AI large model first stock Zhipu surges over 41% intraday, with a market capitalization exceeding 190 billion HKD

On the morning of the 12th, domestic leading large model company Zhipu opened 8% higher. Since then, the company’s stock price entered a “rocket” mode, and as of the time of reporting, the stock price has increased by 41%, with a total market value exceeding 190 billion Hong Kong dollars.

The recent surge in the company’s stock price is mainly due to two major positive developments: the price increase of the GLM Coding Plan package and the official open source release of the GLM-5 model.

According to an official announcement, due to strong market demand for the GLM Coding Plan, with rapid growth in user scale and call volume, the company has simultaneously increased computing power and model optimization investments to ensure stability and service quality under high load, continuously upgrading product capabilities.

Based on actual usage and resource input changes, the company has decided to structurally adjust the pricing system of the GLM Coding Plan package: cancel the first-time purchase discount, retain quarterly and annual subscription discounts, with the overall package price increasing by at least 30%. Existing subscribers will keep their current prices, and the adjustment will take effect officially from February 12.

In addition, at the product level, the company also launched and simultaneously open-sourced the GLM-5 model today. Information shows that in coding and agent capabilities, GLM-5 has achieved open-source SOTA performance, with a user experience in real programming scenarios approaching Claude Opus4.5, excelling in complex system engineering and long-term agent tasks.

It is worth mentioning that the mysterious model “Pony Alpha,” which previously topped the popularity list on the global model service platform OpenRouter, has been confirmed by Zhipu to be the GLM-5. Currently, this model has been officially launched on the chat.z.ai platform. Additionally, Zhipu revealed that GLM-5 has been deeply adapted and operator-level optimized for mainstream domestic chip platforms such as Moore Threads and Cambrian, enabling stable and efficient operation on domestic computing clusters.

Public information shows that Zhipu is a domestic technology company focused on general artificial intelligence research and development. Its core business revolves around a full-stack large model technology system, with its own domestically developed GLM architecture. The company offers multiple products including the GLM series large models, Zhipu Qingyan, AutoGLM, and others, covering model services, intelligent agent applications, and full-process development suites.

On January 8, 2026, Zhipu completed its listing on the Hong Kong Stock Exchange, becoming the first specialized technology company whose main business is based on foundational large model research and development, listed under Chapter 18C of the Hong Kong Listing Rules. Data from Eastmoney shows that since listing, the company’s stock price has soared from HKD 120 to HKD 422, an increase of 251.67%.

After successfully listing in Hong Kong, Zhipu has not stopped and is currently steadily advancing preparations for listing in A-shares. In April 2025, Zhipu officially submitted a listing guidance filing to the Beijing Regulatory Bureau of the China Securities Regulatory Commission, with CICC serving as the guidance institution, becoming the first among the “Six Little Tigers” of domestic large models to initiate an IPO.

According to information disclosed on the official website of the China Securities Regulatory Commission, CICC has submitted a progress report on Zhipu’s third phase of IPO guidance work as of January 15, 2026.