Core Viewpoint - The company, Birun Technology, is set to launch an IPO from December 22 to December 29, 2025, aiming to issue 248 million H-shares, with a price range of HKD 17.00 to HKD 19.60 per share, and is expected to start trading on January 2, 2026 [1] Group 1: Company Overview - Birun Technology develops General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions based on GPGPU, providing essential computing power for artificial intelligence (AI) [1] - The company's solutions integrate self-developed GPGPU-based hardware and proprietary BIRENSUPA software platform, supporting AI model training and inference across a wide range of applications from cloud to edge [1] - The technology has a strong performance in pre-training, post-training, and inference of large language models (LLMs), creating a significant competitive advantage in the domestic market [1] Group 2: Market Demand and Financials - The demand for computing solutions is increasing rapidly due to the growth of AI, particularly LLMs and generative AI, prompting the company to develop specialized technology products [2] - The intelligent computing solutions began generating revenue in 2023, with 14 and 12 clients contributing RMB 336.8 million and RMB 58.9 million in revenue for the fiscal years ending December 31, 2024, and June 30, 2025, respectively [2] - Assuming an offering price of HKD 18.30 per share, the net proceeds from the global offering are estimated to be approximately HKD 4.3506 billion, with 85% allocated for R&D of intelligent computing solutions [2] Group 3: Strategic Partnerships - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares amounting to USD 372.5 million under certain conditions [3] - Notable cornerstone investors include 3W Fund Management Limited, Qiming Venture Partners, and various insurance and asset management firms [3]

Group 1: Core Perspectives on AI Bubble Debate - The debate around the "AI bubble" is characterized by contrasting views, with some investors concerned about inflated valuations and others optimistic about long-term technological advancements [1][2][3] - The "bubble theorists" argue that there is a significant disconnect between capital market valuations and actual performance, citing a capital expenditure to revenue ratio of 6:1 in the US AI industry, which is higher than historical bubbles [1] - Conversely, "anti-bubble theorists" maintain that the strategic investments by major nations and the expanding application of AI from consumer to industrial sectors indicate a stable and long-term growth trajectory for the industry [2][3] Group 2: Structural Imbalances in AI Application - There is a structural imbalance in the AI industry, with upstream hardware remaining robust while mid-tier model developers struggle, and many downstream applications failing to achieve profitability [4] - Approximately 80% of companies deploying AI have not seen net profit increases, leading to divergent views on the industry's future profitability [4] - Optimists believe that current investments are essential for nurturing the industry, while pessimists fear that this imbalance could lead to financial crises reminiscent of past bubbles [4] Group 3: Policy and Regulatory Landscape - AI governance is still in an exploratory phase, with significant differences in regulatory approaches across countries, affecting the stability of expectations for multinational companies [4] - The US has pursued a deregulation strategy, while the EU emphasizes risk-based regulation, and China focuses on balancing development with security [4] Group 4: Understanding the AI Bubble - Traditional financial theories define bubbles as deviations of asset prices from intrinsic values, but the intrinsic value of AI is challenging to measure using conventional methods [5][6] - The emergence of an AI bubble may not necessarily be negative, as it represents capital's vote on future potential, providing necessary funding for technological development [5][6] - The core of the AI bubble debate involves a complex interplay between technological change, capital logic, short-term gains, and long-term value [6]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Beijing Haizhi Technology Group Co., Ltd. 北京海致科技集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、本公司的聯席保薦人、整體協調人、顧問或包銷團成員 表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長 註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根 據本文件中的資料作出任何投資決定； (b) 在聯 ...

Group 1: AI and Technological Innovation - Aier Eye Hospital is developing an "AI Digital Eye Hospital" to enhance eye health services through intelligent management and big data reporting for myopia prevention and treatment [2] - Sanofi Biologics is investing heavily in R&D, with expenditures exceeding 360 million yuan in 2023 and 370 million yuan in 2024, employing 879 R&D personnel, which is 18.28% of its total workforce [2][3] - The SinoGPT AI system combined with CGM technology provides continuous glucose monitoring and personalized intervention suggestions, with products available in over 3,800 hospitals and 220,000 pharmacies across China [3] Group 2: Business Environment and Support - Hunan province is enhancing its business environment through various policies and services, which has led to the establishment of 1,926 new companies by returning Hunan merchants, with total investment reaching 542.8 billion yuan [5] - Bosheng Group has expanded its operations globally, establishing a foreign trade ecosystem that includes overseas economic and trade cooperation zones, attracting over 2,200 companies [4] - The "Three Management and Three Non-Management" principle in Hunan's industrial guidance fund has provided comprehensive financial support to companies like Sanofi Biologics, enabling them to focus on innovation [4] Group 3: Strategic Development and Future Plans - Aier Eye Hospital is investing 2 billion yuan to create the "Oriental Eye Valley" industrial park in Changsha, aiming to strengthen the eye care industry chain over the next 8 to 10 years [7] - Sanofi Biologics is set to complete a global R&D center in Changsha with a 500 million yuan investment, focusing on integrating AI and digital technologies for diabetes management [7] - Bosheng Group plans to enhance cross-border channels and market networks while participating in Hunan's integrated domestic and foreign trade pilot projects [8]

Group 1 - The core viewpoint of the article is that global renewable energy is experiencing unprecedented growth, with China leading this significant transition, as highlighted by the recognition of "Global Renewable Energy Growth" as the top scientific breakthrough of 2025 by *Science* magazine [1] - In 2025, global renewable energy generation surpassed coal for the first time, with solar and wind energy growth rates sufficient to meet the new electricity demand in the first half of the year [1] - China's strong industrial system is identified as the main driver of this trend, producing approximately 80% of solar cells, 70% of wind turbines, and 70% of lithium batteries globally, while also maintaining a cost advantage [1] Group 2 - The article mentions that China's thriving green technology exports are transforming other regions, including Europe and countries in the Global South [1] - Other scientific breakthroughs recognized by *Science* magazine include advancements in gene editing for rare diseases, new treatments for gonorrhea, and significant progress in xenotransplantation [2] - Research on the Denisovans and heat-resistant rice, led by Chinese research teams, is also highlighted among the top breakthroughs [2]

Core Insights - ByteDance is expected to achieve record profits this year, with net profits reaching approximately $40 billion in the first three quarters and projected to hit around $50 billion for the full year 2025, surpassing internal targets and nearing Meta's profit levels [1] - The company's revenue is also anticipated to grow by over 20% this year, approaching Meta's expected revenue of about $200 billion [1] - ByteDance's monthly active users have exceeded 4 billion, comparable to Meta, driven by aggressive expansion in e-commerce and new markets, particularly through TikTok and live shopping initiatives [1] Revenue Goals - Founded in 2012, ByteDance owns popular digital services like Douyin and is competing in the AI sector with companies like Alibaba and Tencent, focusing on developing large language models and chatbots [2] - The company has maintained a revenue growth rate of over 20% in recent years, with a revenue target set for 2023 at approximately $186 billion, slightly lower than last year's 29% growth rate but still achievable [2] - ByteDance's Q1 revenue surpassed $43 billion, making it the highest-grossing social media company for that quarter, and Q2 revenue increased to about $48 billion, reflecting a 25% year-over-year growth [2] Valuation Trends - Investors have been raising ByteDance's valuation, with estimates from SoftBank's Vision Fund exceeding $400 billion, and other firms like Fidelity and T. Rowe Price estimating valuations of over $410 billion and $450 billion, respectively [2] - As a non-public company, ByteDance has been providing liquidity to employees through semi-annual share buybacks, with a recent buyback at $200.41 per share, raising its valuation to over $330 billion [3] - A significant secondary market transaction valued ByteDance at $4.8 billion, reflecting strong market interest in the company's AI technology and global expansion efforts [3]

Core Viewpoint - Zhipu AI, regarded as the "Chinese version of OpenAI," is preparing for its IPO on the Hong Kong Stock Exchange, having recently passed the hearing process [2][4]. Company Overview - Founded in 2019, Zhipu AI has raised over 8 rounds of financing, accumulating more than 8.3 billion RMB, with a current valuation of 24.38 billion RMB [3][59]. - The company focuses on the development of Artificial General Intelligence (AGI) and has created a complete system from foundational models to application products [4][5]. Technology and Product Development - Zhipu AI has developed the "GLM" series models, which support multi-modal inputs and outputs, demonstrating strong capabilities in understanding and generating text, images, and more [9]. - The company has released flagship models GLM-4.5 and GLM-4.6, achieving significant recognition in industry benchmarks [10][11]. - Zhipu AI's models have been recognized for their efficiency, with GLM-4.5 ranking third globally in industry standards and first in China [11]. Business Model and Commercialization - Zhipu AI has been implementing a Model as a Service (MaaS) business model since 2021, which has proven to be scalable and flexible, attracting over 2.7 million enterprise and application developers [23][24]. - The company has generated significant revenue from its models, with GLM-4.5/4.6 achieving over 1 billion RMB in income from global developers [25]. Financial Performance - Zhipu AI's revenue has shown rapid growth, with projected revenues of 57.4 million RMB in 2022, 124.5 million RMB in 2023, and 312.4 million RMB in 2024, reflecting a compound annual growth rate of 130% [29]. - The company maintains a high gross margin, with rates of 54.6%, 64.6%, and 56.3% from 2022 to 2024 [34]. Industry Context - The Chinese large language model market is projected to reach 5.3 billion RMB in 2024, with expectations to grow to 101.1 billion RMB by 2030, driven primarily by institutional clients [61]. - The commercialization paths for enterprise-level LLMs are becoming clearer, indicating a promising future for the industry [62].

Group 1 - Major AI companies like OpenAI, Google, and Perplexity are aggressively launching free subscription plans in India to attract users, resulting in significant increases in daily active users (DAU) [2][4] - ChatGPT's DAU in India has surged by 607% year-on-year, reaching 73 million, which is more than double the number of users in the US [2][4] - The Indian market is viewed as a vast resource for AI training data due to its large population and diverse languages, making it a critical area for AI development [5][10] Group 2 - OpenAI's strategy focuses on integrating its services into daily life, such as enabling UPI payments, which generates valuable interaction data [12][20] - Google collaborates with local telecom giant Reliance Jio to boost its Gemini user base, leveraging Jio's extensive reach and data collection capabilities [15][16] - Perplexity aims to gather data from Indian users by offering free access to its Pro version, significantly increasing its user engagement and data collection [17][19] Group 3 - The financial model for AI companies is shifting; instead of traditional profit models, they are focusing on data acquisition as a low-cost asset through free services [20][22] - Indian users, while benefiting from free AI services, are effectively acting as data contributors without compensation, creating a cycle of exploitation reminiscent of historical colonial practices [22][26] - The potential for AI development in India is immense, with Google positioned to leverage its diverse data sources, including video and voice data, to gain a competitive edge [28][31] Group 4 - The Indian government is becoming aware of the data sovereignty issues and is considering policies to retain data within the country, which could impact the operations of foreign tech giants [32][34] - The future of AI in India may hinge on the government's ability to regulate data outflow, potentially altering the landscape for companies operating in the region [33][34]

阿里千问（Qwen）是由阿里巴巴集团推出的开源大语言模型系列，自2023年8月起，陆续开源四代模 型。豆包则是字节跳动公司推出的AI工具，同样上线于2023年8月。 12月19日，阿里千问在其公众号发文称，自己"被AI整了"，此前在网络流传的 " 千问全员会，吃豆包 " 一图，系AI生成。不仅广场大会是假的，画面中的Logo与工牌也全是错的。 END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 网信办和证监会联手，一批涉资本市场不实信息的账号被处置 丨 突发！000592、603122，尾盘 直线跳水！ 丨 利好！涨停潮！ 丨 昨夜，这一赛道，大爆发！美联储，降息大消息！ 丨 重磅数据发 布！美股拉升！ 丨 吴清最新发声 丨 603288，拟每10股派3元！ 丨 稀土，大消息！商务部回应！ 丨 这一板块，爆发！多股涨停 丨 昨夜，美股大跌，科技股跳水！美联储，最新发声！ 丨 突发！阿 里创投减持 责编：叶舒筠 校对： 姚远 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 ...

Core Viewpoint - TianShu ZhiXin has successfully passed the listing hearing on the Hong Kong Stock Exchange, marking a significant step towards its IPO as a leading provider of general-purpose GPU chips and AI computing solutions in China [1] Company Overview - TianShu ZhiXin specializes in general-purpose GPU products, including the TianYai and ZhiKai series, which are designed for high performance, easy migration, and broad compatibility with major AI ecosystems and deep learning frameworks [1] - The company is the first in China to achieve mass production of inference and training general-purpose GPU chips, utilizing advanced 7nm process technology [1][2] Product and Market Positioning - The company’s product lineup includes general-purpose GPU chips, accelerator cards, and customized AI computing solutions, integrating hardware with proprietary software stacks to meet specific customer needs in training and inference scenarios [1][2] - TianShu ZhiXin has adopted a core philosophy of hardware-software co-design to strategically position itself in the growing market for general-purpose GPUs driven by the rise of AI technologies [2] Financial Performance - From 2022 to 2024, TianShu ZhiXin experienced rapid revenue growth, with revenues of 189 million, 289 million, and 540 million yuan respectively; in the first half of 2025, revenue reached 324 million yuan, a year-on-year increase of 64.24% [3] - Despite revenue growth, the company reported net losses of 554 million, 817 million, 892 million, and 609 million yuan during the same period due to increased R&D costs [3] Investment and Financing - Since its establishment, TianShu ZhiXin has completed multiple rounds of financing, with notable shareholders including DaCheng Capital, Shanghai Guosheng, and Dingli Capital [3] - The company has attracted investments from firms like FuSenMei, which has a history of investing in high-potential sectors including AI chips [3][4]