citing optimism on accelerating API business monetization, implying 14% upside from the current price.

The broader catalyst stems from Anthropic being forced to suspend access to its latest Claude Fable 5 and Mythos 5 models due to U.S. export control directives, creating a substitution opportunity for domestic open-source alternatives. Analysts noted that enterprises are rapidly shifting toward locally deployable, controllable AI solutions, directly benefiting companies like Zhipu with full-stack model development capabilities spanning pre-training, enterprise deployment, and application development.

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