Z.ai, a Chinese AI model developer known in China as Zhipu AI and listed in Hong Kong, said revenue for the six months ended June 30 rose 400% year on year to 953.9 million yuan (US$142 million), driven by growth in its open platform and application programming interface business.

Revenue from cloud-based deployment services jumped 2,736% to 825 million yuan (US$123 million) from 29 million yuan (US$4.32 million), while research and development spending climbed 33.6% to 2.1 billion yuan (US$317 million).

Total loss narrowed 12.1% to 2.1 billion yuan (US$308 million), but adjusted net loss increased 12.1% to 2 billion yuan (US$292 million).

The stock closed 9.63% higher at HK$1,195 (US$150) before the results and was still about 60% below its June record high.

🔗 Source: South China Morning Post

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