Sou Hu Cai Jing·2025-12-20 12:11Core Viewpoint - Knowledge Atlas Technology Joint Stock Company Limited (智谱) is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as a leading AI company in China focused on general artificial intelligence (AGI) and advanced model development [2]. Company Overview - Established in 2019, the company is recognized for its innovative approach to AGI and has developed a proprietary pre-trained model framework, GLM, which includes various model types such as language, multimodal, agent, and code models [2]. - As of June 30, 2025, the company has supported over 8,000 institutional clients and approximately 80 million devices with its models [2]. Market Position - According to Frost & Sullivan, the company ranks first among independent general model developers in China and second overall, holding a market share of 6.6% in 2024 [3]. Product Development - The company has released over 50 open-source models, with total downloads exceeding 45 million as of June 30, 2025 [5]. - The company’s models are compatible with over 40 mainstream hardware chips, enhancing their adaptability in diverse hardware environments [5]. Business Model - The company operates a Model as a Service (MaaS) platform that allows clients to customize and deploy models tailored to their specific business needs [6]. Financial Performance - The company reported revenues of RMB 0.57 billion, RMB 1.25 billion, RMB 3.12 billion, and RMB 1.91 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively [13]. - Corresponding net losses were RMB 1.44 billion, RMB 7.88 billion, RMB 29.58 billion, and RMB 23.58 billion for the same periods [13]. Shareholder Structure - The pre-IPO shareholder structure indicates that key stakeholders, including Dr. Liu Debing and other co-founders, collectively hold approximately 33.03% of the shares [7][8]. Board Composition - The board consists of 9 members, including 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors, with a diverse background in AI and investment [12]. IPO Advisory Team - The IPO is being managed by a team that includes CICC as the exclusive sponsor, KPMG as the auditor, and various legal advisors for different jurisdictions [15][16].