How to trade ZHIPU stocks on Gate TradFi? ZHIPU’s latest market overview for April

In April 2026, if you haven’t added Zhipu to your watchlist yet, you might have already missed one of the most exciting stories in this round of AI asset revaluation.

Today (April 22), Zhipu (02513.HK) surged again in the early trading session, with the stock price rising 5.21% at the time of writing, to HKD 999.50, with a trading volume of HKD 457 million. Prior to this, on April 20, Zhipu’s intraday gain exceeded 14%, with the stock touching HKD 1,020, setting a new record high.

The rapid rise in stock price didn’t come out of nowhere.

Behind the Breakthrough of the Thousand-HKD Mark: AI New Narrative Supported by Token Economy

Zhipu listed on the Hong Kong Stock Exchange on January 8, 2026, with an offering price of HKD 116.2. On its first day of trading, it briefly broke below the offering price. However, in less than three months, this “AI first stock” achieved an astonishing leap from breaking below to surpassing HKD 1,000, with a total increase of over 760%. Its market capitalization once exceeded HKD 430 billion, surpassing established internet giants like JD.com and Baidu.

The logic behind this rally centers on two key words: Token and Pricing Power.

On March 31, Zhipu released its first annual report since listing, with annual revenue exceeding RMB 724 million, a year-over-year increase of 132%. It is the largest domestic large-model company by revenue, with a gross profit margin of 41%. Even more exciting for the market, in the first quarter of 2026, Zhipu’s API pricing was increased by 83%, yet usage did not decline—in fact, it grew by 400%.

This phenomenon of “volume and price rising together” is extremely rare among global large-model providers. Zhipu CEO Zhang Peng attributes it to a business model of “Intelligent Upper Bound × Token Consumption Scale”—when the model is sufficiently powerful, the API itself becomes the best business model. As of March 2026, Zhipu’s API business annual recurring revenue (ARR) surged from USD 39 million in December 2025 to USD 250 million, a 6.4-fold increase.

How Do Institutions View It? UBS Initiates Coverage with a “Buy” Rating

On April 21, UBS published a research report, initiating coverage of Zhipu with a “Buy” rating and a target price of HKD 1,160. UBS believes Zhipu has a good track record in improving model intelligence, especially in coding capabilities, with strategies similar to US AI company Anthropic. As enterprise AI demand reaches a turning point in early 2026, commercialization breakthroughs are expected.

UBS also pointed out that Zhipu’s GLM-5.1 model achieves about 8 hours (human equivalent) for long-term task completion, ranking first among open-source models worldwide, narrowing the gap with Anthropic. The bank forecasts that driven by significant expansion of open platforms and rapid growth in local deployment, Zhipu’s revenue compound annual growth rate (CAGR) from 2025 to 2027 will reach as high as 231%.

How to Trade Zhipu Stocks on Gate?

For users in the crypto industry, trading Zhipu stocks on Gate is straightforward. The Gate Contract Stock Zone officially launched ZHIPU perpetual contracts (USDT settled) at 14:00 (UTC+8) on April 13, 2026.

Core parameters overview

• Trading Pair: ZHIPU_USDT
• Underlying Asset: Zhipu (02513.HK), general artificial intelligence (AGI) foundational model company Zhipu AI
• Settlement Currency: USDT
• Leverage: Supports 1–20x long and short positions, leverage can be chosen at order placement
• Trading Entry:

Three steps to start ZHIPU perpetual contracts

1. Log in to Gate account: Complete KYC verification (minimum level to participate in contract trading).
2. Transfer USDT to the contract account: Perpetual contracts use USDT as margin, ensure sufficient USDT in the contract account.
3. Search for ZHIPU_USDT: On the contract trading page, search “ZHIPU,” select the ZHIPU_USDT trading pair, set leverage and position size, then open a position to trade.

Advanced Play: Gate TradFi Stock Zone

In addition to perpetual contracts, Gate also offers a TradFi Stock Zone, covering CFD trading of multiple Hong Kong stocks including Zhipu. Users can access the zone via the Gate App or web portal under the “TradFi” tab, supporting a fixed 4x leverage, with a minimum order of 0.1. Before trading for the first time, users need to enable TradFi permissions and deposit USDT to start trading.

Risk Tips and Summary

Behind Zhipu’s explosive growth are also significant risks. On April 15, Zhipu’s stock price plunged over 10% in the afternoon, with market cap falling back to around HKD 370 billion. As a stock listed for just over three months, Zhipu’s price can be highly volatile. Investors should manage positions carefully and implement risk controls.

Summary

As of April 22, Zhipu’s stock price has continued to hover strongly around the HKD 1,000 mark. UBS’s initial coverage gives a “Buy” rating with a target of HKD 1,160, and mainstream institutions endorse its AI commercialization prospects. The “volume and price rise” logic supported by token economy is being continuously validated by the market, becoming the core narrative behind the stock’s rise.

On the Gate platform, users can participate in ZHIPU_USDT perpetual contracts with 1–20x leverage for long and short trading, or trade CFDs in the Gate TradFi Stock Zone with a fixed 4x leverage. Regardless of the method chosen, always fully understand the associated risks before trading and make rational decisions.