Core Viewpoint - Zhiyu (Beijing Zhiyu Huazhang Technology Co., Ltd.) is set to become the "first global large model stock" by launching its IPO on the Hong Kong Stock Exchange, with the listing date scheduled for January 8, 2026 [1] Group 1: IPO Details - Zhiyu plans to issue 37.42 million H-shares, with 1.87 million shares for public offering in Hong Kong and 35.55 million shares for international offering [3] - The estimated fundraising amount is expected to reach HKD 4.3 billion, with a projected market capitalization exceeding HKD 51.1 billion at the IPO price of HKD 116.20 per share [3] - Cornerstone investors are set to subscribe for approximately HKD 2.98 billion, accounting for nearly 70% of the total offering [3] Group 2: Market Position and Financials - According to Frost & Sullivan, Zhiyu ranks first among independent general large model developers in China and second among all general large model developers, holding a market share of 6.6% with projected revenue of RMB 310 million for 2024 [3] - Revenue figures for Zhiyu are reported as RMB 57.4 million in 2022, RMB 125 million in 2023, and RMB 312 million in 2024, reflecting a compound annual growth rate of 130% [4] - Despite revenue growth, Zhiyu has not yet achieved profitability, with net losses increasing from RMB 143 million in 2022 to RMB 788 million in 2023, and projected to reach RMB 2.958 billion in 2024 [4] Group 3: Business Model and Use of Proceeds - Zhiyu has been developing a MaaS (Model as a Service) business model since 2021, emphasizing comprehensive model capabilities and extensive application scenarios [4] - Approximately 70% of the net proceeds from the IPO (around HKD 2.9 billion) will be allocated to R&D for general AI large models to strengthen competitive positioning [5] - About 10% of the funds (approximately HKD 420 million) will be used to optimize the MaaS platform and enhance infrastructure [6]
“全球大模型第一股”定了！智谱计划明年1月8日港交所上市，募资43亿港元
Sou Hu Cai Jing·2025-12-30 03:53