全球大模型第一股来了，市值或超500亿港元

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (Zhiyu) is set to launch its IPO, aiming to raise approximately HKD 4.3 billion with a market valuation exceeding HKD 51.1 billion upon listing on the Hong Kong Stock Exchange [1][3] 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 [1] - The IPO is expected to conclude on January 5, 2026, with the official listing scheduled for January 8, 2026, under the stock code "2513" [1] Group 2: Investor Participation - The IPO has attracted significant interest from cornerstone investors, who are expected to subscribe to HKD 2.98 billion, accounting for nearly 70% of the total offering [3] - Notable cornerstone investors include JSC International Investment Fund SPC, JinYi Capital Multi-Strategy Fund SPC, and several prominent asset management firms [3] Group 3: Fund Utilization - Approximately 70% of the net proceeds (around HKD 2.9 billion) will be allocated to the development of general AI models, enhancing Zhiyu's competitive edge [5] - About 10% (approximately HKD 420 million) will be used to optimize the company's MaaS platform, including updates to foundational models and infrastructure [5] Group 4: Financial Performance - Zhiyu's revenue has shown significant growth, with figures of HKD 57.4 million in 2022, HKD 124.5 million in 2023, and projected HKD 312.4 million in 2024, reflecting a compound annual growth rate of 130% [7] - The company reported a revenue of HKD 190.9 million in the first half of 2025, marking a year-on-year increase of 325% [7] Group 5: Market Position - According to Frost & Sullivan, Zhiyu ranks first among independent general model developers in China and second overall, holding a market share of 6.6% based on 2024 revenue [8] - Despite revenue growth, Zhiyu has incurred significant net losses, with figures of HKD 1.43 billion in 2022, HKD 7.88 billion in 2023, and HKD 29.58 billion in 2024, alongside a projected loss of HKD 23.58 billion for the first half of 2025 [8] Group 6: R&D Investment - Zhiyu's R&D expenditures were HKD 844 million in 2022, HKD 5.29 billion in 2023, and HKD 21.95 billion in 2024, with a total of approximately HKD 4.4 billion invested in R&D as of mid-2025 [8] - The company has a high R&D personnel ratio, with 74% of its workforce dedicated to research and development [8] Group 7: Revenue Sources - The majority of Zhiyu's revenue comes from large model services, with localized deployments accounting for about 70% of total revenue, although cloud deployment revenue is on the rise [8] - The introduction of subscription products for AI programming has also contributed significantly to revenue growth, with over 150,000 paid developer users and an annual recurring revenue exceeding HKD 100 million [9]