定了！发行价116.20港元，智谱或成“全球大模型第一股”

Core Viewpoint - The company, Zhihui Huazhang Technology Co., Ltd., has officially launched its global IPO, aiming to become the first publicly listed company focused on general AI models, with plans to list on the Hong Kong Stock Exchange on January 8, 2026 [1] Group 1: IPO Details - The company plans to issue 37.4195 million H shares at a price of HKD 116.2 per share, expecting to raise approximately HKD 4.1734 billion from the global offering [1] - 70% of the net proceeds will be allocated to research and development of general AI models, 10% for optimizing the MaaS platform, 10% for developing business partnerships and strategic investments, and 10% for working capital and other general corporate purposes [1] Group 2: Company Background - Zhihui was established in 2019, originating from the technology achievements of Tsinghua University's Computer Science Department, and focuses on developing advanced general models [1] - The company is recognized as the leading independent developer of general models in China, holding a market share of 6.6% among all general model developers, according to Frost & Sullivan [1] Group 3: Financial Performance - The company's revenue for 2022, 2023, and 2024 was reported at CNY 57.4 million, CNY 124.5 million, and CNY 312.4 million respectively, with a compound annual growth rate of 130% [3] - In the first half of 2025, the revenue reached CNY 190.9 million, marking a year-on-year increase of 325% [3] - The adjusted net losses for the years 2022, 2023, and 2024 were CNY 97.417 million, CNY 621 million, and CNY 2.466 billion respectively, with a loss of CNY 1.752 billion in the first half of 2025 [3] Group 4: Investment and Financing - Prior to the IPO, the company completed eight rounds of financing, raising over CNY 8.3 billion, with participation from major industry players and venture capital firms [2] - The last financing round before the IPO in May 2025 valued the company at approximately CNY 24.4 billion [2] - The IPO has attracted several international long-term funds and well-known industry capital as cornerstone investors, with a total subscription amount of HKD 2.98 billion from 11 cornerstone investors, accounting for about 70% of the offering [2]