Hong Kong AI Stocks Surge on Anthropic Fundraising and Benchmark Results

Hong Kong’s large‑model concept stocks staged a dramatic rally on May 13, with Zhipu soaring nearly 37% and MINIMAX rising more than 18% by the close. The surge was fueled by two developments: reports that Anthropic is seeking to raise USD 30 billion at a valuation above USD 900 billion, and new benchmark results showing Zhipu GLM‑5.1 ranked first among open‑source models.

Artificial Analysis released its latest Coding Agent benchmark, measuring model performance across SWE‑Bench‑Pro‑Hard‑AA, Terminal‑Bench v2, and SWE‑Atlas‑QnA. Closed‑source Opus 4.7 topped the global ranking, while Zhipu GLM‑5.1, running in Claude Code, led open‑source peers. The recognition sent Zhipu’s shares sharply higher.

At the same time, foreign media reported Anthropic is in talks with investors for its largest fundraising round yet, aiming for USD 30–50 billion. Completion could make Anthropic the world’s highest‑valued AI company, with a valuation up to USD 950 billion, surpassing OpenAI’s USD 852 billion after its record USD 122 billion raise in March. Google and Amazon have already invested billions at a USD 350 billion valuation, with commitments for further injections tied to performance.

The rally also reflects accelerating commercialization of large models. Doubao updated its App Store listing with subscription pricing, while pledging to maintain free services. Paid tiers range from RMB 68 per month for the standard version to RMB 500 per month for the professional version, targeting productivity tasks such as PPT generation, data analysis, and film production. Analysts say the move signals a shift from free user acquisition to paid conversion, with success hinging on whether subscriptions deliver clear capability upgrades.

Brokerages see broader momentum. Kaiyuan Securities highlighted advances in multimodal, reasoning, and Agent capabilities driving token growth and vertical AI commercialization. Huaxin Securities pointed to domestic chip compatibility and ecosystem improvements that could trigger expansion in China’s computing‑power industry chain.

Anthropic is also working to broaden Claude’s consumer appeal, improving handling of everyday queries and partnering with SpaceX to secure over 300 MW of new computing capacity. Analysts note competition among large‑model firms is extending beyond algorithms and parameters to infrastructure, power resources, and user experience. As demand for Claude and related services grows, stable computing supply will be critical for service quality and retention.