Chessboard City's market value exceeds one trillion Hong Kong dollars. The scarcity premium is the underlying logic for valuation.

On June 22, Zhishi, a Hong Kong stock, rose by more than 42% during intra-day trading, reaching a high of HKD 2980 per share, corresponding to a total market value of HKD 1.27 trillion. By the end of the day, Zhishi's stock price had slightly fallen back to a 15.09% increase, closing at HKD 2410 per share, with a total market value of HKD 1.07 trillion. Looking at a longer timeline, Zhishi has been listed for less than half a year, with its market value increasing from HKD 52.8 billion at the time of listing to over HKD 1 trillion now, accumulating a growth of more than 1900%. According to several securities analysts, scarcity is the underlying logic for the valuation of the large-scale models in 2026. "Global model manufacturers as listing targets are scarce + not yet in the lock-up period + low liquidity", so dissects the valuation premium reasons for Zhishi by a UBS analyst. While there is currently a division in the market on how long the scarcity premium of Zhishi can be sustained as its market value rapidly climbs, at least for now, capital is placing its trust in the "AGI narrative".