Zhipu (02513.HK), a Hong Kong-listed artificial intelligence company, rose more than 16% intraday on June 24 and was up 13.73% at HK$2,472, according to Gate data, briefly lifting its market capitalization back above HK$1 trillion. The move followed the launch of its GLM-5.2 large model and a 50 million yuan model voucher subsidy plan with Haidian District's Zhongguancun Science City. Under the program, eligible Haidian-registered startups can receive discounts of up to 50% on GLM-5.2 API call fees through Nov. 19, 2026, capped at 2 million yuan per company annually. Investors and analysts tied the rally to a revived “cheap Chinese AI” trade; Jefferies said GLM-5.2 ranks among the world's top three large models, while Barron's and analysts compared the market reaction to the disruption associated with DeepSeek R1 in early 2025.