Morgan Stanley raised its price target on Chinese AI startup Zhipu by nearly 72% on Thursday, lifting its Hong Kong target from HK$990 to HK$1,700, citing better access to computing power and the completion of a new financing round. The stock capped a five-day run gaining over 37%. Analyst Gary Yu and colleagues argued China’s large-model industry is shifting “from price competition to monetization driven by model intelligence,” establishing a healthier commercialization environment. Zhipu, founded in 2019 and known for its GLM series, raised $4 billion in a Hong Kong share offering earlier this year. In the same report, Morgan Stanley stayed “constructive” on MiniMax but lowered its target to HK$900, noting strongest growth will come later; MiniMax still rose 4.8% on the day. Alibaba drew a bullish mention for end-to-end AI capabilities, computing power advantages, and expanding cloud margins. The broader Hang Seng Index opened 0.53% higher, with the Hang Seng Tech Index up 0.85%.