Zhipu, also known as Knowledge Atlas Technology, saw its shares rise as much as 48% on June 15, 2026, closing 33% higher at HK$1,461 following JPMorgan’s upgrade of the stock’s price target to HK$1,400 from HK$950 [1, 2]. JPMorgan maintained an overweight rating on Zhipu while downgrading rival MiniMax to neutral, prompting divergent share movements as MiniMax shares gained 7.4% on the same day [1, 2].

Zhipu was the first of China’s AI "tigers" to list in Hong Kong earlier this year, debuting in January 2026 with MiniMax going public a day later [1]. The ramp-up in Zhipu’s valuation coincided with the rollout of its latest GLM-5 series models, enabling the company to raise prices unlike MiniMax, which pursues a broader consumer app and video generation focus [1].

On the same week, Zhipu announced it would open source its newest large model, GLM-5.2, with no usage restrictions. Zhipu stated, "Cutting-edge intelligence should not belong to only a few, nor should it be withdrawn at any time. It should be open, available, extensible and built to serve every developer" [2]. This contrasts with US AI firm Anthropic, which was ordered by the US government on June 12 to restrict access to its advanced Mythos and Fable models for foreign nationals due to national security concerns [1, 2].

Charu Chanana, chief investment strategist at Saxo Markets, said the market rewarded Zhipu because "investors see a very clear contrast in AI strategy. At a time when Anthropic has been forced to restrict access to its most advanced models for foreign users, Zhipu is moving in the opposite direction by opening its latest model more broadly". Chanana noted this strategy signals Chinese AI firms aim to win through scale, distribution and ecosystem adoption, not just model performance [1].

Preliminary feedback indicated Zhipu’s GLM-5.2 model performed comparably to Claude Opus 4.7, particularly in coding and long-horizon tasks [2]. Bank of America also initiated buy coverage on both Zhipu and MiniMax, setting price targets of HK$1,250 and HK$500 respectively [2].

The latest market moves followed the January IPOs, the US restrictions issued June 12, and the price target changes and share surges on June 15 [1, 2]. Investors will watch how Zhipu’s open-source approach and AI model performance evolve amid increasing market competition and regulatory divergence between China and the US.