一天收获2个IPO，君联资本打造“新质创投样本”

Core Viewpoint - The successful IPOs of Zhipu and Jingfeng Medical represent significant milestones in China's AGI and surgical robotics sectors, showcasing the effectiveness of the "Patience Capital Beijing Model" through collaboration between state-backed funds and market-oriented investment institutions [4][17]. Group 1: Zhipu's Journey - Zhipu, the first publicly listed company in China focused on AGI, achieved a market capitalization of HKD 528 billion on its listing day, with an opening price of HKD 120 per share [3]. - Founded by a team from Tsinghua University, Zhipu began its journey in 2019, aiming to develop AI that can think like humans, despite initial skepticism about AGI's commercial viability [7][8]. - The company has developed the GLM series of models, with its flagship GLM-4.5 achieving a score of 63.2 in 12 global benchmark tests, ranking first in China and third globally [10]. - Zhipu's success is attributed to strategic investments from Junlian Capital and the Social Security Fund, which provided not only financial support but also strategic guidance throughout its growth phases [9][11]. Group 2: Jingfeng Medical's Breakthrough - Jingfeng Medical, a leader in surgical robotics, successfully listed on the Hong Kong Stock Exchange with an opening price of HKD 59 per share and a market capitalization of HKD 230 billion [4]. - Founded in 2017, Jingfeng Medical aimed to break the monopoly of the Da Vinci system in the surgical robot market, achieving significant milestones such as the approval of its multi-port laparoscopic surgical robot in 2022 [13]. - The company has established itself as a leader in the domestic market, selling 20 surgical robots in China in 2024, and has completed over 14,000 robot-assisted surgeries by mid-2025 [15]. Group 3: Patience Capital Beijing Model - The simultaneous IPOs of Zhipu and Jingfeng Medical highlight the effectiveness of the Social Security Fund's innovative mechanism, demonstrating the successful collaboration between state-level patience capital and market-oriented investment [17]. - Since its establishment, the Social Security Fund has invested 60% of its funds in Beijing, with nearly 40% of its portfolio companies receiving national awards or participating in major national projects [17]. - Junlian Capital has invested in 19 projects across various cutting-edge technology fields, emphasizing the importance of transforming technological advancements into sustainable economic value [18].