JP Morgan raised its price target for Zhipu (02513.HK) by 20% to HKD 2,400 from
HKD 2,000, marking a second increase in one week (the bank moved the PT from HKD
1,800 to HKD 2,000 last Tuesday). JP Morgan said proceeds from a USD 4.0 bln
equity placement will ease compute-supply bottlenecks and support further
model-training investment; the bank added that new inference capacity could
convert into annual recurring revenue within 12 months, analysts including
Olivia Xu wrote. JP Morgan also cut its price target on MiniMax (00100.HK) to
HKD 240 from HKD 300, citing share dilution after the company’s lock-up
expiration and the fundraising; this follows a downgrade last week.
