Chinese artificial intelligence company Z.ai saw its Hong Kong-listed shares jump more than 8% on Thursday after releasing the GLM-5.3-Flash model. The company stated the model runs entirely on 100,000 homegrown semiconductor chips, though external verification remains unavailable.
Z.ai Shares Surge Following New Model Launch
Shares of Z.ai climbed over 8% in Thursday trading on the Hong Kong Stock Exchange following the release of a low-cost version of its flagship model called GLM-5.3-Flash. The company reported that the system operates using exclusively Chinese-made semiconductors to handle online requests.
According to corporate statements, the model was initially launched on August 20 under the code name Ox Alpha
and spent a week available globally in a non-public mode. During that timeframe, it captured the top spot for usage on the global OpenRouter platform. The model also secured the tenth position on the Artificial Analysis Intelligence Index, placing just ahead of DeepSeek V4 Pro Max.
Unverified Domestic Chip Claims Amid US Trade Restrictions
Z.ai asserted that it deployed 100,000 China-made chips to process all online user traffic for the new model. However, news outlets were unable to independently verify the chip claims. The company declined to disclose which manufacturers supplied the semiconductors.
Nvidia has faced ongoing challenges selling its advanced chips into China due to regulatory hurdles, prompting domestic firms like Huawei and other local semiconductor makers to accelerate alternative production. Operating an established AI model typically demands fewer computing resources than training one from scratch.
Market Performance and Rival MiniMax Financials
Both Z.ai and competitor MiniMax completed their initial public offerings on the Hong Kong Stock Exchange in January. While Z.ai shares have surged more than 800% since their IPO, MiniMax shares have increased by over 80% over the same period.
MiniMax experienced a 3% share price rise after announcing a 283% year-on-year revenue surge for the first half of the year. At the same time, the company reported that its adjusted net loss more than doubled during the period to $293 million. MiniMax’s flagship M3 model currently ranks 18th on the Artificial Analysis Intelligence Index. Z.ai is scheduled to release its first-half financial results on Monday.
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