Zhipu shares in Hong Kong hit a new all-time high

Zhipu's shares on the Hong Kong stock exchange reached a historic high as investors revalue the company amid rapid growth in the generative AI market. During trading on the Hong Kong Stock Exchange, the company's shares rose 9.5%, reaching a price of 348 Hong Kong dollars — a new record high in the entire trading history. This movement reflects a deeper trend: investors are increasingly shifting capital toward Chinese AI companies that demonstrate competitiveness against the backdrop of the global race for leadership in large language models.

Zhipu occupies a special niche in the Chinese technology ecosystem. The company has developed ChatGLM — its own large language model, which by a number of metrics competes with Western solutions like GPT-4 and Claude. This significantly distinguishes it from many other Chinese startups that remain at the level of applications and integrations. Zhipu creates foundational technology, which gives the company strategic significance in the national economy. When the company first entered the Hong Kong market, investors were already showing interest, but the current price surge signals a transition to a new phase.

The context of growth lies in the fact that the Chinese government actively supports the development of the domestic AI sector as a critical direction for national security and technological independence. Against the backdrop of American sanctions and restrictions on the supply of advanced processors, Chinese companies that manage to create competitive solutions with available resources gain golden status in the eyes of investors. Zhipu has become a symbol of what is possible — its engineers have achieved impressive results by optimizing models for local computing power. Moreover, growing global business interest in Chinese AI solutions creates potential for technology export, opening new revenue sources.

Institutional investors, who form the main trading volume on the Hong Kong exchange, are clearly overvaluing Zhipu's long-term potential. A 9.5% price surge in a single session is rarely a coincidence — it usually means that major players are betting on further growth, revaluing their positions, or reacting to positive news. In Zhipu's case, it is about investor confidence that the Chinese AI industry will enter a phase of strong economic growth, and the company, possessing its own model, will occupy a central place in this process.

For the broader market, Zhipu's growth has symbolic weight. It confirms that technological rivalry between the US and China in the AI field is becoming more multipolar. If previously Western companies seemed to be undisputed leaders, now the picture is becoming more complex. Chinese players are demonstrating the ability to create quality solutions, and local capital's appetite for them is growing. This may accelerate investments in the AI sector, attract top talent, and create conditions for new promising startups to emerge.

Zhipu's update of its historic high reflects a profound revaluation of the status of China's technology industry. The company has become a barometer of investor optimism regarding the future of domestic AI. There are still many challenges ahead — from regulatory restrictions to competition with Western giants — but the current price movement shows that investors believe in the ability of Chinese companies to capture a significant share in the artificial intelligence economy.