Zhipu Shares Surge 48% After JPMorgan Raises Price Target to HK$1,400

According to Bloomberg, JPMorgan raised its price target for Zhipu (2513.HK) to HK$1,400 (US$180) on June 15, with the stock surging as much as 48%. The bank maintained its overweight rating, citing Zhipu's better ability to raise prices following its GLM-5 series launch.

JPMorgan simultaneously cut rival MiniMax to neutral, with MiniMax shares falling as much as 4.8%. The divergence reflects different market positioning since mid-March, with Zhipu focusing on large language models while MiniMax emphasizes broader offerings across video generation and consumer applications.