Core Viewpoint - The company Zhiyu, known as the Chinese version of OpenAI, has officially listed on the Hong Kong Stock Exchange, becoming the world's first publicly traded AGI foundational model company, with a market capitalization exceeding 52.8 billion HKD on its first trading day [1][21]. Group 1: IPO Details - Zhiyu's IPO raised over 4.3 billion HKD, with an oversubscription rate of 1159.46 times for the public offering and 15.28 times for the international offering [4][25]. - The stock opened at 120 HKD, up over 3% from the previous close of 116.2 HKD, with a trading volume of 6.1245 million shares [2][22]. - The company attracted 11 cornerstone investors, including major state-owned enterprises and top insurance firms, securing 29.8 billion HKD in subscriptions, which accounted for nearly 70% of the offering [9][28]. Group 2: Technological Strength and Market Position - Zhiyu's flagship model, GLM-4.7, has achieved top rankings in various global AI indices, outperforming competitors like GPT-5.2 [29]. - The GLM architecture is compatible with over 40 domestic chip types, and its AutoGLM 2.0 can control 80 million devices, with an average daily token usage of 4.6 trillion [31]. - The company has seen its revenue grow significantly, with a compound annual growth rate of 130%, increasing from 57.4 million CNY in 2022 to 312.4 million CNY in 2024 [33]. Group 3: Investment and R&D Focus - Zhiyu has invested over 4.4 billion CNY in research and development from 2022 to mid-2025, with 74% of its workforce dedicated to R&D [37]. - The company plans to allocate 70% of its IPO proceeds to continue R&D in large models and 10% to optimize its MaaS platform [39]. - The business model has attracted over 2.7 million enterprises and developers in China, with nine of the top ten internet companies utilizing its platform [36].
刚刚，智谱港交所敲钟！市值528亿港元