Why did Knowledge Atlas 2513.HK surge today?

The rally followed excitement around glm5, Zhipu’s new model with stronger coding and agent capabilities. Traders also reacted to broader Chinese AI headlines, policy support signals, and talk that developers outside China may test the model through OpenRouter. Intraday, the stock opened at HK$214.0, hit HK$287.8, and traded near HK$276.8 on above-average volume. The move reflects event-driven momentum rather than a sudden change in reported financials.

What makes glm5 important for developers and clients?

glm5 aims to improve code generation quality and enable more capable AI agents that can handle workflows like retrieval, orchestration, and tool use. If it cuts inference costs while improving accuracy, enterprises can move pilots to production faster. Open-source access helps community feedback, fine-tuning, and integrations. Potential OpenRouter availability could broaden testing, speed benchmarks, and increase funnel activity that later supports Zhipu’s MaaS and agent-based products.

Is the current valuation justified after the spike?

It is early to say. Knowledge Atlas trades on high growth expectations, with negative TTM EPS (-10.42), a negative PE, and a price-to-sales near 389x. The current ratio is about 0.38, so liquidity is tight. That means glm5 must drive real revenue, better unit economics, and customer retention to support today’s price. Until those show up in results, volatility can remain high and pullbacks are possible.

What risks should Hong Kong investors consider now?

Key risks include execution on glm5 monetisation, competition from other low-cost Chinese models, and changes in policy or export rules. Liquidity and funding needs matter given a low current ratio. Event-driven spikes can fade if developer activity and customer wins do not sustain. Investors should monitor contract announcements, pricing, and usage metrics, and consider position sizing, stop-loss levels, and time horizons to manage downside.

Global Market Insights

2513.HK Stock Today: February 12 GLM-5 Launch Triggers 30% Rally

ByHuzaifa Zahoor February 12, 2026February 12, 2026

glm5 took center stage in Hong Kong today, lifting Zhipu AI stock during a broad Chinese AI rally. Knowledge Atlas 2513.HK, the company behind the model, was once up about 30% intraday as traders reacted to model news and policy support headlines. At last check, 2513.HK traded near HK$276.8 within a HK$214.0 to HK$287.8 range on above-average volume. Speculation about overseas access via OpenRouter and rapid new releases from Chinese labs added to momentum. We explain what glm5 means, today’s numbers, and the risks for HK investors.