Z.AI Co. (2513.HK): GLM-5.3performance uplift brings post-training scaling at the focus; Neutral-20260817
17 August 2026 | 6:57AM HKT Equity Research Z.AI Co. (2513.HK): GLM-5.3 performance uplift brings post-training scaling at the focus; Neutral We view the GLM-5.3 launch as another meaningful step-up in Chinese AI model progress, as Zhipu (Z.ai) attributed the performance uplift entirely from post-training scaling (on GLM-5.2, with unchanged 744bn parameter size, and outperformed the latest DeepSeek V4 Pro of 1.6T parameter sizes across various benchmarks). GLM-5.3 achieved material gains in coding, long-hor ...