Zhipu Stock Rises 11% Following Rights Offering, Drops 7.4% by Late Morning; Goldman Initiates With 1,880 Yuan Target

According to Goldman Sachs, Zhipu Technology (02513) surged over 11% following its announcement of a rights offering yesterday, but pulled back significantly this morning, trading down 7.4% to 1,882 yuan by 10:44 a.m. HKT, with intraday losses reaching as much as 9.7%.

Goldman Sachs initiated coverage with a neutral rating and a 12-month price target of 1,880 yuan, stating that Zhipu's valuation is broadly reasonable given strong GLM model performance, a cumulative share price appreciation of approximately 16 times since listing, and a float representing only single-digit percentage of shares. The bank views Zhipu as the most competitive AI model vendor in the sector.