Data compiled by Woofun AI shows ZhiPu (02513.HK) shares surged over 16% intraday to HK$2,472, driven by renewed market attention on Chinese AI capabilities. The rally coincides with JFR's report placing ZhiPu's GLM-5.2 in the global top three for large models, a development that has intensified comparisons to the market impact of DeepSeek's earlier releases.

Industry observers characterize this shift as a "ZhiPu DeepSeek Moment," echoing concerns from early 2025 when powerful open-source models triggered volatility in U.S. tech stocks. Nathan Lambert of the Allen Institute for AI described GLM-5.2 as a "step change" in intelligent agent models, while Barron's noted the resurgence of fears regarding "cheap Chinese AI." Gavekal Research analyst Will Denyer emphasized that GLM-5.2 represents a significant challenge to U.S. dominance, prompting investors to question whether current valuations can be sustained if cost-effective open-source alternatives prove sufficient.