【IPO追踪】重磅级AI概念招股！智谱预期净筹约42亿港元

Core Viewpoint - Several AI-related companies have recently gone public, with notable listings including GPU concept companies such as Moer Thread (688795.SH) and Muxi Co., Ltd. (688802.SH) on the A-share market, and Wallen Technology (06082.HK) preparing for its listing on the Hong Kong market. Additionally, AI large model company Zhipu has initiated its IPO process, indicating a growing trend in the AI sector [3]. Company Overview - Zhipu is recognized as a leading AI company in China, focusing on the development of general large models. The company launched China's first proprietary pre-trained large model framework, GLM, in 2021, and has developed a Model-as-a-Service (MaaS) platform to commercialize its offerings [5]. - As of June 30, 2025, Zhipu's models have supported over 8,000 institutional clients and approximately 80 million devices [5]. IPO Details - Zhipu plans to globally issue approximately 37.42 million H-shares, with 5% allocated for public offering in Hong Kong and 95% for international offering. The expected net proceeds from the IPO are around HKD 4.173 billion, assuming no exercise of the over-allotment option [3]. - The IPO subscription period is from December 30 to January 5, with shares priced at HKD 116.20 each. The expected listing date is January 8, 2026, with an entry fee of HKD 11,737.19 for a board lot of 100 shares [3]. Financial Performance - Zhipu's revenue from 2022 to the first half of 2025 shows significant growth, with figures of RMB 57.41 million, RMB 125 million, RMB 312 million, and RMB 191 million respectively. However, the company has also experienced increasing losses during the same period, with losses of RMB 144 million, RMB 788 million, RMB 2.958 billion, and RMB 2.358 billion [5]. - According to Frost & Sullivan, Zhipu 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% based on 2024 revenue [5]. Investor Interest - Zhipu's IPO has attracted significant interest from cornerstone investors, including prominent institutions such as Shanghai Gao Yi, Taikang Life, and GF Fund, with a total subscription amounting to HKD 2.98 billion, representing nearly 70% of the offering [4].