徐新，一笔回报50亿

Core Viewpoint - The article highlights the explosive growth of AI companies, particularly focusing on the stock performance of Zhipu and MiniMax, showcasing significant returns for investors and the emergence of AI as a wealth-generating sector in China [2][3][11]. Group 1: Zhipu's Stock Performance - Zhipu's stock surged over 130% in the five days leading up to the Lunar New Year, reaching a peak of 540 HKD on New Year's Eve, with a market capitalization exceeding 2200 billion HKD, nearly quadrupling since its IPO [2][3]. - The stock price increased from 203.2 HKD on February 9 to 312.4 HKD by February 11, with a market value surpassing 1500 billion HKD [3]. - Following the release of the GLM-5 model on February 12, Zhipu's stock rose by 28.68%, closing at 485 HKD and a market cap over 2100 billion HKD [3]. Group 2: Investment Insights - Xu Xin's Today Capital invested 2.5 billion RMB in Zhipu during its B3 financing round, which has yielded a return of approximately 20 times, equating to a paper profit of around 5 billion RMB [2][4]. - Zhipu has completed eight rounds of financing, raising over 8.3 billion RMB, with a diverse group of investors including Tsinghua University’s technology transfer platform [7][8]. - The article notes that the early investors in Zhipu, such as Zhongke Chuangxing, have also seen substantial returns, with some investments reportedly covering multiple funds [7]. Group 3: Employee Participation - As of June 2025, Zhipu has 883 employees, with 452 holding shares, representing 51.2% of the workforce [10]. - Employee stock ownership plans have resulted in significant wealth for employees, with some holding shares valued at over 80 billion HKD [10]. Group 4: Broader AI Market Trends - The article mentions that MiniMax also experienced rapid growth, with its market capitalization exceeding 2600 billion HKD shortly after its IPO [11]. - The success of Zhipu and MiniMax illustrates the potential for AI companies to transition from technology to commercial viability, attracting global investor interest [11][12]. - The article concludes by noting the unprecedented valuations of AI companies globally, highlighting the transformative impact of AI on wealth creation [12].