Core Insights - Zhipu AI (2513.HK), known as the "first global large model stock," debuted on the Hong Kong Stock Exchange today, with shares rising over 6% to HKD 123.7, resulting in a market capitalization of HKD 54.4 billion [1] - The IPO was highly successful, with the public offering receiving approximately 1160 times oversubscription [1] - Zhipu AI is a leading artificial intelligence company in China, focused on developing advanced general large models, ranking first among independent general large model developers in China and second among all general large model developers based on projected 2024 revenue [1] Business Model - Zhipu AI's business model diverges from traditional enterprise AI approaches that emphasize heavy delivery and strong customization; instead, it has established a standardized product system centered around Model as a Service (MaaS) [1] - The company delivers "general intelligent capabilities" to enterprises and developers through API calls, model subscriptions, and localized deployments, rather than focusing on single-use case applications [1] - This model is more easily understood and comparable in the Hong Kong and international capital markets, and is considered to possess scalability attributes similar to those of leading overseas companies like OpenAI and Anthropic [1]
智谱(2513.HK)首日上市拉升涨超6%，市值突破540亿港元