Intelligence AI was officially launched today and open-source the GLM-5.2 model. On CodeArena, a front-end development and evaluation system where millions of users around the world participated in blind testing, GLM-5.2 achieved the first performance of the world's available model. Affected by this news, Smart Spectrum Hong Kong stocks surged nearly 48% at the beginning of the session, and MiniMax simultaneously rose more than 7%.
GLM-5.2's technological breakthrough: open source + performance double kill
The core competitiveness of GLM-5.2 lies in:
CodeArena tops the top: a front-end development scenario blindly tested by millions of users, surpassing closed-source models such as Claude, GPT, and Gemini
Comprehensive open source: Model weights, training codes, and technical reports are all open, continuing Intelligent Spectrum's "open source ecosystem" strategy
Multimodal capabilities: Support unified understanding and generation of text, code, images, and video
Domestic chip adaptation: Deeply optimize domestic AI chips such as Huawei Shengteng and Pingtou Ge Zhenwu
Smart Spectrum's "dual listing" strategy: Hong Kong stocks +A shares
Zhipu officials have announced the plan to raise funds for the listing of the Science and Technology Innovation Board15 billion yuan, forming a pattern of "AI doubles return to A" with MiniMax:
| Company | Market value of Hong Kong stocks (June 17) | Science and Technology Innovation Board Plan | core positioning |
| wisdom spectrum | HK$629.5 billion | Raised 15 billion yuan | Open source model + enterprise-level AI |
| MiniMax | HK$209.4 billion | Coaching has been started | Content AI+ Consumer Applications |
The "open source wave" of China's big models
GLM-5.2's open source peak, DeepSeek-V4-Pro's permanent price reduction of 75%, Ali Qwen 3.7-Max's 12 evaluations ranked first in China, and Byte Seed 2.0 mini's video generation innovation together constitute the "open source + cost performance" strategic matrix of China's big model:
DeepSeek: Open source weight + low API price, OpenRouter 60% share
Smart Spectrum GLM: Open source + leading performance, CodeArena ranks first in the world
Ali Qwen: enterprise-level full-stack, orthogonal decoupling architecture
Byte Seed: Video generation, AIGC content creation
Smart Spectrum GLM-5.2 reached the top of CodeArena, which is the first time that China's major model has achieved global leadership in the "hard-core" scenario of programming. Programming evaluation is different from general chat or text generation. It requires models to understand complex logic, generate executable code, and handle multiple file dependencies-a touchstone of AI capabilities. The achievement of Zhipu's choice of open source is not only a reflection of technical confidence, but also a continuation of ecological strategy: attracting developers through open source, building ecosystems through developers, and locking standards through ecology.
butThe surge in 48% share price also reflects the market's "AI craze"-the market value of Smart Vision's Hong Kong stocks has reached 629.5 billion Hong Kong dollars (about 80 billion US dollars), close to 1/12 of Anthropic's, but there is a huge gap in revenue and profitability. If the listing plan of the Science and Technology Innovation Board is successful, it will provide sufficient ammunition for Smart Spectrum, but investors need to distinguish between "technological leadership" and "commercial success": CodeArena first does not mean corporate customers pay, and open source ecosystem does not mean monopoly profits. The "open source wave" of China's big models is reshaping the global AI competition landscape, but the ultimate winner is still being commercialized.
Open source link:
GitHub：https://github.com/zai-org/GLM-5
Hugging Face：https://huggingface.co/zai-org/GLM-5.2
ModelScope：https://modelscope.cn/models/ZhipuAI/GLM-5.2