智谱今起招股：获多元化阵容30亿港元基石认购，或成2026开年港股最大IPO

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (referred to as "Zhiyu") is set to become the "first global large model stock" with its IPO planned to raise approximately HKD 4.3 billion and achieve a market valuation exceeding HKD 51.1 billion [2][3]. Group 1: IPO Details - Zhiyu will issue 37,419,500 H-shares, with 1,871,000 shares available for public offering in Hong Kong and 35,548,500 shares for international offering [2]. - The IPO is expected to be the largest in the Hong Kong stock market at the beginning of 2026 [3]. Group 2: Investment and Financing - A diverse group of cornerstone investors has been introduced, including state-owned enterprises, major insurance funds, and prominent private equity firms, with significant subscriptions from various funds totaling over USD 1.79 billion [3][4]. - Prior to the IPO, Zhiyu completed eight rounds of financing, raising over RMB 8.3 billion from notable investors such as Meituan, Ant Group, Alibaba, Tencent, and Xiaomi [4]. Group 3: Research and Development Investment - Approximately 70% of the net proceeds from the IPO (over HKD 2.9 billion) will be allocated to enhancing R&D capabilities in general AI large models, which is crucial for Zhiyu's industry leadership [6]. - Zhiyu's R&D investments from 2022 to 2025 are projected to be RMB 0.84 billion, RMB 5.29 billion, and RMB 21.95 billion, with a team of 657 researchers [6]. Group 4: Model Performance and Achievements - The GLM-4.7 model has been launched and open-sourced, achieving top rankings in various benchmark tests, including being the first in both open-source and domestic categories in the Code Arena coding evaluation [7][9]. - Zhiyu is recognized as a pioneer in China's AGI sector, being the only domestic company to align its model capabilities with OpenAI and breaking the overseas model monopoly [9]. Group 5: Revenue and Business Model - Zhiyu has established a robust business model centered around a scalable MaaS (Model as a Service) platform, with over 2.7 million enterprises and developers utilizing its API [12]. - The company has reported significant revenue growth, with a compound annual growth rate of 130% from 2022 to 2024, and a revenue of RMB 1.9 billion in the first half of 2025, reflecting a 325% year-on-year increase [13]. Group 6: Market Position and Future Outlook - The upcoming IPO marks a significant milestone for the global capital market, as it will be the first publicly listed company focused on AGI foundational models, indicating a new phase of development driven by both technology and capital in China's AI large model industry [14].