大模型第一股登陆港交所！市值突破500亿

Core Viewpoint - The successful IPO of Zhiyuan Technology marks a significant milestone in the hard technology sector, demonstrating that core technological innovation can attract capital market recognition despite short-term losses [11]. Group 1: Company Overview - Zhiyuan Technology, known as the "first global large model stock," debuted on the Hong Kong Stock Exchange on January 8, 2026, with an opening price of 120 HKD, a 3.27% increase from its issue price of 116.20 HKD, and a market capitalization that briefly exceeded 52.8 billion HKD [2]. - The company originated from Tsinghua University's Knowledge Engineering Laboratory, with a strong foundation in data and knowledge graph technology, and was officially established in 2019 [3]. - The core team, referred to as the "Tsinghua team," includes many members with Tsinghua backgrounds, and the team has published over 500 high-impact papers with more than 58,000 citations [3]. Group 2: Technological Development - Zhiyuan Technology chose to pursue independent innovation by developing its own GLM (General Language Model) pre-training architecture, which outperforms existing Western technologies in robustness and controllability [6]. - The company released China's first open-source model, GLM-130B, in 2022, which was recognized in global evaluations and has since launched several other models, achieving over 60 million downloads globally by 2025 [6]. Group 3: Business Model and Financial Performance - Zhiyuan Technology employs a unique "three-legged" business model targeting enterprise clients (To B), developers (To D), and end consumers (To Device), serving over 12,000 enterprises and 2.7 million developers [7]. - Financially, the company's revenue grew from 57.4 million RMB in 2022 to 312.4 million RMB in 2024, with a compound annual growth rate of 130% and a gross margin of 64.6% in 2023 [7]. - Despite significant revenue growth, the company reported increasing adjusted net losses, from 97 million RMB in 2022 to 2.466 billion RMB in 2024, primarily due to high R&D costs [7]. Group 4: Investment and Market Impact - Prior to its IPO, Zhiyuan Technology completed eight rounds of financing, raising over 8.3 billion RMB, with investments from major players like Meituan, Ant Group, and Tencent [8]. - The company's market valuation increased significantly, with its valuation rising from 2.8 billion RMB in the B round to over 50 billion HKD post-IPO, reflecting a 17-fold increase [8]. - The IPO of Zhiyuan Technology is expected to reshape investment logic in the hard technology sector, encouraging further capital inflow into Chinese AI core assets [11]. Group 5: Future Outlook - Zhiyuan Technology plans to allocate 70% of the IPO proceeds to the development of general AI models and 10% to optimizing its MaaS platform [12]. - The company aims to enhance its core capabilities and expand its applications, with a focus on domestic chip optimization and training [12]. - The successful IPO of Zhiyuan Technology is anticipated to pave the way for other large model companies to go public, indicating a sustained investment trend in hard technology [12].