On August 31, Z.AI rose 3.21% in regular trading, trading at HKD 1,127.0/share, with turnover of HKD 3.137 billion.
On the news front, Z.AI's board of directors is scheduled to convene today to review and approve the company's interim results for the six months ended June 30, fueling market expectations ahead of the earnings release. Meanwhile, the large model sector rallied broadly, with peer MINIMAX-W surging over 7%, creating a notable sector linkage effect.
Adding momentum, the latest data showed global AI large model weekly usage reached 113 trillion tokens, with Chinese AI models accounting for 55.16 trillion tokens — marking the 18th consecutive week leading global rankings. Z.AI's GLM-5.3-Flash, which the company confirmed as the viral anonymous model Ox Alpha earlier this week, climbed to the top of the OpenRouter usage chart, with call volumes exceeding DeepSeek by more than double. The model's full online traffic is supported by over 100,000 domestically produced chips. CLSA previously maintained an Outperform rating on Z.AI with a target price of HKD 2,061.
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