HK Stock Market Move | Z.AI (02513) rises over 6%, plans to repurchase up to HK$4 billion of H shares; Anthropic IPO expected to boost the sector.

Z.AI (02513) moved higher in early trading, rising 6.22% as of press time to HK$512, with turnover of HK$557 million. On the news front, on the evening of November 10, Z.AI announced that, after receiving a share repurchase proposal from Chairman Liu Debing, it plans to repurchase H shares in the open market from time to time under the general mandate granted at the annual general meeting on June 22, 2026, with a planned total amount of up to HK$4 billion and a total number of repurchased shares not exceeding 1% of the total issued shares as of the announcement date. The board and authorized persons will not exercise the repurchase mandate in a way that would give rise to a mandatory offer obligation under Rule 26 of the Takeovers Code, or reduce the H shares held by public shareholders below the minimum percentage required by the Stock Exchange. It is worth noting that Anthropic shares are expected to begin trading on Nasdaq on November 20. Zheshang pointed out that the final pricing of Anthropic will provide the first publicly comparable overseas frontier model company valuation reference for Z.AI, MiniMax and others, bringing opportunities for sector valuation repair. Recommended focus: Z.AI (year-end ARR target of US$3 billion, AWS Bedrock has integrated GLM-5.3 with revenue sharing based on usage, Co-work industry orders exceeding RMB1 billion).