HK Stock Market Move | KNOWLEDGE ATLAS (02513) surged over 9% to a new high, announcing a new model and price increase recently. The commercialization scale of the API platform has entered a new stage.

KNOWLEDGE ATLAS (02513) rose by more than 9%, reaching a high of 954.5 Hong Kong dollars, setting a new record since its listing. At the time of writing, it was up by 9.27% to 949 Hong Kong dollars, with a trading volume of 6.89 billion Hong Kong dollars, and a market value exceeding 420 billion Hong Kong dollars. In terms of news, KNOWLEDGE ATLAS recently officially released GLM-5.1 and announced that it is officially open source. It is understood that GLM-5.1 is KNOWLEDGE ATLAS's flagship model ranking high in intelligence rankings to date, and is currently the world's leading open source model. It is worth noting that at the official release of GLM-5.1, the model aggregation platform OpenRouter showed that KNOWLEDGE ATLASGLM has once again raised its price by 10%. After the adjustment, the token price for GLM-5.1 in the coding scenario is close to that of Anthropic's Claude Sonnet 4.6. It is reported that this is the first time that a large domestic model has achieved price alignment with overseas leading manufacturers in core scenarios. According to the annual report data previously disclosed by KNOWLEDGE ATLAS, the company's MaaS (Model as a Service) API platform achieved an ARR (Annualized Revenue) of 1.7 billion yuan in 2025, an increase of 60 times year-on-year, with the gross profit margin of the MaaS API platform increasing nearly fivefold to 18.9%. Cinda points out that in the current paradigm shift, the continuous growth of cloud/API ARR at the end of the year has strong visibility. The company has preliminarily proven that during a paradigm shift, the improvement of the upper limit of model intelligence can simultaneously drive price increases and usage expansion. High-quality tokens are gradually transitioning from "price competition" to "ability competition".