Zhipu AI, listed as Knowledge Atlas Tech (HK:2513), saw a steep jump in its share price on Monday after JPMorgan substantially increased its valuation forecast and highlighted the company as a primary beneficiary in China’s artificial intelligence market.
In early trading the stock climbed as much as 48% to HK$1,620.0, before trimming its advance and finishing the period up 28% by 23:59 ET (03:59 GMT).
JPMorgan raised its price target on Zhipu to HK$1,400 from HK$950 and kept an Overweight rating. The bank cited the popularity of Zhipu’s AI models and the company’s comparatively strong ability to command prices versus peers. JPMorgan also pointed to Zhipu’s robust commercial priceline and judged the firm to be ahead of many rivals in the fiercely contested cloud infrastructure market.
At the same time, JPMorgan altered its view on a peer, downgrading MiniMax Group Inc (HK:0100). Shares of MiniMax fell 2.2% on the session.
Adding to the market momentum, Zhipu said it plans to release its GLM-5.2 artificial intelligence model on an open-source basis later this week. The company’s move is one example of a broader trend among Chinese AI providers toward lower-cost or open alternatives designed to attract users who may be priced out of higher-cost Western offerings.
Market observers also pointed to recent policy moves in the United States as an influence on investor flows. Over the weekend the Donald Trump administration blocked Anthropic from allowing any foreign nationals to access its Fable 5 and Mythos 5 models, citing security concerns. That decision is viewed as potentially increasing demand for domestic and more open AI offerings, with Zhipu seen as among the likely beneficiaries.
Zhipu’s shares have experienced dramatic gains since their market debut earlier this year, rising nearly 1,000% and establishing the company among the most prominent AI names in China.
Market context
The price-target increase, the company’s announcement of an upcoming open-source model release, and recent U.S. export restrictions on some Western AI models together underpinned a volatile session in which Zhipu outperformed peers while MiniMax slipped following the analyst action.