“大模型第一股”来了！智谱今起招股，IPO市值预计超511亿港元

Group 1 - The core viewpoint of the news is that Beijing Zhiyu Huazhang Technology Co., Ltd. (referred to as "Zhiyu") has officially launched its IPO process, aiming to raise approximately HKD 4.3 billion with a market valuation exceeding HKD 51.1 billion upon listing on the Hong Kong Stock Exchange [1][2]. Group 2 - Zhiyu plans to issue a total of 37.4195 million H-shares, with 1.871 million shares available for public sale in Hong Kong and 35.5485 million shares for international sale, at an issue price of HKD 116.20 per share [1]. - The company has completed 8 rounds of financing prior to the IPO, raising over RMB 8.3 billion [1]. - Major cornerstone investors include 11 institutions, which are expected to subscribe for HKD 2.98 billion [1]. Group 3 - Approximately 70% (around HKD 2.9 billion) of the net proceeds from the IPO will be allocated to research and development in general AI models to strengthen Zhiyu's competitive position [2]. - About 10% (approximately HKD 420 million) will be used to optimize the company's MaaS platform, including updates to foundational models and infrastructure development [2]. Group 4 - Zhiyu's revenue figures show significant growth, with revenues of RMB 57.4 million, RMB 124.5 million, and RMB 312.4 million for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 130% [2]. - For the first half of 2025, the company reported revenue of RMB 191 million, representing a year-on-year increase of 325% [2]. Group 5 - Research and development expenditures for Zhiyu were RMB 84.4 million, RMB 528.9 million, and RMB 2.1954 billion for the years 2022, 2023, and 2024 respectively, with a total R&D investment of approximately RMB 4.4 billion [2]. - In the first half of 2025, R&D spending reached RMB 1.5947 billion [2].