Woofun AI reports that JPMorgan increased its target price for Zhipu (02513.HK) from HK$2,000 to HK$2,400, marking the second upward revision within a week. The bank attributes this adjustment to a $4 billion stock placement expected to alleviate computing power bottlenecks and support model training investments, with new inference resources projected to convert into Annual Recurring Revenue within 12 months.

In contrast, JPMorgan lowered its target price for MiniMax (00100.HK) from HK$300 to HK$240. This downward revision follows the expiration of share lock-up periods and a new fundraising plan, which introduced equity dilution effects.