Zhipu surged more than 40% in the early trading session of Hong Kong stocks on June 22. Its total market cap briefly surpassed HK$1 trillion, reaching HK$1.16 trillion. This year to date, it has gained more than 20 times, becoming a focal point in Hong Kong’s AI sector. The core driver behind this rally is Zhipu’s flagship open-sourced large model GLM-5.2, released on June 17, which ranks alongside Anthropic and OpenAI among the top three globally.
GLM-5.2 ranking performance: 51 points, open-source SOTA, top three globally
According to Artificial Analysis’s comprehensive ranking, GLM-5.2 scored 51 points to become the open-source model SOTA, ranking among the top three globally alongside Anthropic and OpenAI. Orient Securities noted that GLM-5.2 is the first Chinese model to break into the top three global programming models, and it performs especially well in long-range delivery and project-level context understanding, making it more aligned with the practical needs of software engineers.
The article points out that previously there was a clear gap between China’s homegrown models and overseas top closed-source models, which has constrained the development of domestic AI coding applications.
Orient Securities and Huaxi Securities’ research views on GLM-5.2
Orient Securities: Believes that GLM-5.2’s outstanding performance and open-source attributes will significantly drive China’s domestic AI coding industry; breaking into the global top three programming models for the first time is an important technical milestone.
Huaxi Securities: Believes that the rapid uptrend in token consumption of domestic large models, as well as large procurement orders gradually taking shape for domestic computing power cards from China’s major heavyweight large-model vendors, are expected to help sustain the upward momentum in domestic computing power sentiment. In its strategy note, Huaxi Securities suggested AI large model and related application targets including Zhipu, Minimax, iFLYTEK (科大訊飛), HUHES (合合資訊), Kingsoft Office (金山辦公), Foxit Software (福昕軟體), WPS-related vendor (万興科技), Yidian Tianxia (易點天下), and Chinese Online (中文線上). AI computing power infrastructure-related targets include multiple semiconductor and PCB-related companies such as Cambricon (寒武紀), Hygon Information (海光資訊), Tian Shu Intelligent Computing (天數智算), Moore Threads (摩爾線程), and others.
Existing market size data for the AI coding sector
According to the latest reported data: Anthropic’s annualized revenue (ARR) surpassed $47 billion at the beginning of last month; OpenAI Codex’s weekly active users surpassed 4 million; SpaceX acquired the AI coding tool Cursor for $6 billion. The article states that AI coding has become the fastest-growing track for AI commercialization.
Frequently asked questions
What is the specific significance of GLM-5.2’s open-source nature for China’s AI coding market?
According to Orient Securities’ analysis, previously there was a clear gap between China’s homegrown models and overseas top closed-source models, limiting the development of AI coding applications in China. The open-source nature of GLM-5.2 means developers can use and deploy the model for free, accelerating the adoption of domestic AI coding tools while also lowering companies’ AI usage costs.
What is the reason for Zhipu’s stock price rising more than 2,000% this year to date?
According to the report, GLM-5.2 topping Artificial Analysis’s open-source model ranking is the direct trigger for this round of gains. However, Zhipu’s full-year cumulative gains of over 2,000%+ also reflect a re-rating of valuations across the entire AI coding track (including sector sentiment driven by events such as SpaceX’s $6 billion acquisition of Cursor) and the overall market expectations for accelerated commercialization of China’s large models.
Is Zhipu’s market cap of HK$1.16 trillion sustainable?
The article does not analyze whether the valuation is sustainable, only recording the early trading data. Any detailed valuation assessment involves multiple factors such as performance and industry competition. Investors need to watch Zhipu’s subsequent revenue growth and the progress of commercialization implementation.
