Zhipu, which trades in Hong Kong as Knowledge Atlas Technology Joint Stock Company Limited under ticker 2513.HK, rose as much as 48% on June 15.

The rally came after JPMorgan Chase raised its price target on the stock to HK$1,400 (US$180) from HK$950 (US$120) and maintained its overweight rating.

JP Morgan cut rival MiniMax to neutral, and MiniMax shares fell as much as 4.8%.

The bank said the two companies had diverged since mid-March, with Zhipu better able to raise prices after it launched its GLM-5 series models in February 2026.

MiniMax, by contrast, has positioned itself as an all-rounder across video generation and consumer apps, including Hailuo, which is focused on image and video creation.

Zhipu went public in Hong Kong in January 2026 as the first of China’s so-called AI tigers to list through an initial public offering.

🔗 Source: Bloomberg

Recent Zhipu developments