Core Viewpoint - Zhiyu, known as the "first global large model stock," was listed on the Hong Kong Stock Exchange on January 8, with a fluctuating stock price on its debut day. The company aims to strengthen its revenue from the MaaS platform while maintaining its local deployment revenue base [1][2]. Group 1: Zhiyu's IPO and Financial Performance - Zhiyu's IPO price was set at HKD 116.2, with a total issuance of 37.42 million H-shares, achieving a subscription rate of 1159.46 times for public offerings and 15.28 times for international offerings [1]. - On its first trading day, Zhiyu's stock opened at HKD 120, peaked at HKD 130, and closed at HKD 129.8, giving it a market capitalization of approximately HKD 555 billion [1]. - The company reported revenues of RMB 57.4 million, RMB 124.5 million, RMB 312.4 million, and RMB 190.9 million for the years 2022, 2023, 2024, and the first half of 2025, respectively, with net losses of RMB 1.43 billion, RMB 7.88 billion, RMB 29.58 billion, and RMB 23.58 billion for the same periods [1][2]. Group 2: Strategic Focus and R&D - Zhiyu's revenue primarily comes from large model income, with local deployment accounting for about 70% of total revenue, although cloud deployment's share is increasing [2]. - The company plans to enhance its revenue from the MaaS platform while solidifying its local deployment income base to strengthen its scaling capabilities [2]. - In the first half of 2025, Zhiyu's R&D expenses reached RMB 15.95 billion, driven by an expanded R&D team and increased third-party computing service procurement [2]. Group 3: Future Developments - Zhiyu is set to launch its next-generation model, GLM-5, and focus on four key areas in 2026, including a new model architecture, enhanced generalization capabilities, and advancements in online or continual learning [3]. Group 4: MiniMax's Upcoming IPO - MiniMax, another Chinese large model company, achieved a subscription rate of 1848 times ahead of its IPO on January 9, 2024, and focuses on multimodal model development [4][5]. - MiniMax's projected revenues for 2023, 2024, and the first three quarters of 2025 are USD 2.46 million, USD 30.52 million, and USD 53.44 million, respectively, with net losses of USD 269 million, USD 465 million, and USD 512 million [4][5]. - The company generates over 70% of its revenue from overseas markets, with significant contributions from Singapore and the United States [5]. Group 5: Industry Insights - The founder of Moonlight Dark, Yang Zhilin, announced a recent completion of a USD 500 million Series C funding round, indicating a strong cash reserve of over RMB 10 billion, which will be used to accelerate the development of the next-generation base model K3 [6].
智谱港股上市首日高开3.27%，一度破发，午盘涨收11.7%