JPMorgan has increased its target price for Knowledge Atlas from HK$1,800 to HK$2,000, maintaining its "overweight" rating. This move coincides with several key institutional investors affirming their intention to hold the stock for the long term as the lock-up period for cornerstone investments nears its end.
On the evening of July 7th, JSC International Investment Fund SPC stated its willingness to continue holding the company's shares based on a long-term positive outlook for Knowledge Atlas's future development. Public information indicates the core state-owned investors behind the fund include the Beijing Artificial Intelligence Industry Investment Fund, Beijing Jingneng Green Energy M&A Investment Fund, Beijing Information Industry Development Investment Fund, and Beijing Zhongguancun Science City Phase III Technology Growth Equity Investment Partnership. Concurrently, professional market-oriented investment institutions WT Asset Management and Optimas Capital Limited, along with early-stage and cornerstone shareholder Lingyun Guang Technology Co., Ltd., have similarly expressed their long-term holding intentions. Collectively, these institutions hold nearly 70% of the cornerstone shares subject to the upcoming lock-up expiration.
Research analysis suggests that the recently launched GLM-5.2 model from Knowledge Atlas now possesses global competitiveness. Its open-weight strategy is expected to leverage external infrastructure such as cloud service providers, inference platforms, and enterprise private deployments to further expand the model's user base. This is anticipated to create a growth path characterized by "broader distribution, larger user scale, and stronger conversion to paid services." JPMorgan noted that the market has largely priced in the company's guidance for $1 billion in Annual Recurring Revenue by year-end. However, the scaling growth potential offered by the open-weight model still holds "option value" that has not been fully priced in by the market.
During today's trading session, the share price of Knowledge Atlas experienced a significant surge, with gains reaching nearly 6% at its peak.