June 22, 2026: ZHIPU (Zhipu AI, 02513.HK) continued its recent strong momentum, surging after the opening bell and briefly touching HKD 2,980 during intraday trading. As of publication, the stock was trading at HKD 2,584, marking a 23% opening gain and setting another all-time high. This performance pushed ZHIPU’s year-to-date gains above 1,900%, with its total market capitalization briefly surpassing HKD 1 trillion.
The driving force behind this rally isn’t a single event, but rather the convergence of three factors in a short period: product iteration, shifts in capital structure, and an industry-wide reshaping.
How Model Capability Leaps Are Changing AI Asset Valuation Logic
The full-scale release of GLM-5.2 stands out as the most significant product event in ZHIPU’s current rally. On June 13, 2026, Zhipu announced that its flagship model GLM-5.2 would be fully open, offering a 1M context window and officially open-sourcing model weights under the MIT license. The model maintains domestic leadership in long-range programming and agent tasks, with early developer feedback suggesting its coding abilities are approaching those of Claude Opus.
From a market valuation perspective, advances in model capability directly impact two core dimensions: projected growth in API usage and increased client willingness to pay. Zhipu has already demonstrated notable pricing power—after an 83% API price hike, usage actually rose by 400%. The full-scale release of GLM-5.2 further reinforces this logic: stronger model capabilities translate to higher customer retention and deeper competitive moats.
The premium the market assigns to ZHIPU essentially prices in the assumption of "continued leadership in model capability." Whether this assumption holds depends on the speed of subsequent model iterations and the efficiency of commercialization.
Are ZHIPU’s Financial Fundamentals Strong Enough to Support Its Trillion-Dollar Valuation?
This is the central point of contention in the current rally. According to Zhipu’s 2025 earnings report, annual revenue reached CNY 724 million, up 131.9% year-over-year, ranking first among independent large model vendors in China. Breaking down the revenue, localized deployment brought in CNY 534 million (up 102.3% YoY), accounting for 73.7% of the total. Cloud deployment revenue was CNY 190 million (up 292.6% YoY), with its share rising from 15.5% in 2024 to 26.3%—signaling a shift toward the MaaS model.
However, high growth comes with high losses. In 2025, Zhipu posted a net loss of CNY 4.718 billion, widening 59.5% year-over-year, with R&D spending at CNY 3.18 billion—about four times its revenue. Gross margin dropped from 56.3% in 2024 to 41% in 2025.
At current prices, ZHIPU’s price-to-sales ratio (PS) is extremely high; some analysts note a PS of 773x, making it one of the most expensive AI stocks globally. In comparison, competitor MiniMax generated CNY 570 million in revenue but is valued at less than one-tenth of Zhipu’s market cap. This valuation gap reflects the market’s differing views on the business models and growth paths of the two companies, but it also means ZHIPU’s valuation is heavily driven by expectations—any performance below forecast could trigger a valuation reset.
How Inclusion in the Hang Seng Tech Index and Stock Connect Is Reshaping Capital Structure
On June 8, 2026, Zhipu was officially included in the Hang Seng Tech Index and Stock Connect, with southbound capital net purchases reaching CNY 920 million in a single day. Inclusion in Stock Connect allows mainland investors to participate more easily, directly expanding buying power. From a behavioral finance perspective, index inclusion often triggers passive fund allocation, while active funds may position themselves ahead of anticipated inclusion.
Additionally, Zhipu is advancing a secondary listing on the STAR Market, aiming to raise CNY 15 billion. If successful, it would become the first "A+H" large model company. The high valuation premium for AI stocks in the A-share market could further boost sentiment. However, it’s important to note that speculation around secondary listings often carries the risk of "buy the rumor, sell the news"—once the positive catalyst materializes, profit-taking may follow.
According to Gate platform data, since Gate launched Hong Kong stock trading services on June 11, 2026, supporting over 1,000 HK-listed stocks, ZHIPU has become one of the most closely watched assets among platform users. Trading activity and user engagement on the platform reflect the market’s enthusiasm for this asset.
What Are the Core Anchors of Bull and Bear Arguments?
Market divergence on ZHIPU is pronounced. Bullish arguments center on three pillars: model capability entering the global top tier (GLM-5.1 Coding surpassing GPT-5.4), projected 2026 revenue growth of 316% to CNY 3 billion, and dual capital catalysts from Stock Connect and A-share listing.
Bearish arguments focus on valuation bubbles and competitive dynamics. Key concerns include whether a 773x price-to-sales ratio is sustainable based on fundamentals, whether the high-investment, high-loss financial structure can achieve breakeven in the foreseeable future, and whether Zhipu’s pricing power can persist amid a global AI price war.
From an industry perspective, Zhipu ranked first among independent general large model developers in China in 2024, and second among all general model developers, with a 6.6% market share. However, this position faces ongoing challenges from domestic and international competitors. The global trend toward open-source AI models and price competition may pressure Zhipu’s API pricing strategy and customer retention.
How Will the Global AI Price War and Open-Source Trend Shape ZHIPU’s Long-Term Narrative?
Since 2026, global AI price competition has intensified. In April 2026, Zhipu raised access costs for its most advanced AI models by at least 8%, following a 30% price hike in February. Meanwhile, major global AI models are trending downward in price—for the same workload, Anthropic Claude costs HKD 4,811, ChatGPT HKD 3,357, while Zhipu GLM is just HKD 544.
The open-sourcing of GLM-5.2 further shifts the competitive landscape. Model weights are open-sourced under the MIT license, allowing developers to freely access and commercialize the model. Open-source strategy helps expand Zhipu’s developer ecosystem and market share, but may also partially substitute for API paid services.
Looking long-term, Zhipu’s valuation logic rests on the chain of "continued leadership in model capability → sustained growth in API usage → rapid revenue expansion." Each link in this chain faces uncertainty: whether model iteration can maintain leadership, the real impact of open-source strategy on API business, and the extent to which the global AI price war erodes pricing power.
Does the Emergence of the Derivatives Market Signal a Shift in Asset Pricing Power?
On June 19, 2026, trade.xyz acquired ZHIPU code on HIP-3 and announced plans to launch perpetual contracts for Zhipu’s Hong Kong stock in the coming days. This suggests ZHIPU’s asset pricing power may extend from traditional equity markets to crypto derivatives markets.
The launch of perpetual contracts will bring several key changes: 24/7 trading may amplify price volatility; the introduction of leverage will attract more risk-seeking capital; and the price discovery function of the derivatives market may feed back into the spot market. This trend warrants ongoing attention—as the same asset trades across multiple markets, cross-market arbitrage and price linkage mechanisms become increasingly complex.
From "World’s First Large Model Stock" to Trillion-Dollar Valuation: Where Are the Boundaries of AI Asset Valuation Paradigms?
From its IPO at HKD 116.2 on January 8, 2026, to the intraday peak of HKD 1,993 on May 29, and breaking HKD 2,500 on June 22, ZHIPU’s price trajectory is a microcosm of evolving AI asset valuation paradigms.
This paradigm is built on several core assumptions: AI large models will become the next-generation computing platform, leaders will reap outsized returns, and China will produce global AI giants. Yet these assumptions remain unproven—the commercialization path for global AI is still unfolding, and profitability and competitive dynamics are far from settled.
Whether ZHIPU’s trillion-dollar market cap represents a new paradigm for AI asset valuation or a temporary bubble in a specific market environment remains to be seen. What is certain is that as more AI companies go public, discussions around AI asset valuation will grow deeper and more complex.
Summary
On June 22, 2026, ZHIPU surged 23% at the opening, briefly hitting HKD 2,980 and settling at HKD 2,584, setting a new record high. This rally was driven by the product catalyst of GLM-5.2’s full-scale release, capital support from inclusion in the Hang Seng Tech Index and Stock Connect, and a wave of global AI industry sentiment.
However, behind the trillion-dollar valuation lies a price-to-sales ratio of 773x and an annual loss of CNY 4.7 billion. The core debate is whether the market’s pricing of the "continued leadership in model capability" assumption has become excessive. The open-sourcing of GLM-5.2, intensifying global AI price wars, and the emergence of derivatives markets all introduce new variables to this narrative.
For market participants, understanding ZHIPU’s valuation logic—not simply labeling it as "bubble" or "value"—is the key to assessing this asset. The paradigm for AI asset valuation is still evolving, and ZHIPU’s price discovery process is an integral part of that evolution.
FAQ
Q1: What are the main drivers behind ZHIPU’s current rally?
The full-scale release of GLM-5.2 is the core product catalyst, offering a 1M context window and open-sourcing under the MIT license, maintaining domestic leadership in long-range programming and agent tasks. Inclusion in the Hang Seng Tech Index and Stock Connect has brought southbound capital inflows, and JPMorgan’s target price upgrade to HKD 1,400 has further boosted sentiment.
Q2: What is ZHIPU’s financial status?
2025 revenue reached CNY 724 million, up 131.9% year-over-year, ranking first among independent large model vendors in China. However, net loss was CNY 4.718 billion, with R&D spending at CNY 3.18 billion—about four times revenue. High growth, high investment, and high losses coexist as core features of its financial structure.
Q3: What is ZHIPU’s current valuation level?
At current prices, the price-to-sales ratio is about 773x, making it one of the most expensive AI stocks globally. This valuation is heavily driven by expectations for future growth; any performance below forecast could trigger a valuation reset.
Q4: How does GLM-5.2’s open-source release impact ZHIPU?
Open-sourcing helps expand the developer ecosystem and market share, but may partially substitute for API paid services. Zhipu has already demonstrated pricing power—API prices rose 83%, but usage increased by 400%. The real impact of open-sourcing on commercialization remains to be seen.
Q5: What are the key milestones to watch for ZHIPU going forward?
Key milestones include: the release schedule and performance evaluation of subsequent GLM models, whether 2026 full-year revenue meets the CNY 3 billion growth target, progress and pricing of the STAR Market secondary listing, and the real impact of the global AI price war on Zhipu’s pricing strategy.
