大模型第一股智谱今起招股，IPO市值预计超500亿港元

Core Viewpoint - The company Zhiyu Huazhang Technology Co., Ltd. is set to become the first publicly listed company focused on large AI models globally, with its IPO expected to raise approximately HKD 4.3 billion and achieve a market valuation exceeding HKD 51.1 billion [1][2]. Group 1: IPO Details - Zhiyu plans to issue 37.42 million H-shares, with 1.87 million shares available for public offering in Hong Kong and 35.55 million shares for international offering, priced at HKD 116.20 per share [1]. - The company has raised over 8 rounds of financing, accumulating more than RMB 8.3 billion prior to the IPO [1]. Group 2: Market Position and Investor Interest - According to Frost & Sullivan, Zhiyu ranks first among independent general-purpose large model developers in China and second globally based on projected revenue for 2024 [2]. - The IPO has attracted significant interest from international long-term funds and notable industry capital, with cornerstone investors committing approximately HKD 2.98 billion, representing nearly 70% of the total offering [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 models, while about 10% (approximately HKD 420 million) will be used to optimize the company's MaaS platform [3]. Group 4: Revenue Growth and Business Model - Zhiyu's revenue primarily comes from its MaaS (Model as a Service) model, which has shown exponential growth, with revenues of RMB 57.4 million, RMB 124.5 million, and RMB 312.4 million for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 130% [4]. - The company has empowered over 12,000 enterprise clients and more than 45 million developers, making it the largest independent general-purpose large model provider in China [4]. Group 5: R&D Investment and Market Outlook - The company faces cost pressures related to its foundational models, with R&D investments of RMB 844 million, RMB 5.289 billion, and RMB 21.954 billion for 2022, 2023, and 2024 respectively, totaling approximately RMB 4.4 billion [5]. - The global AI market is projected to exceed USD 500 billion by 2027, with generative AI and related services expected to account for over 30% of this growth [5].