Core Insights - The article reports that Zhizhu is planning a secondary listing on the Shanghai STAR Market after completing a $558 million IPO in Hong Kong [1] - Zhizhu's stock price surged 23.4% to 496 HKD (approximately 438.5 CNY) on the day of the report, marking a cumulative increase of about 320% since its listing on January 8 [1] - The company has appointed Guotai Junan and CICC as advisors for its STAR Market listing, aiming to broaden its investor base and leverage the higher valuation premium of A-shares compared to H-shares [1] Company Strategy - Zhizhu is part of a recent trend of Chinese tech companies listing in Hong Kong, alongside competitors like MiniMax and chip design firm Lanke Technology [1] - Unlike most companies that follow a "A first, then H" path, Zhizhu is opting for a "H first, then A" strategy, which may enhance its ability to attract domestic capital [1] - The STAR Market has seen a 9% increase in the STAR 50 Index this year, contrasting with a nearly 3% decline in the Hang Seng Tech Index [1] Market Context - Analyst Chelsey Tam from Morningstar noted that A-shares still hold a valuation premium over H-shares, which could benefit Zhizhu's listing strategy [1] - The company is expected to capitalize on investor interest in its GLM-5 model, which ranks first in the open-source model rankings by Artificial Analysis [1]
大涨 320%后，消息称“全球大模型第一股”智谱计划赴沪二次上市