2026年1月8日，北京智谱华章科技股份有限公司（02513.HK）（以下简称"智谱"）正式在香港联合交易所挂牌上市。这意味着，全球首家以通用人工智 能（AGI）基座模型为核心业务的上市公司花落中国。 智谱首日开盘价120港元/股，市值528.28亿。在智谱本次IPO发行中，香港公开发售获1159.46倍认购，国际发售获15.28倍认购。以每股116.20港元的发行 价计算，智谱本次IPO募资总额超43亿港元（"绿鞋"前）。 智谱董事长刘德兵在上市致辞中表示："全球范围内通用大模型企业第一次以这样的方式走向公开市场，非常有幸智谱作为中国大模型代表，站在这个历 史性的起点。'让机器像人一样思考'是智谱从创立第一天起就选择的方向，是智谱人持之以恒奋斗的唯一目标。2021年，我们推出了自己的算法架构 GLM。今年，GLM-4.7的发布让我们的模型跻身世界领先，为我们冲刺AGI打下重要根基。智谱的Z是字母表中的最后一个，代表终极境地，我们希望在 AGI的探索历程上能走到智能的终极境地。" 凭借"全球大模型第一股"标的的独特稀缺性，智谱吸引了一支由北京核心国资、头部保险资金、大型公募基金、明星私募基金和产业投资人构成的 ...

Core Insights - Zhipu AI (2513.HK), known as the "first global large model stock," debuted on the Hong Kong Stock Exchange today, with shares rising over 6% to HKD 123.7, resulting in a market capitalization of HKD 54.4 billion [1] - The IPO was highly successful, with the public offering receiving approximately 1160 times oversubscription [1] - Zhipu AI is a leading artificial intelligence company in China, focused on developing advanced general large models, ranking first among independent general large model developers in China and second among all general large model developers based on projected 2024 revenue [1] Business Model - Zhipu AI's business model diverges from traditional enterprise AI approaches that emphasize heavy delivery and strong customization; instead, it has established a standardized product system centered around Model as a Service (MaaS) [1] - The company delivers "general intelligent capabilities" to enterprises and developers through API calls, model subscriptions, and localized deployments, rather than focusing on single-use case applications [1] - This model is more easily understood and comparable in the Hong Kong and international capital markets, and is considered to possess scalability attributes similar to those of leading overseas companies like OpenAI and Anthropic [1]

新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 专题：未竟之约：张小珺访谈录 近日在《未竟之约》栏目中，智谱AI CEO张鹏在与张小珺对话中谈到ChatGPT时表示，"ChatGPT火起 来帮了我们一个大忙"。 张鹏表示，大家再也不用质疑说这个东西到底是啥，我们就对他说：ChatGPT你懂吧？你看过吧？知道 吧？我们做的这个事情就是往这去的。 "此后好多人就问，你们什么时候能把ChatGPT的东西做出来之类的。"他笑说。 专题：未竟之约：张小珺访谈录 近日在《未竟之约》栏目中，智谱AI CEO张鹏在与张小珺对话中谈到ChatGPT时表示，"ChatGPT火起 来帮了我们一个大忙"。 张鹏表示，大家再也不用质疑说这个东西到底是啥，我们就对他说：ChatGPT你懂吧？你看过吧？知道 吧？我们做的这个事情就是往这去的。 "此后好多人就问，你们什么时候能把ChatGPT的东西做出来之类的。"他笑说。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或 ...

1月8日消息，智谱登陆港交所，开盘股价下挫，一度跌破发行价，触及116.1港元（发行价：116.2港 元），随后回升。截止发稿，智谱涨3.7%，成交额逾13亿港元，市值突破530亿港元。 | 02513 智谱 | | | | --- | --- | --- | | 120.500 + +4.300 +3.70% | | 交易中 01/08 10:15 | | * 42 日 = | | ● 快捷交易 | | 最高价 122.200 | 开盘价 120.000 | 成交量 1064.78万 | | 最低价 116.100 | 昨收价 116.200 | 成交额 13.44亿 | | 平均价 126.269 | 市盈率TTM 亏损 | 总市值 530.48亿元 | | 振 幅 5.25% | 市盈枣(静) 亏损 | 总股本 4.4亿 | | 换手率 4.94% | 市净率 -7.776 | 流通值 259.92亿 | | 52周景高 122,200 | 委 比 59.66% | 流通股 2.16亿 | | 52周最低 116.100 | 量 比 -- | 每 手 100股 | | 历史最高 122.200 | 股息 ...

人民财讯1月8日电，企查查APP显示，近日，智谱中标中国科学院高能物理研究所"高海拔宇宙线观测 站数字化智能化改造工程智能模型与推理计算系统高能天体物理专业大模型开发"项目，中标金额 640.28万元。企查查显示，智谱成立于2019年，经营范围包含：人工智能基础软件开发；人工智能应用 软件开发；软件开发等。 ...

Core Viewpoint - The article highlights the successful IPO of Zhizhu, referred to as the "Chinese version of OpenAI," marking it as the first global AGI base model company to be listed, with a market capitalization exceeding 52.8 billion HKD on its first trading day [1][27]. Group 1: IPO Details - Zhizhu's IPO raised over 4.3 billion HKD, with an oversubscription rate of 1159.46 times for the public offering and 15.28 times for the international offering [4][5]. - The stock opened at 120 HKD, rising over 3% on its first day of trading, with a trading volume of 6.1245 million shares [2]. Group 2: Company Background and Investment - The company has attracted significant investment from 11 cornerstone investors, including major state-owned enterprises and top insurance and public funds, accounting for nearly 70% of the shares offered [8]. - Zhizhu has previously secured over 8.3 billion CNY in funding through eight rounds of financing, with notable backers including Meituan, Alibaba, and Tencent [9][10]. Group 3: Technological Strength - Zhizhu's flagship model, GLM-4.7, has achieved top rankings in various global AI benchmarks, showcasing its competitive edge in the AI landscape [12]. - The GLM architecture is compatible with over 40 domestic chips, and the AutoGLM 2.0 can control 80 million devices, with a daily token usage of 4.6 trillion [14]. Group 4: Financial Performance - Zhizhu's revenue has shown impressive growth, with a compound annual growth rate of 130%, increasing from 57.4 million CNY in 2022 to 312.4 million CNY in 2024, and a 325% year-on-year increase in the first half of 2025 [16]. - The company has a significant user base, with over 2.7 million enterprises and developers using its platform, and its subscription product has quickly surpassed 100 million CNY in annual recurring revenue [19]. Group 5: Research and Development Investment - Zhizhu has invested over 4.4 billion CNY in R&D from 2022 to the first half of 2025, with a projected R&D expenditure of 2.195 billion CNY in 2024, which is seven times its revenue for that year [21][24]. - 70% of the funds raised from the IPO will be allocated to further R&D in large models, indicating a commitment to building a strong technological foundation [24]. Group 6: Industry Significance - The listing of Zhizhu signifies a milestone for Chinese AGI companies, marking their entry into the international capital market and a shift from "technology following" to "global competition" [27].

Core Viewpoint - Zhiyuan (02513) officially listed on the Hong Kong Stock Exchange on January 8, with an opening increase of 3.27% to HKD 120 per share, reaching a market capitalization of over HKD 52.8 billion [1] Group 1: Company Overview - Zhiyuan is the largest independent large model vendor in China, adopting a business model centered around MaaS (Model as a Service) rather than traditional enterprise AI routes focused on heavy delivery and strong customization [1] - The company has developed a standardized product system that delivers "general intelligence capabilities" to enterprises and developers through API calls, model subscriptions, and localized deployments, rather than focusing on single-use case applications [1] Group 2: Market Performance - The MaaS platform of Zhiyuan has attracted over 3 million enterprises and application developers, making it one of the most active large model API platforms in China [1] - The programming subscription product has shown particularly strong performance, achieving over HKD 100 million in annual recurring revenue (ARR) shortly after its launch [1] Group 3: Revenue Growth - Following the release of GLM-4.7, Zhiyuan's annualized revenue from MaaS surged from HKD 20 million to over HKD 500 million, marking a 25-fold increase within 10 months, aligning with the exponential growth seen by Anthropic [1] - The company is projected to achieve over 900% year-on-year growth in its MaaS revenue for the full year of 2025, significantly outperforming the growth rates of overseas industry leaders during the same period [1]

Group 1 - The company Zhizhu (02513.HK) officially listed on the Hong Kong Stock Exchange today, opening at HKD 120, a 3.27% increase from the issue price of HKD 116.20 [1] - The stock recorded a profit of HKD 380 per lot of 100 shares, excluding fees [1] - In the dark market trading prior to the listing, the stock rose by 6.02% to HKD 123.2 [1] Group 2 - The public offering of Zhizhu was highly successful, with an oversubscription rate of approximately 1159.46 times [2] - Due to the strong demand, the number of shares offered in the public offering was increased to 748,390 shares, representing 20% of the total global offering [2] - The international placement also saw a subscription rate of 15.28 times [2]

"证明了一件事情说，这件事情它并不是一个镜中花、水中月，它还是可以走到这样的一个阶段的，它 是真的能走到产业级的。" 近日在《未竟之约》栏目中，智谱AI CEO张鹏在与张小珺对话中表示，包括智谱在内的这一波大模型 公司的上市对于行业来说是一个里程碑。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 专题：未竟之约：张小珺访谈录 专题：未竟之约：张小珺访谈录 "证明了一件事情说，这件事情它并不是一个镜中花、水中月，它还是可以走到这样的一个阶段的，它 是真的能走到产业级的。" 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 近日在《未竟之约》栏目中，智谱AI CEO张鹏在与张小珺对话中表示，包括智谱在内的这一波大模型 公司的上市对于行业来说是一个里程碑。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：晚点LatePost 真正决定下一阶段格局的，还是更底层的两件事——模型架构与学习范式。同时，应用侧可能会出现一 个清晰的方向：AI 替代不同工种/任务的爆发年。 唐杰说，今天是 "智谱生命中激动人心的一天"。他没有直接回应大模型公司的商业模式争议或给出智 谱 2026 年商业化目标，但强调，真正 "有人用"，能帮到更多的人的理论、技术或产品才是智谱在追逐 AGI 路上的重要成就。 DeepSeek 给中国大模型企业带来冲击，许多人认为，DeepSeek 现象级成功首先冲击了智谱的生态位， 它们有几乎同样的学术科研团队属性，而智谱在大模型开源生态中同样贡献良多。 内部信表示，智谱 2025 年如期完成了年初定下的战略，即 4 月发一个 "稳住阵脚" 的模型、年中发一个 "上牌桌" 的模型（成为 one of the best）、年底发一个 Top 1 的模型。 这种全面回归基础模型研究的战略是智谱对 DeepSeek 冲击的回应。12 月 23 日，智谱基座模型 GLM- 4.7 上线并开源，Artificial Analysis ...