Observed Signal · Feb 12, 2026 · Product Launch · Source: CNBC Technology · Impact: 2/5 · Sentiment: Positive
Chinese AI Stocks Surge as New Models Hit Market
Chinese AI stocks rose sharply after multiple domestic companies released upgraded or new open-source models and policymakers urged broader AI adoption. Hong Kong-listed Zhipu AI (trading as Knowledge Atlas Technology) jumped nearly 30% after unveiling GLM-5, which the company said improves coding and long-running agent tasks and compares favorably on some benchmarks to Anthropic and Google claims that CNBC could not verify. MiniMax rose after launching M2.5; UCloud Tech, a cloud provider for Zhipu, hit daily limits following the announcements. Other firms including SenseTime, DeepSeek, Ant Group and ByteDance also released model or app updates (including multimodal and video-generation products), fueling investor enthusiasm amid a wider slump in some large Chinese tech stocks. Officials including Premier Li Qiang called for scaled commercial AI adoption and coordination of compute resources.
Multiple Chinese AI model releases and official calls for scaled adoption signal accelerating domestic AI competition and increased demand for compute and infrastructure; relevant to technology and cloud providers but not an industry‑shifting global policy or major platform technical update.
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Key Takeaways & Evidence Grounding
- Zhipu AI (trading as Knowledge Atlas Technology) closed up nearly 30% at HK$405 after releasing GLM-5.
- Zhipu said GLM-5 approaches Anthropic's Claude Opus 4.5 on coding benchmarks and surpasses Google's Gemini 3 Pro on some tests; CNBC could not verify these claims.
- MiniMax shares rose 13.7% in Hong Kong after launching the M2.5 open-source model with enhanced AI agent tools.
- UCloud Tech shares surged about 20% after providing computing support for Zhipu.
- Ant Group released Ming-Flash-Omni 2.0 (an open-source unified multimodal model) and ByteDance launched Seedance 2.0 for AI video generation.
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Goldman Sachs Names Top Chinese AI Model Companies
Goldman Sachs identified three preferred Chinese AI-model companies — Zhipu (Knowledge Atlas), Deepseek and ByteDance — in a research note published July 2026. The bank initiated coverage on Hong Kong-listed Zhipu with a price target of HK$1,880 ($239.83) and highlighted Zhipu’s open-sourced GLM-5.2 model as competitive with Anthropic’s Fable 5. Goldman’s analysts evaluated models on time to market, an "Arena score," valuation and pricing, and noted ByteDance’s strength in AI video generation. The report said Zhipu and DeepSeek outperformed Alibaba, Tencent and Minimax on several metrics. The note also cited recent strong share performance for Zhipu and weak performance for Minimax and other listed peers.
Morgan Stanley: Chinese Stocks to Get AI Boost
Morgan Stanley analysts predict that the upcoming inclusion of two Chinese AI companies — Knowledge Atlas Technology (operator of Zhipu AI) and MiniMax — into the Hang Seng Tech Index on June 8 will trigger substantial passive inflows, estimated at HK$10.9–15.3 billion (about $1.25–1.75 billion). The bank raised price targets for both listings and said frontier Chinese AI model firms could each earn at least $1 billion in revenue in 2026, more than doubling the following year. Morgan Stanley also noted rising costs to access Chinese AI models (to ~17% of U.S. model prices from ~5% a year earlier) and argued AI is becoming a durable, liquidity-driving force for Hong Kong equity markets amid strong regulatory and IPO activity in tech.
Zhipu Shares Surge After Strong First Earnings
Knowledge Atlas Technology JSC, known as Zhipu, saw its Hong Kong-listed shares jump as much as 35% (ending ~31.94% up) after reporting its first earnings since listing. Zhipu reported 2025 revenue of 724 million yuan, a ~132% year‑on‑year increase, and an adjusted net loss of 3.18 billion yuan driven by higher R&D spending. The Beijing-based LLM company raised $558 million in its January IPO. Zhipu recently released its GLM-5 model, expanded AI agent offerings, and said over 4 million SMEs and developers use its products across 218 countries and regions. CEO Zhang Peng said the company is accelerating use of domestic Chinese chips to meet rising compute demand, a shift occurring amid prior U.S. export restrictions and Zhipu’s placement on the U.S. Commerce Department Entity List.
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