Core Insights - Beijing Zhiyu Huazhang Technology Co., Ltd. (02513.HK) officially listed on the Hong Kong Stock Exchange, becoming the world's first publicly traded company focused on general artificial intelligence foundational models [1] - The company aims to achieve Artificial General Intelligence (AGI) and has made significant progress with its GLM algorithm architecture, particularly with the release of GLM-4.7 in 2025 [1] Company Overview - Zhiyu was established in 2019, originating from Tsinghua University's technology transfer, and specializes in AGI research [2] - According to a Frost & Sullivan report, Zhiyu ranks first among independent general model developers in China and second among all general model developers globally [2] Financial Performance - Revenue figures for Zhiyu from 2022 to 2025 (up to June) are as follows: 0.57 million, 1.25 million, 3.12 million, and 1.91 million [2] - Net profits for the same period show losses of -1.44 billion, -7.88 billion, -29.58 billion, and -23.58 billion [2] - Research and development expenses for the years 2022 to 2025 are 0.84 billion, 5.29 billion, 21.95 billion, and 15.95 billion respectively [2] - Cumulatively, from 2022 to the first half of 2025, Zhiyu has generated total revenue of 6.85 billion, incurred a net loss of 62.47 billion, and spent 44.03 billion on R&D [2]

智谱董事长刘德兵在上市致辞中讲道："智谱的Z是字母表中的最后一个，代表终极境地，智谱将持续 探索AGI的智能上界。" 截至发稿，智谱股价报126港元/股，当日涨幅达8.4%。 编辑 杨娟娟 新京报贝壳财经讯（记者张晓慧 罗亦丹）1月8日，智谱（02513.HK）正式在香港联合交易所挂牌上 市，成为"全球大模型第一股"，开盘报120港元/股，市值突破528亿港元。 此前，智谱全球发售文件显示，智谱拟在全球发售3741.95万股H股，其中香港公开发售748.39万股，国 际发售2993.56万股；配发结果显示，智谱公开发售认购水平达1159.46倍，国际发售认购水平达15.28 倍。 智谱成立于2019年，由清华大学技术成果转化而来，专注AGI的研发。弗若斯特沙利文报告显示，按 2024年收入计算，智谱在中国独立通用大模型开发商中排名第一，在所有通用大模型开发商中排名第 二。 上市当日，清华大学计算机系教授、智谱创立发起人兼首席科学家唐杰发布内部信，提到2026年智谱将 聚焦新一代模型GLM-5、全新的模型架构设计、具有更强泛化能力的RL等，"很快GLM-5将跟大家见 面"。 校对 杨利 ...

Core Insights - Beijing Zhiyu Huazhang Technology Co., Ltd. (02513.HK) has officially listed in Hong Kong on January 8, 2023, and is set to launch its next-generation model GLM-5 soon [2] Group 1: Company Development - The company launched its self-developed large model algorithm architecture GLM in 2020, attempting to train a base model with 10 billion parameters, which was trialed by several enterprises including Meituan [2] - From 2021 to 2022, the development of large models faced challenges, with skepticism about the feasibility of making machines think like humans, leading the team to decide to train a larger model with 130 billion parameters [3] - In mid-2022, the GLM-130B model was created, and the MaaS platform was launched, resulting in the first batch of real API users [3] Group 2: Market Trends and Challenges - In 2023, the company recognized that AI would disrupt search and browsers, leading to a new AI assistant for everyone, which would fundamentally reshape computing logic [3] - The emergence of DeepSeek served as a wake-up call for the team, highlighting the challenges ahead, including a nationwide price war and the need to find a precise breakthrough [4] - The company identified a focus on coding as a direction, leading to the release of GLM-4.1 and GLM-4.5, with 150,000 developers using the GLM Coding Plan, resulting in an annual recurring revenue (ARR) exceeding 500 million, a 25-fold increase in just 10 months [4] Group 3: Future Focus and Innovations - The company plans to concentrate on the GLM-5 base model, a new model architecture design, and stronger generalization capabilities through reinforcement learning (RL) by 2026 [4] - The next generation of learning paradigms, including online learning and continual learning, will be strategically developed [4] - A new department, X-Lab, has been established to attract young talent for frontier exploration in model architecture and cognitive paradigms, while also expanding external investments to connect the industry [5]

Core Viewpoint - The listing of Beijing Zhiyu Huazhang Technology Co., Ltd. on January 8, 2026, marks it as the "first stock of AI large models" globally, with a market capitalization exceeding 50 billion HKD, highlighting a significant milestone in the AGI industry [4][6]. Company Overview - Zhiyu, as the first company among China's "six small tigers" in AI large models to initiate an IPO, has attracted considerable attention. The company was founded in 2019 and is based in Zhongguancun, Beijing, emerging from Tsinghua University's technology transfer [8][9]. - The company has developed a full-stack model matrix covering language, code, multimodal, and intelligent agents, adapting to over 40 domestic chip types, maintaining technological parity with global leaders [8]. Financing and Investment - Prior to its IPO, Zhiyu completed eight rounds of financing, raising over 8.3 billion CNY, with a pre-IPO valuation of 24.38 billion CNY, supported by a range of prestigious institutional investors [9][11]. - The shareholder structure includes a mix of top VC/PE firms, industry giants, state-owned platforms, and international capital, showcasing a robust capital path typical for AI hard tech enterprises [11][14]. - Major investors include Sequoia China, Qiming Venture Partners, and Tencent Investment, with Meituan holding 4.27% of shares pre-IPO, indicating strong industry collaboration [16]. IPO Details - Zhiyu's global offering consisted of 37.42 million H-shares, with a public offering portion receiving approximately 1164 times oversubscription, reflecting high market interest [8]. - The IPO price was set at 116.20 HKD per share, leading to a market capitalization of over 51.1 billion HKD at listing [8]. Market Impact and Future Challenges - The successful listing of Zhiyu shifts the narrative in the AI large model sector from a focus on technology to the realization of commercial value, serving as a benchmark for the industry [19]. - Despite the successful financing, the company faces challenges in bridging the gap in R&D costs and accelerating the commercialization process post-IPO, which will be critical for its future growth [19].

大模型第一股来了 过去5年时间，智谱经历了从出发到加速，再到超速的发展历程。仅仅从融资端看，这场你方唱罢我登场的融资大战，几乎是一触即发。 烧钱与闭环、技术与路径、商业化陷阱和行业应用，在各种疑难杂症的交织下，促成了大模型赛道激情热情又寒冷巨变的一出大戏。 2023年，可能是大模型赛道最"混乱"的一年。 这一年，智谱公开了5轮融资，高瓴、君联、红杉、美团、顺为、腾讯、阿里云纷纷登场。 不仅是融资层面，米磊回忆，这场"混乱"在于，互联网巨头们也纷纷下场，开始在大模型领域攻城略地。 在这之前，大模型项目的竞争，仅仅围绕着初创项目在赛道，但巨头一出手，这场不知目的地的长跑，顿时变成了加速的跨栏赛。难题提升了，更重要的 是，节奏变了。 而这场竞赛，仍然在持续，只是战场从一级市场，转而登上二级市场。 就在今日，智谱登陆港交所，成为"全球大模型第一股"。今日开盘涨超3%，截至发稿，市值为540亿港元。而距离智谱出发，也仅仅6年时间。 这一路中，发生了诸多不为人知的故事。我们试图从资本端的角度，去解释智谱的成长，以及大模型赛道的演变。 米磊找到创始团队，问他"创不创业？"并约定了，"创业一定要告诉我"的承诺。 时间回到20 ...

Core Viewpoint - The article highlights the successful IPO of Zhizhu, referred to as the "Chinese version of OpenAI," marking it as the first global AGI base model company to be listed, with a market capitalization exceeding 52.8 billion HKD on its first trading day [1][27]. Group 1: IPO Details - Zhizhu's IPO raised over 4.3 billion HKD, with an oversubscription rate of 1159.46 times for the public offering and 15.28 times for the international offering [4][5]. - The stock opened at 120 HKD, rising over 3% on its first day of trading, with a trading volume of 6.1245 million shares [2]. Group 2: Company Background and Investment - The company has attracted significant investment from 11 cornerstone investors, including major state-owned enterprises and top insurance and public funds, accounting for nearly 70% of the shares offered [8]. - Zhizhu has previously secured over 8.3 billion CNY in funding through eight rounds of financing, with notable backers including Meituan, Alibaba, and Tencent [9][10]. Group 3: Technological Strength - Zhizhu's flagship model, GLM-4.7, has achieved top rankings in various global AI benchmarks, showcasing its competitive edge in the AI landscape [12]. - The GLM architecture is compatible with over 40 domestic chips, and the AutoGLM 2.0 can control 80 million devices, with a daily token usage of 4.6 trillion [14]. Group 4: Financial Performance - Zhizhu's revenue has shown impressive growth, with a compound annual growth rate of 130%, increasing from 57.4 million CNY in 2022 to 312.4 million CNY in 2024, and a 325% year-on-year increase in the first half of 2025 [16]. - The company has a significant user base, with over 2.7 million enterprises and developers using its platform, and its subscription product has quickly surpassed 100 million CNY in annual recurring revenue [19]. Group 5: Research and Development Investment - Zhizhu has invested over 4.4 billion CNY in R&D from 2022 to the first half of 2025, with a projected R&D expenditure of 2.195 billion CNY in 2024, which is seven times its revenue for that year [21][24]. - 70% of the funds raised from the IPO will be allocated to further R&D in large models, indicating a commitment to building a strong technological foundation [24]. Group 6: Industry Significance - The listing of Zhizhu signifies a milestone for Chinese AGI companies, marking their entry into the international capital market and a shift from "technology following" to "global competition" [27].

Core Insights - The core focus of the company is on advancing model architecture and learning paradigms, which are seen as critical for the next phase of AI development. The year 2026 is anticipated to be a breakthrough year for AI in replacing various jobs and tasks [1][19]. Group 1: Company Developments - The company announced the upcoming release of its new model, GLM-5, on January 8, coinciding with its public listing. The founder emphasized the importance of creating useful theories, technologies, or products in the pursuit of AGI [1][19]. - The company successfully launched its foundational model GLM-4.7 on December 23, which ranked first among domestic models and tied for sixth globally with Claude 4.5 Sonnet [2][20]. - The company achieved significant revenue growth, with its MaaS platform's annual recurring revenue (ARR) increasing from 20 million to 500 million (a 25-fold increase) within ten months following the GLM-4.7 release [29]. Group 2: Strategic Focus and Goals - The company plans to focus on three key technical directions for 2026: new model architecture design, more generalized reinforcement learning (RL) paradigms, and exploration of continuous learning and self-evolution [2][20]. - The company aims to become a leading global player in large models by 2026, emphasizing the need for innovative approaches and a commitment to long-term goals rather than short-term gains [31][32]. - The establishment of a new department, X-Lab, is intended to foster innovative exploration and collaboration among young talents, focusing on groundbreaking ideas that align with the pursuit of AGI [32][33]. Group 3: Industry Context - The emergence of DeepSeek has posed a challenge to the company, prompting a strategic return to foundational model research [2][20]. - The company recognizes the need for a paradigm shift in AI applications, suggesting that the future of AI will not necessarily require new applications but will return to fundamental principles [2][20]. - The company acknowledges the rapid evolution of AI since the release of ChatGPT, indicating a lack of consensus in the industry and a need for a more structured approach moving forward [2][20].

Core Viewpoint - Beijing Zhipu Huazhang Technology Co., Ltd. (referred to as "Zhipu") officially listed on the Hong Kong Stock Exchange on January 8, 2026, becoming the "first global large model stock" [3][4]. Investment Background - Zhipu has received support from numerous well-known institutions, industrial capital, and local government state-owned assets, with Qiming Venture Partners leading the B1 round of financing in early 2022, prior to the global large model wave triggered by ChatGPT [3][4]. - Qiming Venture Partners has continued to support Zhipu in subsequent financing rounds (B2 and B4), demonstrating a commitment to long-term partnership rather than merely pursuing share allocation [4][6]. Technology and Innovation - Zhipu's success is attributed to three main factors: 1. Commitment to underlying technological innovation, with over 70% of R&D investment focused on computing power and foundational research [9]. 2. A clear and continuously validated commercialization path, utilizing a dual-driven model of "API calls + private deployment" [9]. 3. Efficient resource integration capabilities, securing valuable training resources through collaborations during early stages of computing power shortages [9]. Market Position and Future Outlook - Zhipu is currently the highest revenue-generating large model enterprise in China, with a focus on deepening industry understanding and providing stable, reliable solutions [9][10]. - The company aims to enhance model usability, develop high-value industry solutions, expand globally, and build a developer ecosystem post-IPO [10][11]. Investment Philosophy - Qiming Venture Partners' "half-step" investment methodology emphasizes early positioning before a consensus forms in the market, while avoiding premature involvement in unrefined research [12][13]. - The success of Zhipu's IPO validates this investment approach and signals to the market that persistent investment in core technological innovation can gain recognition from capital markets [11][12].

Core Viewpoint - The CEO of Zhipu AI, Zhang Peng, emphasizes that the company's primary goal is to explore what AGI (Artificial General Intelligence) truly is, rather than merely focusing on profit generation [1][2]. Group 1: Company Objectives - Zhipu AI aims to establish itself in the industry to better align with the current demands of artificial intelligence development, rather than just conducting research or seeking profits [1][2]. - The exploration of AGI is described as a process where technological advancement and commercialization are intertwined, making it impossible to separate the two in the current AI ecosystem [1][2]. Group 2: Industry Context - The approach taken by Zhipu AI mirrors the path followed by OpenAI, which has proven to be effective in the field of artificial intelligence [1][2].

Core Viewpoint - The company Zhiyu, known as the Chinese version of OpenAI, has officially listed on the Hong Kong Stock Exchange, becoming the world's first publicly traded AGI foundational model company, with a market capitalization exceeding 52.8 billion HKD on its first trading day [1][21]. Group 1: IPO Details - Zhiyu's IPO raised over 4.3 billion HKD, with an oversubscription rate of 1159.46 times for the public offering and 15.28 times for the international offering [4][25]. - The stock opened at 120 HKD, up over 3% from the previous close of 116.2 HKD, with a trading volume of 6.1245 million shares [2][22]. - The company attracted 11 cornerstone investors, including major state-owned enterprises and top insurance firms, securing 29.8 billion HKD in subscriptions, which accounted for nearly 70% of the offering [9][28]. Group 2: Technological Strength and Market Position - Zhiyu's flagship model, GLM-4.7, has achieved top rankings in various global AI indices, outperforming competitors like GPT-5.2 [29]. - The GLM architecture is compatible with over 40 domestic chip types, and its AutoGLM 2.0 can control 80 million devices, with an average daily token usage of 4.6 trillion [31]. - The company has seen its revenue grow significantly, with a compound annual growth rate of 130%, increasing from 57.4 million CNY in 2022 to 312.4 million CNY in 2024 [33]. Group 3: Investment and R&D Focus - Zhiyu has invested over 4.4 billion CNY in research and development from 2022 to mid-2025, with 74% of its workforce dedicated to R&D [37]. - The company plans to allocate 70% of its IPO proceeds to continue R&D in large models and 10% to optimize its MaaS platform [39]. - The business model has attracted over 2.7 million enterprises and developers in China, with nine of the top ten internet companies utilizing its platform [36].