智谱招股书透露风险：“我们可能无法保护用户数据”丨合规周报

AI Dynamics - The prospectus of Zhipu, the first domestic large model company, reveals significant financial losses, with net losses of 143 million yuan in 2022, 788 million yuan in 2023, and projected losses of 2.958 billion yuan in 2024, totaling over 6.2 billion yuan by mid-2025 [1][2] - The prospectus highlights the importance of low hallucination rates as a key indicator of model reliability, with Zhipu's GLM-45 ranking second globally and lowest in China for hallucination rates by September 2025 [1][2] - Regulatory changes and compliance issues are emphasized as potential risks, with the prospectus noting that future laws may impose additional obligations that could adversely affect business operations and financial performance [2][3] - User data compliance is a critical concern, as the prospectus acknowledges the uncertainty surrounding the interpretation and application of data protection laws, which may impact the company's ability to safeguard user data [3][4] - Training data compliance is identified as an unstable factor, with the prospectus indicating that Zhipu may source training data from third-party vendors and public datasets, raising concerns about the legality and compliance of such data [4][5] - The potential misuse of AI technology by users poses a reputational risk to the company, as any negative outcomes could significantly impact business performance and financial outlook [5] Platform Governance - The newly issued "Internet Platform Pricing Behavior Rules" prohibit platforms from forcing or indirectly compelling operators to adopt automatic pricing systems or engage in unreasonable pricing practices [7][8] - TikTok has announced the establishment of a new joint venture in the U.S. focused on data protection, algorithm security, content review, and software assurance, named "TikTok USDS Joint Venture LLC" [8] - The Supreme People's Court has updated the civil case categories to include data and virtual property disputes, reflecting a growing focus on legal frameworks surrounding digital assets and intellectual property [9]