Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. ("Zhiyu") is progressing with its A-share listing plan after completing its Hong Kong IPO on January 8, 2026, with the guidance of China International Capital Corporation (CICC) [2] Group 1: IPO Progress and Governance - Zhiyu has rectified issues identified during the IPO counseling process, enhancing its corporate governance and internal control mechanisms to ensure independent and compliant operations [2] - The counseling team will continue to monitor the company's operations in accordance with relevant laws and regulations, providing timely suggestions and ensuring compliance with listing requirements [2] Group 2: Market Performance - On its first day of trading on the Hong Kong Stock Exchange, Zhiyu's stock price closed up by 13.17%, with a total market capitalization of approximately HK$578.9 billion [3] - As of January 27, 2026, the stock price was HK$222.6, reflecting a 2.58% increase, with a total market capitalization of about HK$979.95 billion [3] Group 3: Company Background - Zhiyu was founded in 2019 with a vision to innovate in general artificial intelligence (AGI) in China [5] - In 2021, the company launched China's first proprietary pre-trained large model framework, GLM, and developed a model-as-a-service (MaaS) platform for commercializing large model services [5] - In 2022, Zhiyu open-sourced its first large-scale model, GLM-130B, which has 100 billion parameters [5]