Is the new GLM-5 model about to be released? Zhipu's stock price hits a new high

On February 9th, reporters learned that as of press time, Zhipu (2513.HK) stock price has risen over 38%, reaching a new all-time high. Recently, the global model service platform OpenRouter launched the top-ranked mysterious anonymous model, codenamed “Pony Alpha.” Due to its powerful coding capabilities and deep optimization for intelligent agent workflows, it quickly attracted attention from the developer community and became popular overseas. According to several well-known tech PhDs and Silicon Valley entrepreneurs, this model is likely either DeepSeek-V4, Zhipu’s new GLM model, or possibly Grok4.2 or Claude5. Given the association of “Pony” with the Year of the Horse, it is more probable that this model originates from a Chinese company. Additionally, Kilo Code, an OpenRouter partner, left a subtle clue on its blog, stating that Pony Alpha is “a specialized evolution version of the most popular open-source model from a certain global laboratory.” This suggests that Pony Alpha is more likely either DeepSeek-V4 or Zhipu’s upcoming next-generation model GLM-5. (The Paper)