Zhipu Stock Surges 37% to 300B HKD Market Cap

🔑 Key Takeaways

•Zhipu AI's shares surged up to 37% on February 20, 2026, pushing market cap beyond 300 billion HKD, following the February 11 launch of GLM-5 which drove earlier gains of 29-42%[2][3]
•GLM-5, a 744-745 billion parameter MoE model with 44 billion active parameters, ranks 4th globally, outperforming Gemini 3 Pro and Kimi K2.5, matching Claude Opus 4.5 in coding[1][2][5]
•Trained entirely on Huawei Ascend chips using MindSpore, GLM-5 achieves full hardware independence, a milestone for China's AI self-reliance[2][5]

📊 Competitor Analysis▸ Show

Feature/Benchmark	Zhipu GLM-5	Anthropic Claude Opus 4.5	Google Gemini 3 Pro	Moonshot Kimi K2.5
Global Rank	4th	Top 3	Outperformed	Outperformed
Parameters	744-745B total, 44B active	N/A	N/A	N/A
Coding/Programming	Matches Opus 4.5	Strong benchmark	N/A	Lower than GLM-5
Training Hardware	Huawei Ascend only	N/A	N/A	N/A
Availability in China	Yes, raised coding plan 30%	Unavailable	N/A	Competitor

🛠️ Technical Deep Dive

Mixture-of-Experts (MoE) architecture: 745B total parameters, 44B active per inference, 256 experts with 8 activated per token[2][5]
Integrates DeepSeek Sparse Attention for efficient long-text processing without quality loss, reducing deployment costs[3]
Asynchronous agent reinforcement learning for continuous learning from long-range interactions[3]
Native Agent Mode for autonomous task breakdown, multi-step reasoning, coding, creative writing, and generating office documents (.docx, .pdf, .xlsx)[4]
Trained exclusively on Huawei Ascend chips with MindSpore framework, open-source under MIT license[2][5]
Supports domestic Chinese chips, optimized for complex systems engineering and OpenClaw integration[1][3]

🔮 Future ImplicationsAI analysis grounded in cited sources

Zhipu AI's stock surge and GLM-5 launch signal accelerating momentum in Chinese AI, demonstrating viable alternatives to US hardware dominance and positioning firms like Zhipu as global contenders in open-source LLMs with agentic capabilities[1][2][4][5].

⏳ Timeline

2019-01

Zhipu AI founded as Tsinghua University spinoff

2025-01

H1 2025: Reported 2.36B yuan net loss, R&D expenses double to 1.6B yuan

2025-09

DeepSeek launches Sparse Attention mechanism later integrated into GLM-5

2025-11

Anthropic launches Claude Opus 4.5

2026-01

HK IPO on Jan 8 raises 4.35B HKD to fund AI development

2026-02

GLM-5 launched Feb 11, shares surge 29-42%, later 37% to 300B HKD market cap on Feb 20

📎 Sources (5)

Factual claims are grounded in the sources below. Forward-looking analysis is AI-generated interpretation.

Zhipu Stock Surges 37% to 300B HKD Market Cap

⚡ 30-Second TL;DR

🧠 Deep Insight

🔑 Key Takeaways

🛠️ Technical Deep Dive

🔮 Future ImplicationsAI analysis grounded in cited sources

⏳ Timeline

📎 Sources (5)

Key Points

Impact Analysis

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