Hong Kong Stock Volatility | Zhipu(02513) rises over 35% as total market capitalization surpasses HKD 300 billion. Morgan Stanley says the price increase of the coding scheme confirms enhanced model capability.

Zhitong Finance APP learned that Zhipu (02513) further expanded its late trading gains, with its total market capitalization officially surpassing 300 billion Hong Kong dollars. As of the time of writing, it rose 36.22% to HKD 692, with a trading volume of HKD 2.91 billion.

On the news front, Zhipu recently launched the new generation flagship model GLM-5 and announced a price increase for its AI programming subscription package GLM Coding Plan, with the overall price increase starting from 30%. Morgan Stanley released a research report stating that API pricing is a leading indicator of cutting-edge capabilities, and the real-time market clearing signals it provides contain multi-dimensional information about the model’s capabilities. This price increase is the most explicit reflection of enhanced model capabilities.

The bank pointed out in the report that Zhipu has reached an important inflection point, especially in its global API business. The release of GLM-4.5/4.6/4.7, along with a clear strategic shift towards intelligent agent systems, tool-enhanced reasoning, and infrastructure for developers, indicates that the company is aligning its technology roadmap with the capability dimensions that define global frontiers. The bank expects that as recognition of GLM-5 among developers increases, its usage will grow rapidly, especially in coding-centric workflows, which tend to have higher willingness to pay and stronger usage intensity.