预计募资约43亿港元，智谱启动港股招股

Core Viewpoint - The company, Zhipu, has officially launched its IPO process in Hong Kong, aiming to raise approximately HKD 4.3 billion with a market valuation exceeding HKD 51.1 billion upon listing [1] Group 1: IPO Details - Zhipu 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 listing on the Hong Kong Stock Exchange scheduled for January 8, 2026 [1] - The company has secured 11 cornerstone investors, including prominent firms such as Shanghai Gao Yi and GF Fund, with a total subscription amount of HKD 2.98 billion, accounting for nearly 70% of the total fundraising [1] Group 2: Fund Utilization - Approximately 70% of the raised funds will be allocated to research and development in general AI models to strengthen the company's competitive position [1] - About 10% of the funds will be used to optimize the company's MaaS platform [1] Group 3: Company Background and Performance - Zhipu was established in June 2019, originating from technology transfer from Tsinghua University's Computer Science Department, with its core technology based on GLM [1] - The company has achieved significant revenue growth, increasing from CNY 57 million in 2022 to CNY 312 million in 2024, with a compound annual growth rate of 130% [2] - In the first half of 2025, Zhipu's revenue grew by 325% year-on-year to CNY 190 million, maintaining a gross margin of around 50% [2] Group 4: Market Position and R&D Investment - According to Frost & Sullivan, Zhipu ranks first among independent general model developers in China and second among all general model developers, holding a market share of 6.6% based on 2024 revenue [2] - The company has made substantial R&D investments, with expenditures of CNY 84.4 million, CNY 529 million, CNY 2.195 billion, and CNY 1.595 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively, which is over eight times its revenue during the same periods [2] - Despite high R&D spending, Zhipu has not yet achieved profitability, with losses increasing significantly to CNY 144 million, CNY 788 million, CNY 2.958 billion, and CNY 2.358 billion for the years 2022, 2023, 2024, and the first half of 2025 [2]