“大模型第一股”今起招股！智谱9天后港股上市，IPO市值超511亿港元，MiniMax紧随其后已通过聆讯

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd., known as "China's version of OpenAI," is set to launch its IPO on the Hong Kong Stock Exchange, aiming to raise approximately HKD 4.3 billion with an expected market capitalization exceeding HKD 51.1 billion upon listing [1][2]. Group 1: IPO Details - The company plans to issue 37.42 million H-shares, with 5% allocated for Hong Kong and 95% for international investors, plus an overallotment option of 15% [1]. - The expected share price is HKD 116.20 per share, with a minimum purchase of 100 shares [1]. - The IPO subscription period runs from December 30, 2023, to January 5, 2024, with the official listing scheduled for January 8, 2024 [1]. Group 2: Financial Backing and Investment - Zhiyu has completed eight rounds of financing prior to the IPO, raising over HKD 8.3 billion [2]. - The company has secured cornerstone investors, including JSC International Investment Fund SPC and JinYi Capital Multi-Strategy Fund SPC, with a total subscription amount of approximately HKD 2.98 billion [2]. Group 3: Business Overview - Founded in June 2019, Zhiyu focuses on developing general large models and has launched China's first proprietary pre-trained model framework, GLM [4]. - The company has supported over 8,000 institutional clients and approximately 800,000 devices as of June 30, 2025 [4]. - Revenue figures for 2022, 2023, and 2024 are projected at HKD 57 million, HKD 125 million, and HKD 312 million, respectively, reflecting a compound annual growth rate of over 130% [4]. - Despite significant revenue growth, the company remains unprofitable [4]. Group 4: Market Position - According to Frost & Sullivan, Zhiyu ranks first among independent general large model developers in China and second overall, holding a market share of 6.6% based on 2024 revenue [4]. - The competitive landscape includes other large model companies, such as MiniMax, which recently went public [4].