Core Viewpoint - Beijing Zhipu Huazhang Technology Co., Ltd. officially launched its IPO in Hong Kong, aiming to raise approximately HKD 4.3 billion with a market valuation expected to exceed HKD 51.1 billion [2][3] Group 1: IPO Details - The IPO will run from December 30, 2025, to January 5, 2026, with the stock expected to be listed on January 8, 2026, under the code "2513" [2] - The company plans to issue a total of 37.42 million H-shares, with 1.87 million shares available for public offering in Hong Kong and 35.55 million shares for international offering [2] Group 2: Financial Projections - The issue price per share is set at HKD 116.20, leading to an estimated fundraising scale of HKD 4.3 billion after deducting related expenses [3] - The expected market capitalization post-IPO is projected to exceed HKD 51.1 billion [3] Group 3: Investment Interest - As the "first global large model stock," Zhipu Huazhang has attracted significant interest from capital markets, securing cornerstone investments from 11 institutions, including JSC International Investment Fund SPC and JinYi Capital Multi-Strategy Fund SPC, with a total intended subscription of HKD 2.98 billion [3] Group 4: Business Model and Growth - Zhipu Huazhang operates under a MaaS (Model as a Service) model, providing intelligent capabilities to developers and enterprises through API calls [3] - The company's cloud MaaS and subscription business are experiencing exponential growth, with over 2.9 million enterprise and developer users on the MaaS platform [3] - The large model has empowered over 12,000 enterprise clients, more than 80 million terminal user devices, and over 45 million developers, making it the leading independent general-purpose large model developer in China [3]
智谱华章开启招股：估值超511亿港元 拟募资43亿港元
Sou Hu Cai Jing·2025-12-30 02:37