Zhipu’s Stock Surge and Open-Source Model Release Follow U.S. AI Restrictions

On June 15, Knowledge Atlas Technology, the Hong Kong-listed parent of Zhipu, saw shares climb up to 48 % intra-day and close 33 % higher at HK$1,461. JPMorgan upgraded the stock to overweight, raising its target from HK$950 to HK$1,400; Bank of America initiated coverage with a buy rating and a HK$1,250 target. Zhipu also announced the open-source launch of GLM-5.2, its most advanced large-language model, with no usage restrictions.

CNBC

The Trump administration issued a June 14 order requiring Anthropic to block foreign-national access to its Fable 5 and Mythos 5 models, citing national-security concerns. Chinese AI firms responded by stressing openness. Key dates: MiniMax’s Hong Kong IPO in January; pricing-power split between Zhipu and MiniMax in mid-March; U.S. curbs on June 14; Zhipu’s share rally and GLM-5.2 release on June 15; community feedback on June 16 showing performance comparable to Claude Opus 4.7.

CNBC

Zhipu, MiniMax, JPMorgan Chase, Bank of America, Anthropic, U.S. (Trump administration), Charu Chanana (Saxo Markets), Ellie Jiang (Macquarie Capital).

The Straits Times

Releasing GLM-5.2 as open-source and showing pricing power strengthens Zhipu’s revenue outlook and market influence while U.S. firms face export-control limits. The divergent strategies highlight a broader contest over AI accessibility, ecosystem scale, and regulatory leverage.

The Straits Times

The U.S. order barred foreign access to Anthropic’s advanced models. Zhipu said its intelligence should be widely available and not withdrawn, emphasizing openness for developers. JPMorgan cited Zhipu’s model visibility and pricing power; Bank of America highlighted its ability to monetize GLM-5. Ellie Jiang of Macquarie noted feedback places GLM-5.2 on par with Western models in coding and long-horizon tasks.

CNBC

U.S. officials warned that unrestricted AI models could be misused, prompting the Anthropic curbs. Critics argue that open-source distribution may amplify such risks, as Zhipu frames openness as a counter-measure to protectionist policies.

The Straits Times

• “Cutting-edge intelligence should not belong to only a few, nor should it be withdrawn at any time,” — Zhipu, company statement

CNBC

• “It should be open, available, extensible and built to serve every developer.” — Zhipu, company statement

CNBC

• “Zhipu is being rewarded because investors see a very clear contrast in AI strategy,” — Charu Chanana, chief investment strategist, Saxo Markets

The Straits Times

• “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. That sends a powerful message: Chinese AI firms may try to win through scale, distribution and ecosystem adoption, not just model performance.” — Charu Chanana, chief investment strategist, Saxo Markets

The Straits Times

Analyst price targets differ—JPMorgan’s HK$1,400, Bank of America’s HK$1,250, and Macquarie’s HK$1,221.4. Public data on GLM-5.2’s commercial uptake and U.S. policy effects remain limited.

CNBC

Zhipu plans tiered subscription pricing for GLM-5.2 in coming weeks, while U.S. regulators may consider further restrictions on foreign AI access.

The Straits Times