Core Viewpoint - The successful IPO of Zhiyu (02513.HK) on January 8, 2026, marks it as the first global stock focused on general artificial intelligence (AGI) models, with a closing price of 131.50 HKD, up 13.16% from the issue price, and a market capitalization nearing 58 billion HKD, providing substantial returns for early investors [3][4]. Capital Landscape - Zhiyu raised over 4.3 billion HKD through its IPO, with an opening price of 120 HKD and a market cap of approximately 52.8 billion HKD at that time [4]. - The company has seen a nearly 130% increase in public market valuation compared to its post-B6 round valuation of approximately 24.4 billion RMB in May 2025 [4]. - Since 2022, Zhiyu has completed eight rounds of financing, raising a total of about 8.36 billion RMB, primarily directed towards AGI model training, multi-modal technology development, and computing infrastructure [4]. Shareholder Structure - Strategic investors include major internet companies, venture capital/private equity firms, and state-owned enterprises [5][6]. - Notable shareholders include Meituan, Ant Group, and various VC/PE firms like Junlian Capital, which has significant holdings [6][8]. Financial Performance - Zhiyu's revenue is heavily reliant on privatized deployment projects, with 95.5% of its revenue coming from this source in 2022, decreasing to 69.4% in the first half of 2025, but still representing over half of total revenue [12]. - The company has experienced rapid revenue growth, with projections showing an increase from 57.41 million RMB in 2022 to 312 million RMB in 2024, and a 300% year-on-year growth in the first half of 2025 [11]. - However, the company faces challenges with high customer concentration, as revenue from its top five clients accounted for 55.4%, 61.5%, and 45.5% of total revenue from 2022 to 2024 [13]. R&D and Losses - R&D expenditures have surged from 84.4 million RMB in 2022 to 2.195 billion RMB in 2024, leading to increasing net losses, which reached 2.143 billion RMB in 2024 and 2.351 billion RMB in the first half of 2025 [13]. - The company’s business model is heavily B-end focused, which raises concerns about customer stability and the sustainability of its revenue streams [11][12]. Market Reaction and Future Outlook - The stock experienced volatility on its first trading day, reflecting market speculation and concerns over high valuations and ongoing losses [10][14]. - The IPO is seen as a potential catalyst for a wave of listings in the AI sector, with other companies like MiniMax and Biran Technology also preparing for public offerings [15][16]. - Market analysts suggest that the future performance of Zhiyu and similar companies will depend on their ability to establish sustainable competitive advantages and improve profitability [16].
多家互联网大厂集聚“大模型第一股”