“AI六小虎”凶猛竞逐，智谱率先叩响IPO大门

Core Viewpoint - The emergence of Beijing Zhipu Huazhang Technology Co., Ltd. (referred to as "Zhipu") marks a significant milestone in China's AI large model sector, as it becomes the first among the "AI Six Tigers" to initiate the A-share IPO process amid the global AI wave and intensifying Sino-U.S. tech competition [2][3][4]. Group 1: IPO Plans and Market Position - Zhipu has submitted its IPO guidance to the Beijing Securities Regulatory Bureau, with China International Capital Corporation (CICC) as the advisory firm, indicating its ambition to be a leader in the AI sector [2][3]. - There are reports suggesting that Zhipu is considering shifting its IPO location from mainland China to Hong Kong, potentially raising around $300 million (approximately 2.34 billion HKD) [3]. - The company is simultaneously preparing for both A-share and Hong Kong listings, with a higher probability of an A-share listing [3][6]. Group 2: Company Background and Financials - Founded in June 2019, Zhipu has a registered capital of 36.22 million yuan and is controlled by Tang Jie and Liu Debing, who collectively hold 36.96% of the voting rights [5][6]. - Zhipu's latest valuation reached over 40 billion yuan following a series of funding rounds, with a notable investment of 1 billion yuan from state-owned capital [6][7]. Group 3: Technological and Market Challenges - The company aims to develop a new generation of cognitive intelligent large models, leveraging technology from Tsinghua University, and aspires to achieve general artificial intelligence (AGI) [6][7]. - Despite its technological advancements, Zhipu faces challenges in commercializing its products, particularly in the consumer sector, where it lacks competitive advantages compared to larger firms [10][11]. - The competitive landscape is intensifying, with other members of the "AI Six Tigers" also making significant strides, such as MiniMax, which recently secured nearly $300 million in funding [11][12].