Core Viewpoint - The successful IPO of Zhipu, the first global large model company, marks a significant milestone in the AI sector, with a strong market debut and substantial backing from prominent investors [1][2][3] Company Overview - Zhipu was established in 2019, originating from Tsinghua University's technology transfer, and focuses on the research and development of Artificial General Intelligence (AGI) [1][2] - The company has completed eight rounds of financing prior to the IPO, raising over 8.3 billion yuan, with notable investors including Meituan, Ant Group, Alibaba, Tencent, and Xiaomi [2] IPO Details - Zhipu's IPO on January 8 saw shares priced at 116.2 HKD, with a closing price of 131.5 HKD, resulting in a market capitalization of 57.89 billion HKD [1] - The global offering consisted of 37.42 million shares, with 20% allocated for public sale in Hong Kong and 80% for international investors, raising approximately 4.173 billion HKD [1] Technological Advancements - Zhipu is recognized as one of the earliest companies in China to engage in large model research, having developed the GLM architecture, which has achieved significant milestones in model capabilities [2] - The GLM series has seen rapid iterations every 2-3 months, maintaining a leading position globally, and has been adapted for over 40 domestic chip types [2] Business Model - Zhipu's primary business model is based on Model as a Service (MaaS), providing flexible and scalable AI model services, with a focus on local private deployment [3] - The company plans to allocate 70% of the net proceeds from the IPO (approximately 2.9 billion HKD) to further R&D in general AI models, enhancing its competitive edge [3] Future Projections - Zhipu is projected to exceed 100 million USD in revenue by 2025, with local deployment revenue currently accounting for 85% and cloud revenue increasing from 0% to 15% over the past two years [3] - The introduction of cost-effective coding tools is expected to significantly impact Zhipu's cloud revenue in the coming years [3]
“全球大模型第一股”智谱上市首日市值超570亿港元 2025年收入超1亿美元