海淀将诞生“全球大模型第一股”！现已启动招股，上市时间——

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (Zhiyu) is set to become the world's first publicly listed company focused on general artificial intelligence (AGI) foundational models, with its IPO scheduled for January 8, 2026, on the Hong Kong Stock Exchange [1][11]. Group 1: Company Overview - Zhiyu was established in 2019 and is headquartered in Haidian District, Beijing, emerging from Tsinghua University's technology transfer [3]. - The company has developed a full-stack model matrix covering language, code, multimodal, and intelligent agents, and has adapted its technology to over 40 domestic chipsets, maintaining a competitive edge with global leaders [3]. - Zhiyu's GLM pre-training architecture is recognized as the first of its kind in China, showcasing a complete original technology framework and model system [3]. Group 2: Financial Aspects - The company plans to issue 37.42 million H-shares at an offering price of HKD 116.20 per share, aiming to raise approximately HKD 4.3 billion, with a projected market capitalization exceeding HKD 51.1 billion [1]. - Zhiyu has completed eight rounds of financing, raising over RMB 8.3 billion, attracting prominent investment institutions [9]. - The net proceeds from the IPO will allocate 70% (approximately HKD 2.9 billion) for AGI foundational model R&D, and 10% (approximately HKD 420 million) for optimizing its MaaS platform [9]. Group 3: Research and Development - The company has made significant R&D investments, with expenditures of RMB 84.4 million in 2022, RMB 528.9 million in 2023, and projected RMB 2.1954 billion in 2024, totaling around RMB 4.4 billion by mid-2025 [3][9]. - R&D personnel constitute 74% of the workforce, indicating a strong focus on innovation [3]. - The GLM series models undergo upgrades every 3 to 6 months, ensuring they remain at the forefront of global performance [6]. Group 4: Market Position and Recognition - Zhiyu's GLM-4.7 model achieved the highest scores in both open-source and domestic model categories in the Artificial Analysis Intelligence Index, and ranked first in the Code Arena coding evaluation system [8]. - The company serves over 12,000 enterprise clients and has empowered more than 80 million end-user devices, making it the largest independent AGI developer in China by revenue [8]. - As a pioneer in large model development, Zhiyu is positioned as a key player in transitioning the industry from "technological competition" to "value realization" [11].