Core Viewpoint - The company Zhiyu has successfully launched on the Hong Kong stock market, becoming the "first global AI large model stock," with an IPO price of HKD 116.2 per share, resulting in a market capitalization exceeding HKD 51.1 billion, leading to significant paper gains for state-owned investors [1] Group 1: Company Background and Investment History - Zhiyu AI was established in June 2019, originating from Tsinghua University's Knowledge Engineering Laboratory, and has raised over CNY 8.3 billion, with more than 90% of the funding occurring after the release of Chat GPT [1] - The founding team, led by Liu Debing, consists mainly of Tsinghua alumni or individuals associated with Tsinghua-related laboratories [1] - Initial funding came from Zhongke Chuangxing, which invested CNY 40 million in 2019, valuing the company at CNY 375 million post-investment [2] Group 2: Strategic Positioning and Product Development - In May 2020, following the release of GPT-3, Zhiyu decided to enter the large model sector, leveraging the founder's connections to top research resources [2] - The company participated in the development of China's first large model "Wudao," which positioned it favorably in the market [2] - By September 2021, Zhiyu launched the GLM-10B model, attracting significant attention and further investment [6] Group 3: Financing Rounds and Valuation Growth - The company has undergone multiple financing rounds, with significant investments from various institutions, including a total of CNY 1.21 billion from Dachen Capital across several rounds [6] - The valuation surged from CNY 2.11 billion in the B1 round to CNY 24.38 billion before the IPO, with a total of CNY 8.36 billion raised, primarily in 2023-2025 [8] - Major investments in recent rounds included CNY 30 million from Tianjin San Kuai and CNY 20 million from Tencent, among others [10] Group 4: Market Position and Future Challenges - Following the release of Chat GPT, Zhiyu launched several products, including Zhiyu Qingyan and the GLM-4 model, leading to a surge in financing and valuation [8] - The company faces challenges with rising computing service costs, projected to reach CNY 1.55 billion in 2024, while revenue is expected to be only CNY 312 million, raising concerns about cash flow sustainability [11] - Zhiyu's long-term strategy includes providing localized AI solutions to government and large enterprise clients, with over 80% of revenue expected to come from this sector by mid-2025 [12]
智谱上市，起底全球大模型第一股资本版图丨创投智库