Zhipu shares jump 33% after US restricts Anthropic models

Zhipu AI’s Hong Kong-listed shares rose 33% after a US export-control order required Anthropic to block access for foreign nationals, including non-US employees, to its Fable 5 and Mythos 5 models. Anthropic restricted those models on national security grounds.

Zhipu, also known internationally as Z.ai and listed in Hong Kong as Knowledge Atlas Technology, launched GLM-5.2 the same day. Zhipu wrote in its launch message: “Cutting-edge intelligence should not belong to only a few, nor should it be withdrawn at any time. It should be open, available, extensible and built to serve every developer.”

Investors pushed Zhipu shares higher, extending a rally that followed the company’s January IPO at HK$116. The stock has risen more than tenfold and reached a market value of about $83 billion earlier this month.

Bank of America initiated coverage with buy ratings for Zhipu and fellow Chinese AI firm MiniMax, setting price targets of HK$1,250 for Zhipu and HK$500 for MiniMax. The bank’s note stated China is positioned to capture market share in a “value-for-money” segment as pricing for US frontier models increases.

The European Commission is reviewing practical consequences for European users and noted the incident highlighted the need for stronger technological sovereignty.

Analysts observed the episode intensified attention to how export controls and geopolitics can affect access to advanced AI models, prompting some buyers to consider alternatives that emphasize availability, cost and product update cycles.

Zhipu’s GLM-5.2 launch and the trading surge occurred on the same day the Anthropic restrictions were implemented.