大模型第一股花落智谱！募资规模43亿港元，基石投资认购近7成

Core Viewpoint - The company Beijing Zhiyu Huazhang Technology Co., Ltd. (referred to as "Zhiyu") is set to launch its IPO, aiming to raise approximately HKD 4.3 billion with an expected market capitalization exceeding HKD 51.1 billion upon listing on the Hong Kong Stock Exchange [1] Group 1: IPO Details - Zhiyu plans to issue 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 [1] - The IPO is expected to conclude on January 5, 2026, with trading commencing on January 8, 2026, under the stock code "2513" [1] Group 2: Investor Participation - The IPO has attracted significant interest from cornerstone investors, with commitments totaling HKD 2.98 billion, accounting for nearly 70% of the offering [2] - Notable cornerstone investors include JSC International Investment Fund, JinYi Capital, and various prominent asset management firms [2] Group 3: Financial Performance - Zhiyu's revenue has shown substantial growth, with figures of HKD 57.4 million in 2022, HKD 124.5 million in 2023, and projected HKD 312.4 million in 2024, reflecting a compound annual growth rate of 130% [4] - Despite revenue growth, the company has incurred significant net losses, amounting to HKD 1.43 billion in 2022, HKD 7.88 billion in 2023, and HKD 29.58 billion in 2024 [4] Group 4: Research and Development - The company has invested heavily in R&D, with expenditures of HKD 844 million in 2022, HKD 5.29 billion in 2023, and HKD 21.95 billion in 2024, totaling approximately HKD 4.4 billion in R&D investments [4] - As of June this year, 74% of the company's workforce is dedicated to research and development [4] Group 5: Market Position and Strategy - Zhiyu ranks first among independent general model developers in China and second overall, holding a market share of 6.6% based on 2024 revenue [4] - The company aims to enhance its MaaS platform revenue while maintaining its local deployment revenue base, indicating a strategic focus on scaling operations [4] Group 6: Customer Growth and Future Projections - The number of institutional clients served by Zhiyu has exceeded 12,000 in the first three quarters of this year, showing significant growth [5] - The company anticipates a revenue increase of over 60% year-on-year by the third quarter of 2025, despite expected widening net losses due to high R&D spending [5]