全球大模型第一股来了，市值或超500亿港元

Core Viewpoint - The article discusses the IPO of Beijing Zhiyu Huazhang Technology Co., Ltd. ("Zhiyu"), which is set to become the first publicly listed company focused on large AI models globally, with a planned listing on the Hong Kong Stock Exchange under the stock code "2513" [1]. Group 1: IPO Details - Zhiyu plans to issue approximately 37.42 million H-shares, with 1.87 million shares for public offering in Hong Kong and 35.55 million shares for international offering. The estimated fundraising amount is around HKD 4.3 billion, with a projected market capitalization exceeding HKD 51.1 billion at the IPO price of HKD 116.20 per share [1]. - The company has attracted significant interest from cornerstone investors, who have committed to subscribe for approximately HKD 2.98 billion, accounting for nearly 70% of the total offering, providing a solid foundation for post-listing trading [2][3]. Group 2: Use of Proceeds - Approximately 70% of the net proceeds (around HKD 2.9 billion) will be allocated to research and development in general AI large models, aimed at strengthening Zhiyu's competitive position in this area. About 10% (approximately HKD 420 million) will be used to optimize the company's MaaS platform [4]. Group 3: Financial Performance - Zhiyu's revenue for 2022, 2023, and 2024 is projected to be HKD 57.4 million, HKD 124.5 million, and HKD 312.4 million, respectively, indicating a compound annual growth rate of 130%. The revenue for the first half of 2025 is expected to reach HKD 190.9 million, representing a year-on-year growth of 325% [7]. - Despite the revenue growth, Zhiyu has reported net losses of HKD 1.43 billion, HKD 7.88 billion, and HKD 29.58 billion for 2022, 2023, and 2024, respectively, with a net loss of HKD 23.58 billion in the first half of 2025 [7]. - The company has invested heavily in R&D, with expenditures of HKD 844 million, HKD 5.29 billion, and HKD 21.95 billion for 2022, 2023, and 2024, respectively, and HKD 15.95 billion in the first half of 2025, totaling approximately HKD 4.4 billion in cumulative R&D investment [7]. Group 4: Market Position and Strategy - According to Frost & Sullivan, Zhiyu ranks first among independent general large model developers in China and second among all general large model developers, holding a market share of 6.6% based on 2024 revenue [7]. - The company's revenue primarily comes from large model services, with localized deployment accounting for about 70% of revenue, although cloud deployment revenue is on the rise. Zhiyu aims to maintain its localized deployment revenue while increasing the revenue share from its MaaS platform to enhance scalability [7]. - As of the first three quarters of this year, Zhiyu has served over 12,000 institutional clients, showing significant growth compared to the first half of the year. The company anticipates a revenue increase of over 60% year-on-year by the third quarter of 2025 [8].