Zhipu, also known as Z.ai, shares rose 12.62% to HK$1,160 in Hong Kong after the company confirmed that the widely watched Ox-Alpha model is GLM-5.3-Flash, a low-cost, open-source and natively multimodal version of its flagship model. Z.ai said 100,000 China-made chips supported all online requests for the model, although the claim could not be independently verified and the company did not identify chip suppliers. GLM-5.3-Flash ranked 10th on the Artificial Analysis Intelligence Index, ahead of DeepSeek V4 Pro Max, and ranked first by usage on OpenRouter over the previous week. The stock’s gains came as Hong Kong’s broader market fell 0.34%, while Nvidia’s results and roughly 70% fiscal 2028 revenue-growth guidance boosted AI hardware shares. Rival MiniMax rose 3.83% after first-half revenue increased 283.1% year over year, although its adjusted net loss widened to about $290 million. Both companies listed in Hong Kong in January; Zhipu shares have risen more than 800% since the IPO and MiniMax shares more than 80%.