Core Viewpoint - Beijing Zhipu Huazhang Technology Co., Ltd. (Zhipu) has officially listed on the Hong Kong Stock Exchange, raising approximately HKD 4.3 billion with an estimated market capitalization of HKD 51.1 billion, marking it as the "first global large model listed company" [3][20][21]. Group 1: Listing Details - The listing price was set at HKD 116.2 per share, with the stock initially rising over 3% before slightly retreating to HKD 116.5 per share at the time of reporting [3][18]. - The public offering was highly successful, with a subscription rate of 1159.46 times for the Hong Kong public and 15.28 times for international offerings [4][19]. - The stock experienced significant pre-listing interest, with dark pool trading showing a rise of nearly 38% to HKD 160 [4][19]. Group 2: Market Context and Implications - The successful listing of Zhipu is seen as a boost for domestic and international large model startups, potentially accelerating the listing pace of other Chinese large model companies [5][20]. - Industry experts suggest that the timing of the listing may be early, as the estimated market value of around RMB 50 billion is considered low for leading Chinese large model firms [6][22]. Group 3: Business Model and Financial Performance - Zhipu's core competencies include technological leadership, a comprehensive product matrix, and high commercialization efficiency, serving over 8,000 institutional clients [7][22]. - The company has reported rapid revenue growth, with revenue increasing from RMB 57.4 million in 2022 to RMB 312.4 million in 2024, reflecting a compound annual growth rate of over 130% [8][23]. - Despite revenue growth, Zhipu has not achieved profitability, with net losses projected to increase from RMB 1.437 billion in 2022 to RMB 29.58 billion in 2024 [9][23]. Group 4: Research and Development Focus - The primary reason for the losses is attributed to significant investments in research and development, which are expected to continue, with R&D expenses projected to reach RMB 2.1954 billion in 2024 [9][24]. - The company plans to allocate 70% of the funds raised from the IPO to enhance the development of general AI large models [11][26]. - Zhipu has adapted over 40 domestic chips for its operations, indicating a strategic focus on domestic computing power [9][24]. Group 5: Competitive Landscape - Zhipu positions itself as a company driven by data scientists and engineers, with a strong emphasis on foundational model research and typical industry applications [12][27]. - The company benefits from a highly focused approach, allowing it to make deep investments in specific markets despite having relatively fewer resources compared to larger firms [12][27]. - The board of directors includes several members with backgrounds from Tsinghua University, reflecting a strong academic foundation in its leadership [12][27].

Core Viewpoint - The article highlights the successful IPOs of Zhizhu Technology and Jingfeng Medical, showcasing the effectiveness of the Social Security Zhongguancun Special Fund managed by Junlian Capital in supporting innovative companies in Beijing's tech sector [2][3][4]. Group 1: Zhizhu Technology - Zhizhu Technology officially listed on the Hong Kong Stock Exchange with an IPO price of HKD 116.20 per share, achieving a market capitalization exceeding HKD 500 billion, marking it as the "first stock of global large models" [2]. - The company, founded in 2019, focuses on self-developed large models and has completed eight rounds of financing, raising over CNY 8.3 billion with more than 50 institutional shareholders [3][4]. - Junlian Capital, as the largest institutional investor, provided comprehensive support in strategic planning, talent development, and technology commercialization, contributing to Zhizhu's successful market entry [4]. Group 2: Jingfeng Medical - Jingfeng Medical, established in 2017, specializes in the development, production, and sales of surgical robots, becoming the first in China and the second globally to obtain approvals for multiple types of surgical robots [5]. - Junlian Capital has made three investments in Jingfeng Medical from 2024 to 2025, leveraging its industry resources to support the company's strategic planning and global market expansion [5]. - The company aims to enhance its R&D and production capabilities post-IPO, contributing to the advancement of high-end medical equipment in China [5]. Group 3: Social Security Zhongguancun Special Fund - The Social Security Zhongguancun Special Fund was established in July 2023, with a scale of CNY 5 billion, aimed at providing long-term stable funding for innovative enterprises in Beijing [6][7]. - The fund focuses on early-stage, innovative projects in technology, with a strategy to support companies that can successfully transition from technological achievements to industrialization [7][8]. - By December 2025, the fund had invested in 19 companies across various cutting-edge technology sectors, with a decision amount exceeding CNY 3 billion, driving a total social investment of over CNY 24 billion [8].

1月8日消息，智谱登陆港交所，开盘股价下挫，一度跌破发行价，触及116.1港元（发行价：116.2港 元），随后回升。截止发稿，智谱涨3.7%，成交额逾13亿港元，市值突破530亿港元。 | 02513 智谱 | | | | --- | --- | --- | | 120.500 + +4.300 +3.70% | | 交易中 01/08 10:15 | | * 42 日 = | | ● 快捷交易 | | 最高价 122.200 | 开盘价 120.000 | 成交量 1064.78万 | | 最低价 116.100 | 昨收价 116.200 | 成交额 13.44亿 | | 平均价 126.269 | 市盈率TTM 亏损 | 总市值 530.48亿元 | | 振 幅 5.25% | 市盈枣(静) 亏损 | 总股本 4.4亿 | | 换手率 4.94% | 市净率 -7.776 | 流通值 259.92亿 | | 52周景高 122,200 | 委 比 59.66% | 流通股 2.16亿 | | 52周最低 116.100 | 量 比 -- | 每 手 100股 | | 历史最高 122.200 | 股息 ...

"证明了一件事情说，这件事情它并不是一个镜中花、水中月，它还是可以走到这样的一个阶段的，它 是真的能走到产业级的。" 近日在《未竟之约》栏目中，智谱AI CEO张鹏在与张小珺对话中表示，包括智谱在内的这一波大模型 公司的上市对于行业来说是一个里程碑。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 专题：未竟之约：张小珺访谈录 专题：未竟之约：张小珺访谈录 "证明了一件事情说，这件事情它并不是一个镜中花、水中月，它还是可以走到这样的一个阶段的，它 是真的能走到产业级的。" 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 近日在《未竟之约》栏目中，智谱AI CEO张鹏在与张小珺对话中表示，包括智谱在内的这一波大模型 公司的上市对于行业来说是一个里程碑。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：晚点LatePost 真正决定下一阶段格局的，还是更底层的两件事——模型架构与学习范式。同时，应用侧可能会出现一 个清晰的方向：AI 替代不同工种/任务的爆发年。 唐杰说，今天是 "智谱生命中激动人心的一天"。他没有直接回应大模型公司的商业模式争议或给出智 谱 2026 年商业化目标，但强调，真正 "有人用"，能帮到更多的人的理论、技术或产品才是智谱在追逐 AGI 路上的重要成就。 DeepSeek 给中国大模型企业带来冲击，许多人认为，DeepSeek 现象级成功首先冲击了智谱的生态位， 它们有几乎同样的学术科研团队属性，而智谱在大模型开源生态中同样贡献良多。 内部信表示，智谱 2025 年如期完成了年初定下的战略，即 4 月发一个 "稳住阵脚" 的模型、年中发一个 "上牌桌" 的模型（成为 one of the best）、年底发一个 Top 1 的模型。 这种全面回归基础模型研究的战略是智谱对 DeepSeek 冲击的回应。12 月 23 日，智谱基座模型 GLM- 4.7 上线并开源，Artificial Analysis ...

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] Group 1: Company Overview - Zhipu has received support from numerous well-known institutions, industrial capital, and local government state-owned assets since its establishment [3] - The company has demonstrated its independent innovation in the underlying technology of artificial intelligence and its global competitiveness in model performance over six years [3] Group 2: Investment Insights - The initial investment interest in the new generation of AI began with the emergence of the Transformer architecture, leading to a shift from traditional "small model + tuning paradigm" to a new paradigm based on massive data [4] - The investment team conducted systematic research and comparisons with all emerging large model teams, finding Zhipu's model capabilities to be at a leading level during their evaluations [4] Group 3: Strategic Decisions - A key decision for Zhipu is to build an open-source ecosystem, allowing more developers to use their models and establish their own ecosystem [5] - The company’s extreme pursuit of technology and strategic layout in the open-source ecosystem have created a competitive moat in a fiercely competitive industry [5] Group 4: Broader Industry Context - The AI sector is entering a new round of industrial transformation, which is viewed as a long-term track [5] - The investment firm has also invested in leading companies in AI and hard technology, as well as various AI application fields, indicating a comprehensive approach to capturing development opportunities during the technological paradigm shift [5]

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].

智谱(02513)上市首日股价开盘报120港元/股，市值突破528亿港元。此次智谱IPO发行中，市场认购踊 跃，获得约1160倍超额认购。凭借"全球大模型第一股"标的的独特稀缺性，智谱此次IPO吸引了一支由 北京核心国资、头部保险资金、大型公募基金、明星私募基金和产业投资人构成的全明星基石投资阵 容，JSC International Investment Fund SPC、JinYi Capital Multi-Strategy Fund SPC、Perseverance Asset Management 等11家基石投资者合计认购29.8亿港元。 在商业模式上，智谱并未走重交付、强定制的传统企业AI路线，而是形成了以MaaS为核心的标准化产 品体系，通过API调用、模型订阅及本地化部署等方式，向企业及开发者交付"通用智能能力"，而非单 一场景应用。这一模式在香港及国际资本市场中更容易被理解与对标，也被认为具备与OpenAI、 Anthropic等海外龙头相近的可扩展(scaling)属性。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 ...

智谱(2513.HK)上市首日股价开盘报120港元/股，市值突破528亿港元。此次智谱IPO发行中，市场认购 踊跃，获得约1160倍超额认购。凭借"全球大模型第一股"标的的独特稀缺性，智谱此次IPO吸引了一支 由北京核心国资、头部保险资金、大型公募基金、明星私募基金和产业投资人构成的全明星基石投资阵 容，JSC International Investment Fund SPC、JinYi Capital Multi-Strategy Fund SPC、Perseverance Asset Management 等11家基石投资者合计认购29.8亿港元。在商业模式上，智谱并未走重交付、强定制的传 统企业AI路线，而是形成了以MaaS为核心的标准化产品体系，通过API调用、模型订阅及本地化部署等 方式，向企业及开发者交付"通用智能能力"，而非单一场景应用。这一模式在香港及国际资本市场中更 容易被理解与对标，也被认为具备与OpenAI、Anthropic等海外龙头相近的可扩展（scaling）属性。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 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：宋雅芳 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ "全球大模型第一股"智谱（02513.HK）在港交所主板挂牌上市，发行价为每股116.20港元，以120港元/ 股的价格开盘后，最高冲至121港元/股，但是之后震荡下行，最终在9：50分跌破发行价，跌至116.10港 元/股，后有所回升。 "全球大模型第一股"智谱（02513.HK）在港交所主板挂牌上市，发行价为每股116.20港元，以120港元/ 股的价格开盘后，最高冲至121港元/股，但是之后震荡下行，最终在9：50分跌破发行价，跌至116.10港 元/股，后有所回升。 股权架构图显示，其股东包括美团、蚂蚁、阿里、腾讯、小米等产业资本，达晨财智、君联资本、红杉 中国、高瓴创投、启明创投、顺为资本等一线机构及地方国资。 股权架构图显示，其股东包括美团、蚂蚁、阿里、腾讯、小米 ...