Shares of Knowledge Atlas (02513) experienced a significant surge in early trading, climbing as much as 15% to a high of HK$18.54. This movement coincides with the stock's first lock-up expiration. At the time of writing, the stock is up 9.81%, trading at HK$17.68 with a turnover of HK$10.425 billion.

Informed sources recently indicated that as the lock-up period for cornerstone investors nears its end, several institutional investors have expressed a clear, long-term optimistic view on Knowledge Atlas and have stated their intention to continue holding their shares. The institutions making these simultaneous statements collectively hold nearly 70% of the cornerstone shares subject to this lock-up expiration. This group includes national strategic capital, local government industrial guidance funds, large state-owned enterprise industrial funds, and market-oriented professional investment institutions. Notably, the opening of the lock-up window signifies that the short-term period of greatest uncertainty has now been realized in actual trading. The market's pricing logic for Knowledge Atlas is increasingly shifting its focus from short-term performance delivery to the company's technological competitiveness, ecosystem expansion capabilities, and long-term commercial potential.

Furthermore, JPMorgan recently raised its price target for Knowledge Atlas from HK$1,800 to HK$2,000 while maintaining its "Overweight" rating. The research report suggests that the company's latest GLM-5.2 model possesses global competitiveness. Its open-weight strategy is expected to leverage external infrastructure such as cloud service providers, inference platforms, and enterprise on-premises deployments to further expand the model's user base. This could create a growth path characterized by "broader distribution, larger user scale, and stronger conversion to paid services." JPMorgan noted that the market has largely priced in Knowledge Atlas's guidance for a $1 billion annual recurring revenue by year-end. However, the scaling growth potential offered by the open-weight model still holds "option value" that has not been fully priced into the stock.