AI TRENDS | JPMorgan Raises Zhipu Target Price to HK$2,400 After $4 Billion Share Placement

JPMorgan raised its target price for Zhipu (02513.HK) by 20% to HK$2,400, marking the second increase within a week. According to Jin10, the bank said Zhipu’s latest fundraising plan would support revenue growth. Analysts including Olivia Xu wrote in a research note that the new funds from a $4 billion equity placement could ease supply bottlenecks in computing-power services and support follow-on spending on model training. JPMorgan said additional inference computing resources were expected to be converted into annual recurring revenue within 12 months. JPMorgan previously lifted Zhipu’s target price from HK$1,800 to HK$2,000 last Tuesday. Separately, JPMorgan cut its target price for MiniMax (00100.HK). The bank said MiniMax’s share lock-up period expired last week and the company launched a fundraising plan, with the placement expected to dilute equity, prompting a downgrade in expectations. After cutting the target price last week, JPMorgan lowered it again, from HK$300 to HK$240.