速递｜刚刚，全球大模型第一股来了！智谱今起招股，发行市值达511亿港元

Core Viewpoint - The company Zhiyuan is set to become the first global large model stock to be listed on the Hong Kong Stock Exchange, with its IPO expected to raise approximately HKD 4.3 billion and achieve a market valuation exceeding HKD 51.1 billion upon listing [2]. Group 1: IPO Details - Zhiyuan plans to issue 37.42 million H-shares in its IPO, with 1.87 million shares available for public offering in Hong Kong and 35.55 million shares for international offering [2]. - The expected IPO price is HKD 116.20 per share, leading to a total fundraising amount of approximately HKD 4.3 billion [2]. Group 2: Investment and Market Position - As one of the earliest developers of large models in China, Zhiyuan has completed eight rounds of financing totaling over HKD 8.3 billion, attracting a number of prominent investment institutions [3]. - The company ranks first among independent general-purpose large model developers in China and second among all general-purpose large model developers based on projected revenue for 2024 [3]. Group 3: Use of Proceeds - Approximately 70% of the net proceeds from the IPO (around HKD 2.9 billion) will be allocated to research and development of general AI large models to strengthen Zhiyuan's competitive edge [4]. - About 10% of the funds (approximately HKD 420 million) will be used to optimize the company's MaaS platform, including updates to the foundational models and infrastructure [4]. Group 4: Business Model and Strategy - Zhiyuan's revenue primarily comes from large model services, utilizing a MaaS (Model as a Service) model to provide general intelligence capabilities to developers and enterprises [5]. - The company has been increasing the revenue share from its MaaS platform since 2021 while maintaining a solid local deployment revenue base [5]. Group 5: R&D and Technological Leadership - Founded in 2019, Zhiyuan has been recognized as a pioneer in AGI (Artificial General Intelligence) in China, developing the first pre-trained large model framework, GLM [6]. - The company has significantly increased its R&D investment, with expenditures of HKD 84.4 million, HKD 528.9 million, and HKD 2.1954 billion in 2022, 2023, and 2024 respectively, totaling around HKD 4.4 billion [6]. - The GLM series models are updated every 3-6 months, maintaining a leading position globally, with the latest model GLM-4.7 achieving top scores in various benchmark tests [7]. Group 6: Market Outlook - According to IDC, the global AI market is expected to exceed USD 500 billion by 2027, with generative AI and related services accounting for over 30% of this growth [8]. - Zhiyuan's upcoming listing marks a significant milestone for the global capital market, being the first publicly traded company focused on AGI foundational models, indicating a new phase of development driven by both technology and capital in China's AI large model industry [8].