As the lock-up expiration window approaches, a significant number of institutional investors in KNOWLEDGE ATLAS have publicly affirmed their long-term confidence and commitment to holding their shares, collectively representing nearly 70% of the cornerstone shares set to be unlocked. Concurrently, JPMorgan has increased its price target for the company from HK$1,800 to HK$2,000, maintaining its "Overweight" rating.

Strong Commitment from Cornerstone Investors

On July 7th, with the lock-up period for KNOWLEDGE ATLAS's IPO cornerstone shares nearing its end, several institutional investors explicitly stated their intention for "long-term holding." The institutions making these declarations include national-level strategic capital, local government industrial guidance funds, large state-owned enterprise industrial funds, and market-oriented professional investment firms.

Among them, JSC International Investment Fund SPC, the overseas investment platform of Beijing Financial Holdings Group Co., Ltd., expressed its willingness to continue holding shares in the future based on long-term optimism about the company's development prospects. Public information indicates that the core state-owned investors behind its managed funds include the Beijing Artificial Intelligence Industry Investment Fund, Beijing Jingneng Green Energy M&A Investment Fund, Beijing Information Industry Development Investment Fund, and Beijing Zhongguancun Science City Phase III Technology Growth Equity Investment Partnership.

Simultaneously, professional market-oriented investment institutions WT Asset Management and Optimas Capital Limited, along with early shareholder and cornerstone investor Lingyun Guang Technology Co., Ltd., have also stated they will continue to hold the company's shares. They added that any future plans to reduce holdings would be conducted in an orderly manner.

JPMorgan Lifts Price Target

Amidst the concentrated affirmations from cornerstone shareholders, 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 newly launched GLM-5.2 model already possesses global competitiveness. Its open-weight strategy is expected to further expand the model's usage scale by leveraging external infrastructure such as cloud service providers, inference platforms, and enterprise private deployments, forming a growth path of "broader distribution — larger usage scale — stronger paid conversion." JPMorgan noted that the market has largely priced in the company's guidance for $1 billion in Annual Recurring Revenue (ARR) by year-end. However, the scaling growth potential brought by the open-weight model still holds "option value" that has not been fully priced in.