Zhipu AI Shares Surge 35% in Hong Kong Despite Widening 2025 Losses

Shares of Chinese AI startup Zhipu AI jumped up to 35% in Hong Kong trading on March 31 despite the company reporting a ~60% increase in 2025 net losses. Investors remained bullish on the company's agentic AI strategy and enterprise cloud platform. CEO Zhang Peng cited Anthropic as a benchmark for commercialization and forecast 'exponential growth' for its cloud model business. Zhipu is valued at approximately $14 billion. The market reaction highlights a broader bifurcation in China's AI investment landscape: while established tech companies like Alibaba and Tencent saw compressed valuations during the 2021 regulatory crackdown, dedicated AI-native startups like Zhipu, Moonshot AI, and MiniMax continue to attract premium multiples despite losses, mirroring the early OpenAI-era valuation dynamics in the US market.