Core Viewpoint - The company, Zhihui (02513), announced that the underwriter and overall coordinator has fully exercised the over-allotment option as of February 4, 2026, involving a total of 5.6129 million H-shares, which accounts for approximately 15% of the total shares available for subscription under the global offering before any over-allotment options are exercised [1] Group 1 - The over-allotment shares will be issued and allocated by the company at a price of HKD 116.20 per H-share [1] - The over-allotment shares will be used to facilitate the delivery of relevant H-shares to subscribers who agreed to delay the delivery of their subscribed shares under the global offering [1] - The stabilization period for the global offering will end on February 4, 2026, which is the 30th day after the deadline for submitting applications for the Hong Kong public offering [1]

此外，有关全球发售的稳定价格期于2026年2月4日(即递交香港公开发售申请的截止日期后第30日)结 束。 智通财经APP讯，智谱(02513)发布公告，保荐人兼整体协调人(为其本身及代表国际包销商)已于2026年 2月4日悉数行使招股章程所述的超额配股权，涉及合共561.29万股H股，占全球发售项下可供认购发售 股份总数(于任何超额配股权获行使前)约15%。超额配发股份将由公司按每股H股116.20港元发行及配 发。超额配发股份将用于促成向同意延迟交付其于全球发售项下认购的相关H股的承配人交付相关H 股。 ...

根据香港法例第571W章《证券及期货(稳定价格)规则》第9(2)条，公司宣布，有关全球发售的稳定价格 期于2026年2月4日(星期三)(即递交香港公开发售申请的截止日期後第30日)结束。有关稳定价格经办人 中国国际金融香港证券有限公司或其联属人士或代其行事的任何人士在稳定价格期进行的稳定价格行动 的进一步资料载于本公告内。 超额配发股份将由公司按每股H股116.20港元(即全球发售项下的每股H股发售价，不包括1%经纪佣金、 0.0027%证监会交易徵费、0.00565%联交所交易费及0.00015%会财局交易徵费)发行及配发。超额配发 股份将用于促成向同意延迟交付其于全球发售项下认购的相关H股的承配人交付相关H股。 格隆汇2月4日丨智谱华章(02513.HK)宣布，保荐人兼整体协调人(为其本身及代表国际包销商)已于2026 年2月4日(星期三)悉数行使招股章程所述的超额配股权，涉及合共5,612,900股H股(「超额配发股 份」)，占全球发售项下可供认购发售股份总数(于任何超额配股权获行使前)约15%。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 除本公告另有界定者外，本公告所用詞彙與北京智譜華章科技股份有限公司（「本公司」）刊發日期為2025年12月30 日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告乃根據香港法例第571W章《證券及期貨（穩定價格）規則》第9(2)條作出。 本公告僅作參考用途，並不構成任何人士收購、購買或認購本公司任何證券的要約或誘使作出要約的邀請。本公 告並非招股章程。潛在投資者於決定是否投資於發售股份前應閱覽招股章程，以獲得有關本公司及下文所述全球 發售的詳細資料。有關發售股份的任何投資決定應僅倚賴招股章程所提供的資料作出。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州以及哥倫比亞特區）發佈、刊發或派發。本公 告並不構成或組成在美國或任何其他司法權區要約或招攬購買或認購證券的一部分。發售股份並無亦不會根據 1933年美國證券法（經不時修訂）（「美國證券法」）或美 ...

（文章来源：第一财经） 据智谱消息，混合思考模型GLM-4.7-Flash发布两周，在Hugging Face的下载量突破了100万。 ...

Investment Rating - The report assigns a "Buy" rating to the company [3] Core Insights - The company is a leading provider of AI large model services in China, focusing on the development of general large models (AGI) and has established a comprehensive model product matrix, including multi-modal, agent, and coding models [15][20] - Revenue is expected to grow rapidly, with projections of RMB 7.4 billion, RMB 15.3 billion, and RMB 28.8 billion for 2025, 2026, and 2027 respectively, reflecting growth rates of 138.1%, 106.2%, and 87.9% [18] - The company has a strong emphasis on R&D, with expenses increasing significantly, indicating a commitment to enhancing model competitiveness [17][50] Summary by Sections Company Overview - The company was founded in 2019 and has positioned itself as a leading AI company in China, focusing on the development of general large models [20] - It has supported over 8,000 institutional clients and covered approximately 80 million devices as of mid-2025 [20] Revenue Growth - Revenue has expanded from RMB 60 million in 2022 to RMB 310 million in 2024, with a compound annual growth rate exceeding 130% [15][37] - The majority of revenue comes from localized deployment, which accounts for over 80% of total revenue, driven by demand for data security and compliance [16][37] R&D Investment - R&D expenses surged from RMB 80 million in 2022 to RMB 1.6 billion in the first half of 2025, representing 835% of revenue [17][50] - The company is transitioning its R&D cost structure from labor-intensive to compute-intensive, reflecting a shift in focus towards computational resources [54] Profitability Forecast - The company is projected to have negative earnings per share (EPS) of -7.79, -8.14, and -7.26 for 2025, 2026, and 2027 respectively [18] - The report estimates a reasonable total value of RMB 107.36 billion, corresponding to a fair value of HKD 273.22 per share [18] Market Position - The company ranks first among independent general large model developers in China based on revenue for 2024, with a market share of approximately 6.6% [20] - The competitive landscape in the AI large model market is fragmented, and the company aims to enhance its market share through significant R&D investments [50]

Group 1 - The core theme of the Hong Kong IPO market this year is artificial intelligence (AI), with 12 companies in the AI value chain having gone public, raising over $4.9 billion (approximately HKD 38.22 billion) [1] - The recent surge in AI IPOs is believed to be just the beginning, as market conditions are expected to mature, allowing international investors to directly invest in leading Chinese AI companies [1] - Approximately 20 companies in various fields of the AI value chain have submitted listing applications, primarily in the platform sector, including enterprise AI, marketing AI, and data and business intelligence solutions [1] Group 2 - Four AI companies, including Wall Street Technology (06082), Zhiyuan (02513), TianShu Intelligent Chip (09903), and MINIMAX-WP (00100), raised a total of $2.5 billion last month, attracting international institutional investors from countries such as the UAE, Singapore, South Korea, Switzerland, and the USA [2] - The cornerstone investors for these four new stocks subscribed to approximately $1.3 billion, with an average cornerstone subscription rate of 58% of the total offering size, showcasing Hong Kong's role as a "super connector" for cutting-edge technology [2] - As of January 23, the total IPO fundraising in Hong Kong reached $3.7 billion, a year-on-year increase of 3.6 times, with over 350 listing applications currently being processed by the Hong Kong Stock Exchange [3]

Core Insights - Moole Technology has launched the AI Coding Plan intelligent programming service, marking a significant advancement in the domestic GPU sector as the first solution built on a fully functional domestic GPU computing base [3] - The service leverages the full precision computing capabilities of the MTT S5000 and integrates the top-tier code model GLM-4.7 from Zhiyuan AI, achieving a critical breakthrough in the AI coding field with domestic chips and models [3] Group 1 - Moole Technology collaborated with Silicon-based Flow to develop a system that significantly reduces response latency while ensuring code generation quality through efficient operator fusion and framework optimization [1] - The core model of the system, GLM-4.7, ranks first among open-source and domestic models in the Code Arena, outperforming peers in function completion and vulnerability detection, even surpassing GPT-5.2 [1] - The AI Coding Plan service is compatible with major programming tools such as Claude Code, Cursor, and OpenCode, allowing developers to switch seamlessly between different development environments [1]

责任编辑：栎树 智谱表示，该模型仅0.9B参数规模，支持vLLM、SGLang和Ollama部署。在文本、公式、表格识别及讯 息抽取四大细分领域的表现优于多款OCR专项模型，性能接近谷歌(Google)旗舰大模型Gemini 3 Pro。 在实际应用中，GLM-OCR能够精准解析扫描件、PDF、表格及票据，有效解决手写、印章、竖排及多 语言混排难题。公司称，未来将持续迭代GLM-OCR，推出更多尺寸版本，并将能力延伸至更多语言和 视频OCR，全面拓宽视觉智能的应用边界。 港股频道更多独家策划、专家专栏，免费查阅>> 2月3日，"国产大模型六小虎"之一的人工智能(AI)初创公司智谱(2513.HK)今日盘中一度逆势拉升涨超 8%至243港元。消息面上，智谱正式发布并开源GLM-OCR。 ...

每经AI快讯，智谱(02513.HK)早盘一度涨超7%，截至发稿，涨4.36%，报234.4港元，成交额1.93亿港 元。 （文章来源：每日经济新闻） ...