Live News • 9h
GLM-5.2 Drives Market Recognition as Z.AI Sees Sharp Swings in Value Z.AI’s GLM-5.2 model is gaining strong market recognition as Chinese AI firms such as Moonshot AI, Z.AI and DeepSeek compete with leading US labs by offering comparable or better models at significantly lower cost.
The company is benefiting from structural supports including lower power costs in China, government backing and open-source licensing strategies, which together help it win users despite US export controls on advanced AI processors.
Z.AI’s share price is HK$1,237.00, with the stock up very sharply year to date, while the past month has seen a decline of 39.5%.
The key question now is whether Z.AI can convert GLM-5.2’s recognition and cost edge into durable usage and revenue while dealing with intense local competition, periodic valuation swings and ongoing export restrictions on high-end chips. Announcement • Jul 24
Z.AI Co., Ltd. (SEHK:2513) acquired CoreSigma (Beijing) Technology Co., Ltd. Z.AI Co., Ltd. (SEHK:2513) acquired CoreSigma (Beijing) Technology Co., Ltd. July 23, 2026.
Z.AI Co., Ltd. (SEHK:2513) completed the acquisition of CoreSigma (Beijing) Technology Co., Ltd. July 23, 2026. Buy Or Sell Opportunity • Jul 17
Now 40% undervalued Over the last 90 days, the stock has risen 24% to HK$1,107. The fair value is estimated to be HK$1,857, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 56% over the last 3 years. Earnings per share has declined by 28%. For the next 3 years, revenue is forecast to grow by 43% per annum. Earnings are also forecast to grow by 23% per annum over the same time period. Major Estimate Revision • Jul 16
Consensus revenue estimates increase by 10%, EPS downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from CN¥3.42b to CN¥3.78b. EPS estimate fell from -CN¥11.19 to -CN¥11.41 per share. Software industry in Hong Kong expected to see average net income growth of 85% next year. Consensus price target up from HK$1,325 to HK$1,579. Share price fell 24% to HK$1,548 over the past week. Announcement • Jul 10
Knowledge Atlas Technology Joint Stock Company Limited has filed a Follow-on Equity Offering in the amount of HKD 31.41064 billion. Knowledge Atlas Technology Joint Stock Company Limited has filed a Follow-on Equity Offering in the amount of HKD 31.41064 billion.
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 19,780,000
Price\Range: HKD 1588
Transaction Features: Regulation S; Rule 144A; Subsequent Direct Listing Live News • Jul 08
Zhipu AI Pursues Custom ASIC Processor as GLM Model Usage Surges 27x Knowledge Atlas Technology’s Zhipu AI unit is in early talks with domestic chip design firms to develop a custom ASIC processor tailored to its GLM model family, after reported GLM‑5.2 usage rose 27x and as U.S. export rules on high-end semiconductors tighten.
Moving to a bespoke AI chip could reduce Zhipu AI’s dependence on foreign GPU suppliers such as NVIDIA, but the article notes the design, testing and software work may take more than two years before any processor is ready.
Knowledge Atlas Technology’s stock trades at HK$1,825.00, with a very large year-to-date gain of about 13x, while the share price has risen 38.9% over the past 30 days.
Custom ASIC development introduces execution and timing risk for Knowledge Atlas Technology. If the effort succeeds, it could reshape its cost base and access to compute, with implications for both margins and how quickly it can scale GLM usage inside China. Announcement • Jun 23
Knowledge Atlas Technology Joint Stock Company Limited Approves Appointment of Xu Wenming as Independent Non-Executive Director and Chairperson of the Remuneration Committee of the Board and a Member of the Nomination Committee of the Board, Effective June 22, 2026 Knowledge Atlas Technology Joint Stock Company Limited at its AGM held on June 22, 2026 approved that Mr. Xu Wenming has been appointed as an independent non-executive Director of the Company, with effect from the close of the Annual General Meeting on June 22, 2026 until the expiration of the term of the first session of the Board. Further to the appointment of Mr. Xu, the Board is also announced that with effect from the close of the Annual General Meeting on June 22, 2026, Mr. Xu also has been appointed as the chairperson of the remuneration committee of the Board and a member of the nomination committee of the Board. Live News • Jun 16
Knowledge Atlas Technology Shares Jump as US Curbs Anthropic AI Access Knowledge Atlas Technology shares surged after the Trump administration ordered Anthropic to cut off access to its flagship AI models for all foreign nationals.
In response, Zhipu announced plans to release its newest open-source large model, GLM-5.2, with an emphasis on open access for developers worldwide.
Several Wall Street banks raised their ratings on Knowledge Atlas Technology, citing a perceived advantage for Chinese AI developers in the global market following the U.S. restrictions on Anthropic.
The core development is that U.S. restrictions on Anthropic’s AI models appear to be shifting attention and demand toward alternative AI platforms such as Knowledge Atlas Technology and its partner Zhipu.
Investors may want to watch how quickly GLM-5.2 gains adoption, as well as any future regulatory actions that could affect cross-border access to AI models and developer ecosystems. Announcement • Jun 02
Knowledge Atlas Technology Joint Stock Company Limited, Annual General Meeting, Jun 22, 2026 Knowledge Atlas Technology Joint Stock Company Limited, Annual General Meeting, Jun 22, 2026, at 14:00 China Standard Time. Location: conference room-turing, 10th floor, building 9, yard 1, zhongguancun east road, haidian district, beijing China Reported Earnings • Apr 02
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: CN¥12.03 loss per share. Revenue: CN¥724.3m (up 132% from FY 2024). Net loss: CN¥4.70b (loss widened 237% from FY 2024). Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) also missed analyst estimates by 74%. Revenue is forecast to grow 64% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Software industry in Hong Kong. Announcement • Mar 18
Knowledge Atlas Technology Joint Stock Company Limited to Report Fiscal Year 2025 Results on Mar 31, 2026 Knowledge Atlas Technology Joint Stock Company Limited announced that they will report fiscal year 2025 results on Mar 31, 2026 New Risk • Jan 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 25% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CN¥2.6b free cash flow). Shares are highly illiquid. Negative equity (-CN¥6.2b). Earnings are forecast to decline by an average of 25% per year for the foreseeable future. Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (CN¥4.2b net loss in 2 years). Announcement • Jan 08
Knowledge Atlas Technology Joint Stock Company Limited has completed an IPO in the amount of HKD 4.348146 billion. Knowledge Atlas Technology Joint Stock Company Limited has completed an IPO in the amount of HKD 4.348146 billion.
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 7,483,900
Price\Range: HKD 116.2
Discount Per Security: HKD 2.324
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 4,254,000
Price\Range: HKD 116.2
Discount Per Security: HKD 2.324
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 25,681,600
Price\Range: HKD 116.2
Discount Per Security: HKD 2.324
Transaction Features: Regulation S; Sponsor Backed Offering Board Change • Jan 07
Less than half of directors are independent There are 10 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 10 new directors. No experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Supervisor Bo Pei is the most experienced director on the board, commencing their role in 2025. Independent Non-Executive Director Ying Tang was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. 
