Core Viewpoint - The AI company Zhiyuan (智谱) has experienced a significant stock price surge, with a 42.72% increase on February 20, 2026, reaching a market capitalization of 323.2 billion HKD, positioning it among the top tier in the Hong Kong TMT sector [1][3]. Group 1: Company Performance - Zhiyuan's stock price has risen 524% since its IPO at 116.2 HKD, reflecting strong market interest and performance [1]. - The company launched its flagship model GLM-5 on February 12, 2026, achieving over a 20% performance improvement in programming scenarios compared to its predecessor [3]. - Following the launch of GLM-5, Zhiyuan raised prices for its GLM Coding Plan packages by 30% in China and over 100% internationally due to high demand, marking a record for domestic AI programming model subscriptions [3]. Group 2: Financials and Growth - From 2022 to the first half of 2025, Zhiyuan reported revenues of 57.4 million, 124.5 million, 312.4 million, and 190 million CNY, with corresponding gross margins of 54.6%, 64.6%, 56.3%, and 50% [5]. - The company incurred losses of 144 million, 788 million, 2.958 billion, and 2.358 billion CNY during the same period, primarily due to R&D expenses which reached 844 million, 5.28 billion, 21.95 billion, and 15.94 billion CNY [5]. - Zhiyuan has completed eight rounds of financing before its IPO, raising over 8.3 billion CNY, with a post-investment valuation of 24.38 billion CNY [5]. Group 3: Market Position and Future Plans - Zhiyuan is recognized as a leading competitor to OpenAI, having developed several advanced models since its inception in 2019, including the GLM-130B and ChatGLM series [4]. - The company is accelerating its IPO process for the A-share market after successfully listing in Hong Kong, with new guidance from two securities firms [6][7]. - The latest report indicates that Zhiyuan is aiming for the Sci-Tech Innovation Board, reflecting its growth ambitions and market strategy [7].
清华校友领衔，智谱股价单日大涨43%，上市43天累计涨524%，市值超3200亿港元！