全球大模型第一股，大逆转！

Core Viewpoint - The company Zhiyu, known as the "first stock of global large models," experienced a volatile trading debut on the Hong Kong Stock Exchange, initially dropping below its issue price but later recovering significantly to close with an 11.7% increase in share price, reaching a market capitalization of HKD 57.1 billion [1]. Company Overview - Zhiyu, established in 2019, focuses on developing advanced general large models (AGI) with GLM at its core, offering services that cover text, multimodal, and application-oriented models, including the release of the 130 billion parameter model GLM-130B and the open-source chat model ChatGLM [3]. Financial Performance - According to a Frost & Sullivan report, Zhiyu ranks first among independent general large model developers in China based on projected revenue for 2024. The company's revenue is expected to grow from CNY 57.4 million in 2022 to CNY 312.4 million in 2024, reflecting a compound annual growth rate (CAGR) of over 100%. However, the company has also reported significant losses, with losses of CNY 1.44 billion, CNY 7.88 billion, CNY 29.58 billion, and CNY 23.58 billion projected for the years 2022, 2023, 2024, and the first half of 2025, respectively [4]. Market Reception - The market showed strong interest in Zhiyu's IPO, with the public offering portion receiving an oversubscription rate of approximately 1159.46 times. Due to the high demand, the number of publicly offered shares was increased to 748,390 shares, accounting for 20% of the total global offering. The international placement also saw a subscription rate of 15.28 times [4]. Shareholder Composition - Zhiyu's shareholder structure includes major players such as Meituan, Ant Group, Alibaba, Tencent, Xiaomi, as well as leading investment firms like Junlian Capital, Sequoia China, Hillhouse Capital, Qiming Venture Partners, and Shunwei Capital [4].