Zhipu (HKEX: 02513) shares surged on July 8, with trading volume exceeding HK$6 billion. The stock rose as much as 15.16% intraday, and gains narrowed to 1,789 Hong Kong dollars at the time of reporting. According to The Information, citing sources, Zhipu recently made preliminary inquiries about collaborating with multiple domestic chip design firms to co-develop processors optimized specifically for running GLM models.
Zhipu Stock Rises 15.16% Intraday on Lockup Expiry Day, Volume Exceeds HK$6 Billion
According to market data, Zhipu shares climbed as much as 15.16% intraday on July 8, 2026, and were trading at HK$1,789, up 11.12% at the time of reporting. Daily turnover surpassed HK$6 billion. This trading day coincided with the approaching lockup expiry for cornerstone investors in Zhipu's IPO, and the market had previously been concerned about selling pressure from the large-scale unlocking of shares.
70% of Cornerstone Investors Declare Long-Term Holdings on Lockup Expiry, Covering Four Types of Institutions
Per China National Radio citing Zhipu, as the cornerstone investor lockup expiry window approaches, multiple institutional investors have clearly stated they are bullish on the long term and will continue to hold. The institutions that have made statements are as follows:
JSC International Investment Fund SPC: Expressed continued holding based on long-term optimism about Zhipu's future development. Its core state-backed investors include the Beijing Artificial Intelligence Industry Investment Fund, Beijing Jingneng Green Energy M&A Investment Fund, Beijing Information Industry Development Investment Fund, and Beijing Zhongguancun Science City Phase III Technology Growth Equity Investment Partnership.
WT Asset Management (market-oriented professional investment institution): Stated it will continue to hold.
Optimas Capital Limited (market-oriented professional investment institution): Stated it will continue to hold.
Lingyunguang Technology Co., Ltd. (Zhipu early shareholder and cornerstone investor): Stated it will continue to hold, and any future reduction plans will be carried out in an orderly manner.
The combined holdings of the institutions that have made statements account for nearly 70% of the cornerstone shares being unlocked this time, covering four types of institutions: national-level strategic capital, local government industry guidance funds, large state-owned enterprise industry funds, and market-oriented professional investment institutions.
Zhipu Makes Preliminary Inquiries with Domestic Chip Makers for GLM-Optimized Processor Co-Development
According to The Information, citing sources, Zhipu recently made preliminary inquiries about collaborating with multiple domestic chip design firms to jointly develop processors optimized for running GLM models. Zhipu has not yet determined a partner, and related discussions remain at an early stage. The entire development process could take more than two years. Zhipu AI would need to form or expand a semiconductor team, complete the chip design and testing cycle, and restructure the software architecture to fully leverage the new hardware's performance advantages.
Frequently Asked Questions
Why did Zhipu shares surge on July 8?
According to reports, there were two main catalysts: First, institutional investors holding nearly 70% of the unlocked cornerstone shares collectively declared long-term holdings as the lockup expiry approached, alleviating market concerns about massive selling. Second, The Information reported that Zhipu is considering developing its own GLM-optimized AI chips, further boosting market expectations for the company's technological self-reliance.
How many cornerstone investors have declared they will continue to hold Zhipu shares?
Per China National Radio citing Zhipu, the institutions that have made statements collectively hold nearly 70% of the cornerstone shares being unlocked this time, including JSC International Investment Fund SPC, WT Asset Management, Optimas Capital Limited, and Lingyunguang Technology Co., Ltd.
What stage is Zhipu's AI chip self-development plan at?
According to The Information, Zhipu has only completed preliminary inquiries with multiple domestic chip design firms so far. The cooperation partner has not been determined, and discussions remain at an early stage. The entire development process is expected to take more than two years and will require building a semiconductor team and restructuring the software architecture.
