May 29, 2026: Zhipu (Stock Code: HK02513) continued its strong rally, surging over 9% at the opening. By late morning, Zhipu’s share price reached HKD 1,787, setting a new all-time high. Over the past five days, the stock has climbed approximately 70%.
Just the previous day (May 28), Zhipu saw a dramatic afternoon surge, at one point rising more than 15%. The stock peaked at HKD 1,650 and closed at HKD 1,618, pushing its total market cap past HKD 720 billion. Since its IPO price of HKD 116.2 on January 8 at the Hong Kong Stock Exchange, Zhipu’s cumulative gains have exceeded 1,400%.
Dubbed the "first AI stock of Hong Kong," this standout company is rapidly redefining its value in the capital markets.
The Driving Force Behind Zhipu’s Rally: AI Asset Revaluation Fueled by Token Economics
Zhipu’s sustained price surge is no accident. In Q1 2026, Zhipu’s API pricing increased by a cumulative 83%, yet usage volume soared by 400%. This simultaneous growth in both price and volume is exceptionally rare among global large-model providers. Zhipu CEO Zhang Peng describes the company’s business model as "intelligence ceiling × token consumption scale." When the model is powerful enough, the API itself becomes the optimal business model.
As of March 2026, Zhipu’s API business annual recurring revenue (ARR) jumped from $39 million in December 2025 to $250 million, a 6.4-fold increase. Recently, the company began offering the GLM-5.1 High-Speed API to select enterprise clients, delivering output speeds of up to 400 tokens per second—setting a new global benchmark for API speed among major model providers.
A research report by CMB International highlighted that Zhipu’s breakthrough in inference efficiency further enhances its commercialization prospects, assigning a "Buy" rating. Additionally, Zhipu will officially join the Hang Seng Tech Index on June 8 and is likely to be included in the Stock Connect program, opening the door for sustained capital inflows.
Gate TradFi: Two Channels to Capture ZHIPU Market Opportunities with Ease
For crypto asset users, investing and trading Zhipu through the Gate platform is straightforward. Gate offers two comprehensive trading routes for ZHIPU:
Route One: ZHIPU_USDT Perpetual Contracts
On April 13, 2026, Gate officially launched live trading for ZHIPU_USDT perpetual contracts. Key parameters include:
- Trading Pair: ZHIPU_USDT
- Underlying Asset: Zhipu (HK02513)
- Settlement Currency: USDT
- Leverage: Flexible selection from 1x to 20x; both long and short positions supported
Trading can be completed in three steps:
Step 1: Log in to your Gate account and complete KYC verification (even the minimum level allows contract trading).
Step 2: Transfer USDT from your spot account to your contract account as trading margin.
Step 3: On the contract trading page, search for "ZHIPU," select the ZHIPU_USDT pair, set your leverage and position size, and open your trade.
Route Two: Gate TradFi Stock Zone (CFD Trading)
For users seeking fixed leverage exposure to ZHIPU, Gate TradFi’s Stock Zone offers a more stable option. You can trade ZHIPU CFDs with a fixed 4x leverage, all within the Gate TradFi Stock Zone using USDT—no platform switching required.
Gate TradFi’s core advantage is seamless access: users can participate in price movements across major global financial markets using a single crypto account and USDT, with an experience tailored to crypto traders’ familiar workflows.
The TradFi process involves five steps: Open a TradFi trading account → Transfer USDT into your TradFi account as margin → Select ZHIPU as the underlying asset → Open positions using market or limit orders → Manage and close positions.
Quick Overview of Trading Parameters and Risk Disclosure
| Trading Method | Pair/Asset | Margin | Leverage | Trading Hours | Suitable Scenarios |
|---|---|---|---|---|---|
| Perpetual Contract | ZHIPU_USDT | USDT | 1x–20x | 24/7 | Short-term swings, bidirectional trading |
| TradFi Stock CFD | ZHIPU (HK02513) | USDT | Fixed 4x | Hong Kong trading hours | Stable leverage, trend following |
Risk Disclosure: Both contract trading and CFD trading carry significant risks. High leverage can amplify both gains and losses. When using leveraged trading, always set prudent stop-loss strategies and never invest more than your risk tolerance allows. This article is for informational purposes only and does not constitute investment advice.
Conclusion
On May 29, Zhipu’s share price broke through HKD 1,787, reaching a new record high. Over five days, the stock surged about 70%, with cumulative gains since listing exceeding 1,400% and a market cap above HKD 720 billion. The fundamentals underpinning Zhipu’s ongoing strength include the explosive growth of token economics, simultaneous increases in API price and usage, commercialization of the GLM-5.1 High-Speed model, and the upcoming inclusion in the Hang Seng Tech Index.
For crypto asset users, Gate offers two robust trading paths for ZHIPU: ZHIPU_USDT perpetual contracts with flexible leverage from 1x to 20x and 24/7 trading—ideal for short-term strategies; and the TradFi Stock Zone with fixed 4x leverage for differentiated CFD trading. Both methods use USDT as margin, require no platform switching, and allow seamless integration between traditional financial assets and crypto assets with a single account.
