智谱启动招股：获北京国资等30亿港元认购 估值超500亿 1月8日上市

Core Viewpoint - The company Beijing Zhiyu Huazhang Technology Co., Ltd. (referred to as "Zhiyu") is launching its IPO, aiming to raise approximately HKD 4.3 billion, with a market valuation expected to exceed HKD 51.1 billion upon listing on the Hong Kong Stock Exchange [2][12]. Group 1: IPO Details - Zhiyu plans to issue 37.42 million shares, with 1.87 million shares available for public offering in Hong Kong and 35.55 million shares for international placement [2]. - The net proceeds from the IPO will be allocated as follows: approximately 70% (around HKD 2.9 billion) for research and development in general AI models, and about 10% (around HKD 420 million) for optimizing the company's MaaS platform [2]. Group 2: Company Positioning and Market Presence - Zhiyu is recognized as one of the earliest developers of large models in China and is the largest independent large model vendor by revenue in the country [3]. - According to Frost & Sullivan, Zhiyu ranks first among independent general large model developers in China and second among all general large model developers [5]. Group 3: Funding and Investment - Prior to the IPO, Zhiyu completed eight rounds of financing, raising over RMB 8.3 billion, attracting several prominent investment institutions [4]. - The company has secured cornerstone investors, including major state-owned financial groups and leading insurance funds, with a total subscription amounting to HKD 2.98 billion, representing nearly 70% of the offering [7][8]. Group 4: Revenue Growth and Business Model - Zhiyu's revenue primarily comes from its MaaS (Model as a Service) model, which has shown exponential growth since its launch in 2021, with a significant increase in the proportion of revenue from this platform [9]. - The company reported revenues of RMB 57.4 million, RMB 124.5 million, and RMB 312.4 million for the years 2022, 2023, and 2024, respectively, achieving a compound annual growth rate of 130% [10]. Group 5: Research and Development - Zhiyu has been recognized as a pioneer in pursuing general artificial intelligence (AGI) in China, with significant investments in R&D, totaling approximately RMB 4.4 billion over recent years [11]. - The company maintains a high percentage of R&D personnel, accounting for 74% of its workforce, and has consistently updated its GLM series models every 3-6 months to remain globally competitive [11]. Group 6: Industry Impact - The listing of Zhiyu as the "first stock of global large models" signifies a new phase for the AI large model industry in China, entering a stage driven by both technology and capital [12].