KNOWLEDGE ATLAS (02513.HK) issued an apology letter regarding its GLM Coding Plan via its official "KNOWLEDGE ATLAS Open Platform" account on February 21, detailing its handling and compensation measures.
The company stated that the service revision primarily involved three missteps: insufficient transparency in the new rules, a slow rollout schedule for GLM-5, and a poorly designed upgrade mechanism for existing users.
KNOWLEDGE ATLAS explained that following the launch of GLM-5, user traffic exceeded expectations, and the company's capacity expansion efforts could not keep pace. Consequently, access to GLM-5 was gradually opened in the sequence of Max, Pro, and Lite tiers. Max tier users now have full access. While Pro tier access is available, users may experience rate limiting during peak hours due to high cluster loads. Lite tier access will be progressively rolled out during off-peak periods following the holiday.
For affected Lite and Pro tier users, the company is supporting voluntary refund applications.
Previously, on February 12, KNOWLEDGE ATLAS launched its new flagship model, GLM-5, which gained significant popularity overseas. GLM-5 achieved state-of-the-art open-source performance in coding and agent capabilities, with its usability in real programming scenarios approaching that of Claude Opus4.5, excelling particularly in complex system engineering and long-range agent tasks.
Following the GLM-5 release, high demand led KNOWLEDGE ATLAS to increase the prices for its GLM Coding Plan packages the next day. Prices rose by 30% in China and by over 100% for the overseas version, making it the first AI-native company in China to raise prices for commercial large model services.
By the midday market close on February 23, KNOWLEDGE ATLAS shares had fallen 23.72% to HKD 553.0 per share. Despite the drop, the share price remains 375.90% above its IPO price, with a total market capitalization of approximately HKD 246.551 billion.
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