On July 9, Zhipu (02513.HK) rose 9.92% in regular trading, trading at HK$2,176/share, with turnover of HK$4.623 billion.

On the news front, Zhipu announced before the trading session that it plans to place 19.78 million new H shares at HK$1,588 per share, representing a discount of approximately 13% to the previous closing price of HK$1,825. The placement is expected to raise gross proceeds of approximately HK$31.41 billion, with net proceeds of about HK$31.37 billion. Funds will be allocated toward AI model R&D, computing resource deployment, business expansion, and strategic investments and acquisitions.

The placement attracted broad participation from international long-term funds, industrial investors, and professional institutions. Meanwhile, JPMorgan recently raised its target price on Zhipu to HK$2,000 while maintaining an Overweight rating, citing underappreciated growth potential from the company's open-weight model strategy. Nearly 70% of cornerstone investors have expressed long-term holding intentions, reinforcing market confidence in the company's medium-to-long-term outlook.

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