Hong Kong-listed Zhipu (02513.HK) rose more than 10%; trading turnover exceeded HK$3.8 bln.

At midday close, China's main futures contracts were mostly lower. Shanghai silver (SHFE) and 20# rubber fell more than 7%; palladium, lithium carbonate, platinum, synthetic rubber, natural rubber, PTA and SC crude were down over 5%. Soybean No.1 rose about 1%; soybean meal and peanuts were slightly higher.

JP Morgan raised its bull-case target for South Korea's Kospi index to 15,000 and lifted its base and bear targets to 12,500 and 8,000 respectively, implying roughly 77% upside from Wednesday's close of 8,471.02. The bank keeps its highest overweight on Korean equities and recommends buying on dips, citing a constructive view on AI, stronger earnings at related hardware names, and further room for retail inflows.