Core Insights - The listing of Zhipu on the Hong Kong Stock Exchange marks the dawn of a new industry centered around large models, coinciding with the upcoming 2026 China Real Estate Asset Management Summit and the Fourth Smart Low-Carbon Industry-Finance Summit [2] - Zhipu's IPO was oversubscribed by 1159.46 times, attracting 11 cornerstone investors, including national capital and leading financial institutions, indicating strong market confidence [3] - Zhipu's flagship model, GLM-4.7, has achieved significant recognition, outperforming competitors in various global assessments, showcasing the competitiveness of Chinese large models [3] Financial Performance - Zhipu's revenue surged from 57.4 million yuan in 2022 to 312.4 million yuan in 2024, reflecting a compound annual growth rate of 130%, with a staggering 325% year-on-year increase in the first half of 2025 [3] - The company's MaaS platform has attracted over 2.7 million enterprises and developers, including nine of the top ten internet companies in China, highlighting its market penetration [3] Industry Transformation - Zhipu's successful listing signifies a pivotal moment for Chinese AGI companies, transitioning from a "technology follower" to a "global competitor" in the large model industry [4] - The upcoming summit aims to explore the entire lifecycle value of new industries, focusing on the integration of technology, scenarios, and capital to foster growth [4]