股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 香港智雲科技建設有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09900 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 6,240,000,000 | HKD | | 0.00125 | HKD | | 7,800,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 6,240,000,000 | HKD | | 0.00125 | HKD | | 7,800,000 | 第 1 ...

Group 1 - The core point of the article is the appointment of Mr. Liu Zhiyi as the executive director of Zhiyun Technology Construction, effective from February 2, 2026 [1] Group 2 - The announcement was made through a formal notice by the company [1]

Core Viewpoint - Zhiyun Technology Construction (09900) announced the appointment of Mr. Liu Zhiyi as an executive director, effective from February 2, 2026 [1] Group 1 - The company has made a significant leadership change with the appointment of Mr. Liu Zhiyi [1]

Group 1 - The core point of the article is the appointment of Liu Zhiyi as an executive director of Zhiyun Technology Construction, effective from February 2, 2026 [1] Group 2 - The announcement was made by Zhiyun Technology Construction, a company listed on the Hong Kong Stock Exchange under the ticker 09900.HK [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不會就因本公告全部或任何部份內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 HONG KONG ZCLOUD TECHNOLOGY CONSTRUCTION LIMITED 香港智雲科技建設有限公司 （於開曼群島註冊成立之有限公司） （股份代號：9900） 董事名單與其角色和職能 | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | | 姚震港先生 | 主席 | 成員 | 成員 | | 吳勵妍女士 | 成員 | 成員 | 主席 | | 王大明先生 | 成員 | 主席 | 成員 | 承董事會命 香港智雲科技建設有限公司 主席兼行政總裁 香港智雲科技建設有限公司董事會（「董事會」）成員載列如下： 執行董事： 黃晧先生 （主席兼行政總裁） 劉家豪先生 劉志弋先生 獨立非執行董事： 姚震港先生 吳勵妍女士 王大明先生 董事會設立三個董事委員會並設有既定職權範圍。下表載列各董事會成員於這些委員會 中所擔任的職位。 黃晧 香港， ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不會就因本公告全部或任何部份內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 HONG KONG ZCLOUD TECHNOLOGY CONSTRUCTION LIMITED 香港智雲科技建設有限公司 （於開曼群島註冊成立之有限公司） （股份代號：9900） 委任執行董事 香港智雲科技建設有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」 或「董事」）欣然宣佈，自二零二六年二月二日起，劉志弋先生（「劉先生」）獲委任為本公 司執行董事。 下文載列劉先生之履歷詳情： 52歲，持有中華人民共和國北京聯合大學工學學士學位。劉先生於移動通訊及應用、互 聯網系統開發、資訊科技及投資方面擁有豐富經驗。劉先生是兩家公司的最終實益擁有 人，其中一家為獲證券及期貨事務監察委員會（「證監會」）發牌從事香港法例第571章證券 及期貨條例（「證券及期貨條例」）第1類（證券交易），第4類（就證券提供意見）及第9類（提 供資產管理）受規管活動的公司；另一家為獲證監會發牌從事證券及期貨條例 ...

Core Viewpoint - As of January 15, a total of 105 stocks reached their 52-week highs, with notable performers including 德莱建业 (01546), 东曜药业－Ｂ (01875), and 大森控股 (01580) achieving high rates of 78.00%, 51.36%, and 37.61% respectively [1]. Summary by Category 52-Week Highs - 德莱建业 (01546) closed at 0.355, with a peak of 0.445, marking a high rate of 78.00% [1]. - 东曜药业－Ｂ (01875) closed at 4.190, reaching a high of 4.450, with a high rate of 51.36% [1]. - 大森控股 (01580) closed at 0.275, with a peak of 0.300, achieving a high rate of 37.61% [1]. - 顺兴集团控股 (01637) and 怡园酒业 (08146) also showed significant increases, with high rates of 36.36% and 24.74% respectively [1]. Additional Notable Stocks - JBB BUILDERS (01903) reached a high rate of 24.12% with a closing price of 2.830 [1]. - 天臣控股 (01201) and 江苏创新 (02116) had high rates of 15.38% and 15.00% respectively [1]. - 万国黄金集团 (03939) and 竣球控股 (01481) also performed well, with high rates of 12.95% and 12.44% respectively [1]. 52-Week Lows - The report also noted stocks reaching 52-week lows, with 天彩控股 (03882) showing a low rate of -14.42% [3]. - 中国智慧能源 (01004) and 基石控股 (01592) followed with low rates of -13.64% and -12.86% respectively [3]. - 弘毅文化集团－旧 (02990) and 中原建业 (09982) also reported significant declines of -9.09% and -6.06% respectively [3].

Core Viewpoint - The listing of Zhipu, referred to as the "first global large model stock," marks a significant moment in the AI industry, highlighting both the potential and challenges faced by AI companies in achieving profitability and sustainable growth [1][3][25]. Company Overview - Zhipu officially listed on the Hong Kong Stock Exchange with an opening price of 124.1 HKD, reflecting a 6.88% increase from its issue price [3]. - Founded in 2019 from Tsinghua University's Knowledge Engineering Laboratory, Zhipu has raised a total of 8.3 billion RMB from various investors, including major firms like Hillhouse Capital and Tencent [5]. - Despite significant funding, Zhipu reported a loss of 2.958 billion RMB in 2024 and an additional 2.358 billion RMB in the first half of 2025, accumulating losses exceeding 5.3 billion RMB since its inception [5]. Financial Performance - Revenue has been increasing, with a compound annual growth rate (CAGR) of 130% from 2022 to 2024, and a 325% year-on-year increase in revenue to 191 million RMB in the first half of 2025 [7]. - The revenue growth, however, is minimal compared to the substantial losses, indicating a significant imbalance between income and expenditure [7]. Team Structure and Strategy - Zhipu operates under a collective decision-making model led by three key figures: Chief Scientist Tang Jie, who developed the GLM model framework, Zhang Peng, who oversees commercialization, and Liu Debing, responsible for technical implementation [9]. - The company has strategically focused on B2B applications rather than consumer-facing products, with 84.8% of its revenue in the first half of 2025 coming from local deployment orders [11]. Market Position and Competition - The competitive landscape for large model companies has narrowed, with only a few players like Zhipu, Moonlight Dark Side, and MiniMax remaining prominent [16]. - Zhipu plans to raise 4.3 billion HKD from its IPO, with 70% allocated to the development of general AI models, including the upcoming GLM-5 model [18]. Future Outlook - The company aims to target emerging markets, particularly along the Belt and Road Initiative and Southeast Asia, to establish an international collaborative alliance for autonomous large models [20]. - Challenges include resource constraints, such as the availability of A100 chips and the high cost of talent, with senior algorithm engineers commanding salaries around 2 million RMB [21]. - The CEO's statement about racing against time rather than competitors reflects the urgency in the AI sector, as the anticipated "explosion year" for AI replacement approaches in 2026 [23]. Industry Implications - The listing of Zhipu signifies a new phase in the capital dynamics of the AI industry, revealing the tension between technological aspirations and commercial realities [25]. - The ongoing challenge for AI entrepreneurs is to balance idealism with practical business strategies, as the industry moves towards a more sustainable model [27].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 香港智雲科技建設有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09900 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 6,240,000,000 | HKD | | 0.00125 | HKD | | 7,800,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 6,240,000,000 | HKD | | 0.00125 | HKD | | 7,800,000 | 本月底 ...

HONG KONG ZCLOUD TECHNOLOGY CONSTRUCTION LIMITED 香港智雲科技建設有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註册成立之有限公司） （Stock Code 股份代號：9900） NOTIFICATION LETTER 通知信函 Yours faithfully, Hong Kong ZCloud Technology Construction Limited Wong Howard Chairman and Chief Executive Officer 29 December 2025 Hong Kong ZCloud Technology Construction Limited (the "Company") – Notice of publication of Interim Report 2025-26 (the "Current Corporate Communication(s)") The English and Chinese versions o ...