被称为中国版OpenAI的智谱 正式挂牌上市 | 今开 | 120.000 | 最高 | 120.000 | 成交量 612.45万股 | | | --- | --- | --- | --- | --- | --- | | 昨收 | 116.200 | 最低 | 120.000 | 成交额 | 8.13亿 | | 换手率 | 2.84% | 市盈(TTM) | 亏损 | 总市值 | 528.28亿 | 智谱华章上市背后，有着梁溪资本的深度参与。2024年1月，产发梁溪数字基金投资智谱1亿元，投前估值120亿元，持股比例0.58%。 该基金于2022年11月设立，基金规模10.05亿元。由梁溪区广益建发集团、无锡产业发展集团等共同出资。 投资的目的远不止于财务回报，更在于以投资引产业，以资本聚人才。通过成为顶尖科技公司的"战略股东"，有望将智谱的技术、生态与梁溪本地的人工 智能产业，与无锡雄厚的制造业基础、物联网产业集群深度融合，开辟AI赋能实体经济的新场景。 智谱AI成立于2019年，脱胎于清华大学知识工程实验室，专注于GLM（通用语言模型）系列预训练架构的研发，构建了覆盖语言、代码、多模态及智能 体的全栈模 ...

Group 1 - The core viewpoint of the news is the performance and market position of the AI company Zhipu (02513.HK) during its IPO, highlighting its significant subscription rate and initial stock price movement [2][3] - Zhipu's shares opened over 3% higher and reached a peak increase of 7.31%, with the current stock price at 124.7 HKD, indicating a relatively subdued debut compared to other tech IPOs [2] - During the public offering phase, Zhipu received a subscription rate of 1159.46 times, with 748,390 shares allocated to the public, representing about 20% of the total shares offered [2] Group 2 - The IPO price for Zhipu was set at 116.20 HKD per share, and based on the latest stock price, investors could earn 850 HKD per lot (100 shares) before fees [3] - Zhipu is recognized as a leading AI company in China, focusing on the development of general large models, and has launched the GLM framework and a model-as-a-service (MaaS) platform [3] - As of June 30, 2025, Zhipu's models are expected to support over 8,000 institutional clients and approximately 80 million devices, indicating a strong market presence [3] - According to Frost & Sullivan, Zhipu ranks first among independent general large model developers in China and second overall, with a market share of 6.6% based on projected 2024 revenue [3] - Zhipu's revenue growth from 2022 to the first half of 2025 shows significant increases, with revenues of 57.41 million, 125 million, 312 million, and 191 million RMB respectively, although the company has also reported substantial adjusted losses during the same period [3]

红星资本局1月8日消息，今日，智谱（02513.HK）正式在港交所挂牌，成为"全球大模型第一股"。 智谱开盘股价报120港元，较发行价116.2港元涨3.27%，总市值达528亿港元；今日9时50分，公司股价跌破发行价，报116.1港元。 截至发稿，公司股价涨近5%，报121.8港元。 公开资料显示，智谱成立于2019年，由清华大学计算机系知识工程实验室（KEG）技术成果转化而来，具备从底层算法、预训练框架到国产硬件适配的大 模型全链路自主研发能力。 据招股书，2022年至2024年以及2025年上半年，智谱分别实现营收5741万元、1.25亿元、3.12亿元、1.91亿元，亏损额度分别为1.44亿元、7.88亿元、29.58亿 元、23.58亿元，导致亏损的主要原因同样是大量研发投入。 红星新闻记者 俞瑶 符小茵 编辑 陶玥阳 审核 官莉 ...

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杨植麟时表示，杨植麟是非常聪 明的一个人。 他谈到，杨植麟是他们实验室出去的。属于学霸类型的。当时他的一些研究成果在圈内影响力非常大。 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杨植麟时表示，杨植麟是非常聪 明的一个人。 他谈到，杨植麟是他们实验室出去的。属于学霸类型的。当时他的一些研究成果在圈内影响力非常大。 他最早创办的公司是循环智能然后再后来开始做月之暗面，做Kimi，"我觉得他应该能成。"因为他是非 常聪明的一个人，而且在积累和研究非常深。 谈到同门师兄弟的商业环境开始竞争，张鹏表示，清华的人都有这个特质，大家都属于工科男，比较理 性。在商言商，碰到了，该怎么样，就怎么样，各自有一套规则，各自有一套沟通的方式。 他最早创办的公司是循环智能然后再后来开始做月之暗面，做Kimi，"我觉得他应该能成。"因为他是非 ...

Core Viewpoint - The report from China Merchants Securities International highlights the upcoming listings of Zhipu (02513) and MiniMax (00100) in Hong Kong, positioning them as representative companies of pure large models, differentiating them from comprehensive firms like Alibaba-W (09988) and ByteDance [1] Company Summary - Zhipu and MiniMax are set to list in Hong Kong, representing pure large model enterprises [1] - The listings are expected to enhance short-term investment enthusiasm in the AI internet sector [1] - The report emphasizes the competitive landscape, noting that comprehensive cloud firms maintain funding and ecosystem advantages, creating a competitive and cooperative dynamic with pure large model companies [1] Industry Summary - The report maintains a positive outlook on the Chinese internet industry, suggesting a focus on the continuous iteration and commercialization of new models and applications in the long term [1] - Preferred stocks include Alibaba and Tencent Holdings (00700), with additional recommendations for Bilibili-W (09626), Kuaishou-W (01024), Zhipu, and MiniMax [1]

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (Zhiyu) has officially listed on the Hong Kong Stock Exchange, becoming the "first global large model stock" with an opening price of HKD 116.20 per share and a market capitalization exceeding HKD 55 billion [2][4][8]. Company Overview - Zhiyu was founded in 2019 by a group of scientists from Tsinghua University, with initial funding of CNY 40 million from Zhongke Chuangxing, marking it as one of the earliest investors [2][5]. - The company has a strong foundation in both research and commercial applications, having generated revenue from day one [5][9]. IPO Details - The IPO saw a significant response, with 11 cornerstone investors committing to approximately HKD 3 billion and an oversubscription rate of 1164 times [2][4]. - The listing is expected to provide substantial returns for the investors involved, particularly in the context of the AI boom [4][8]. Financial Performance - Zhiyu's revenue has shown rapid growth, with figures of CNY 57.4 million in 2022, CNY 124.5 million in 2023, and CNY 312.4 million in 2024, projecting CNY 190 million in the first half of 2025 [6][9]. - The company has served over 12,000 enterprise clients and more than 45 million developers, establishing itself as the largest independent large model vendor in China [6][9]. Competitive Position - Zhiyu is positioned among the top tier of domestic large model companies, with its models, such as GLM-4.5/4.6, consistently ranking in the top 10 globally in terms of usage [6][8]. - The company plans to release new flagship models by 2025 that will integrate reasoning, coding, and intelligent agent capabilities [6]. Investment Journey - The initial angel investment of CNY 40 million from Zhongke Chuangxing has yielded a return of approximately 100 times, highlighting the successful foresight in investing in natural language processing and knowledge graphs [9][10][11]. - Zhiyu has completed eight rounds of financing prior to the IPO, raising over CNY 8.3 billion and attracting more than 50 institutional shareholders [10][11]. Future Outlook - The company is expected to continue its growth trajectory in the AI sector, with ongoing investments in research and development to maintain its competitive edge [12][15]. - Zhongke Chuangxing has been actively investing in various AI-related projects, indicating a broader strategy to capitalize on emerging technologies [12][15].

智谱(2513.HK)今日首日在港挂牌上市，盘中拉升大涨超10%至128港元，市值升至563亿港元。 本文源自：金融界AI电报 ...

Core Viewpoint - The report from China Merchants Securities International highlights the upcoming listings of Zhipu (02513) and MiniMax (00100) in Hong Kong, positioning them as representative companies of pure large models, differentiating them from comprehensive firms like Alibaba-W (09988) and ByteDance [1] Group 1: Company Listings - Zhipu and MiniMax are set to list in Hong Kong, enhancing the investment interest in AI internet in the short term [1] - The listings are expected to create a competitive landscape between pure large model companies and comprehensive cloud firms [1] Group 2: Market Outlook - The firm maintains a positive outlook on the Chinese internet industry, emphasizing the importance of continuous iteration and commercialization of new models and applications [1] - Preferred stocks include Alibaba and Tencent Holdings (00700), with additional recommendations for Bilibili-W (09626), Kuaishou-W (01024), Zhipu, and MiniMax [1]

Core Viewpoint - Beijing Zhipu Huazhang Technology Co., Ltd. (Zhipu) has officially listed on the Hong Kong Stock Exchange, raising approximately HKD 4.3 billion with an estimated market capitalization of HKD 51.1 billion, marking it as the "first global large model listed company" [3][20][21]. Group 1: Listing Details - The listing price was set at HKD 116.2 per share, with the stock initially rising over 3% before slightly retreating to HKD 116.5 per share at the time of reporting [3][18]. - The public offering was highly successful, with a subscription rate of 1159.46 times for the Hong Kong public and 15.28 times for international offerings [4][19]. - The stock experienced significant pre-listing interest, with dark pool trading showing a rise of nearly 38% to HKD 160 [4][19]. Group 2: Market Context and Implications - The successful listing of Zhipu is seen as a boost for domestic and international large model startups, potentially accelerating the listing pace of other Chinese large model companies [5][20]. - Industry experts suggest that the timing of the listing may be early, as the estimated market value of around RMB 50 billion is considered low for leading Chinese large model firms [6][22]. Group 3: Business Model and Financial Performance - Zhipu's core competencies include technological leadership, a comprehensive product matrix, and high commercialization efficiency, serving over 8,000 institutional clients [7][22]. - The company has reported rapid revenue growth, with revenue increasing from RMB 57.4 million in 2022 to RMB 312.4 million in 2024, reflecting a compound annual growth rate of over 130% [8][23]. - Despite revenue growth, Zhipu has not achieved profitability, with net losses projected to increase from RMB 1.437 billion in 2022 to RMB 29.58 billion in 2024 [9][23]. Group 4: Research and Development Focus - The primary reason for the losses is attributed to significant investments in research and development, which are expected to continue, with R&D expenses projected to reach RMB 2.1954 billion in 2024 [9][24]. - The company plans to allocate 70% of the funds raised from the IPO to enhance the development of general AI large models [11][26]. - Zhipu has adapted over 40 domestic chips for its operations, indicating a strategic focus on domestic computing power [9][24]. Group 5: Competitive Landscape - Zhipu positions itself as a company driven by data scientists and engineers, with a strong emphasis on foundational model research and typical industry applications [12][27]. - The company benefits from a highly focused approach, allowing it to make deep investments in specific markets despite having relatively fewer resources compared to larger firms [12][27]. - The board of directors includes several members with backgrounds from Tsinghua University, reflecting a strong academic foundation in its leadership [12][27].

Core Insights - The company "Zhiyuan," known as the "first global large model stock," was listed in Hong Kong on January 8, achieving a market capitalization of HKD 54.4 billion [1] - The IPO was highly successful, with a subscription rate exceeding 1160 times for the public offering [1] - Zhiyuan is a leading AI company in China, focusing on the development of advanced general large models, ranking first among independent developers in China and second overall [1] Company Overview - Zhiyuan has adopted a business model centered around MaaS (Model as a Service), creating a standardized product system rather than following traditional enterprise AI routes [1] - The company delivers "general intelligent capabilities" to enterprises and developers through API calls, making its model easily understandable in Hong Kong and internationally [1] - The scalability of Zhiyuan's model is considered comparable to that of leading overseas companies [1]