“全球大模型第一股”智谱华章正式启动港股招股，预计IPO市值超518亿港元

Core Viewpoint - Beijing Zhiyuan Huazhang Technology Co., Ltd. is set to launch its IPO on the Hong Kong Stock Exchange, marking it as the "first global large model stock" [1][2] Group 1: IPO Details - The IPO process officially started today, with the stock code "2513" [1][2] - The subscription period will end on January 5, 2026, and trading is planned to commence on January 8, 2026 [1][2] - The company plans to issue approximately 37.42 million H-shares, with 1.87 million shares allocated for public offering in Hong Kong [1][2] - The proposed issue price is set at HKD 116.20 per share, potentially raising up to HKD 5.1 billion if the over-allotment option is fully exercised [1][2] - The expected market capitalization at the time of the IPO is projected to exceed HKD 51.8 billion [1][2] Group 2: Company Overview - Zhiyuan Huazhang is a leading AI company in China focused on developing advanced general large models [1][2] - In 2021, the company launched China's first dedicated pre-trained large model framework, the GLM framework, and introduced its Model as a Service (MaaS) product development and commercialization platform [1][2] - In 2022, the company open-sourced its first 100 billion parameter model, GLM-130B [1][2] - The company operates in the large language model (LLM) market, a segment of the broader AI market, providing services to institutional clients (including private enterprises and public sector entities) and individual users (including end users and independent developers) [1][2]