Core Viewpoint - Zhiyu (Beijing Zhiyu Huazhang Technology Co., Ltd.) is set to become the "first global large model stock" by launching its IPO on the Hong Kong Stock Exchange, with the listing date scheduled for January 8, 2026 [1] Group 1: IPO Details - Zhiyu plans to issue 37.42 million H-shares, with 1.87 million shares for public offering in Hong Kong and 35.55 million shares for international offering [3] - The estimated fundraising amount is expected to reach HKD 4.3 billion, with a projected market capitalization exceeding HKD 51.1 billion at the IPO price of HKD 116.20 per share [3] - Cornerstone investors are set to subscribe for approximately HKD 2.98 billion, accounting for nearly 70% of the total offering [3] Group 2: Market Position and Financials - According to Frost & Sullivan, Zhiyu ranks first among independent general large model developers in China and second among all general large model developers, holding a market share of 6.6% with projected revenue of RMB 310 million for 2024 [3] - Revenue figures for Zhiyu are reported as RMB 57.4 million in 2022, RMB 125 million in 2023, and RMB 312 million in 2024, reflecting a compound annual growth rate of 130% [4] - Despite revenue growth, Zhiyu has not yet achieved profitability, with net losses increasing from RMB 143 million in 2022 to RMB 788 million in 2023, and projected to reach RMB 2.958 billion in 2024 [4] Group 3: Business Model and Use of Proceeds - Zhiyu has been developing a MaaS (Model as a Service) business model since 2021, emphasizing comprehensive model capabilities and extensive application scenarios [4] - Approximately 70% of the net proceeds from the IPO (around HKD 2.9 billion) will be allocated to R&D for general AI large models to strengthen competitive positioning [5] - About 10% of the funds (approximately HKD 420 million) will be used to optimize the MaaS platform and enhance infrastructure [6]

截至收购前，其平台已处理超147万亿个token，创建超8000万台虚拟计算机，技术上以"能力溢出"挖掘 技术登顶RLI基准测试。 文 | 象先志 今早，Meta 完成了一项大收购，将智能体初创公司 Manus 收入麾下。 目前，双方交易的具体细节（包 括具体收购金额等）尚未公布。 这家曾植根中国、后迁至新加坡的AI智能体明星企业，其成长路径与最终归宿，精准折射出中国创业 者的机遇与困境。 对于正处在技术突围与全球化探索关键期的中国大模型创业公司而言，这场收购既是参照，也是警示。 从中国初创到巨头收购， Manus的转型与逆袭 2025年12月30日，Meta官宣完成对AI智能体公司Manus的收购，交易跻身其成立以来第三大收购案。 Manus的前身是成立于中国的北京蝴蝶效应科技有限公司，创始人肖弘为核心操盘者。 2023年8月，Manus在新加坡注册主体，早早埋下全球化布局的伏笔。 2025年3月产品正式上线，仅用8个月就实现1.25亿美元年化营收，成绩惊艳行业。 背后资本支持阵容强大，真格基金、红杉中国、腾讯等中美头部资本均有入局，估值从1400万美元飙升 至近5亿美元。 而这一切的前提，2025年7月， ...

Core Viewpoint - The Hong Kong stock market, particularly the internet sector, is experiencing a downturn, with the Hong Kong Internet ETF (513770) showing signs of bottoming out despite recent fluctuations. The ETF has seen a net inflow of 35.89 million yuan, indicating some investor interest amidst the decline [1][3]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) opened lower and fluctuated, reaching a new low since October, with a decrease of 0.19% [1]. - The index tracked by the ETF has dropped over 19% since October, with the latest price-to-earnings (PE) ratio at 24.38, which is significantly lower than the 25th percentile of the past five years [2][3]. Group 2: Investment Opportunities - Analysts suggest that the current valuation of Hong Kong internet stocks reflects pessimistic expectations, and with potential interest rate cuts from the Federal Reserve, a favorable investment window is emerging [3]. - The internet sector, particularly driven by AI advancements, is expected to be a strong market rebound driver, with major companies transitioning from competition for traffic to competition based on ecosystem capabilities [3]. Group 3: ETF Characteristics - The Hong Kong Internet ETF (513770) passively tracks the CSI Hong Kong Internet Index, heavily investing in leading companies like Alibaba, Tencent, and Xiaomi, with over 73% of its top ten holdings focused on AI and cloud computing [3]. - The ETF has an average daily trading volume exceeding 600 million yuan, providing good liquidity and supporting intraday T+0 trading without QDII quota restrictions [3].

Core Viewpoint - Manus is set to be acquired by Meta, marking a significant recognition of Manus's work in the general AI agent field. This acquisition is Meta's third-largest in history, valued at several billion dollars, following its previous acquisitions of WhatsApp and Scale.ai [3][4]. Group 1: Acquisition Details - Manus has processed over 147 trillion tokens and created more than 80 million virtual computers since its launch [3]. - The acquisition aims to strengthen Manus's strategic position in AI applications, allowing for scalable and reliable systems to execute user tasks in real-world scenarios [3]. - Following the acquisition, Manus will continue to operate independently, with its CEO, Xiao Hong, becoming a Vice President at Meta [4]. Group 2: Market Context and Implications - The acquisition took only about ten days to finalize and serves as a significant encouragement for young entrepreneurs in the AI era [5]. - Prior to the acquisition, ByteDance had offered approximately $30 million for Manus, indicating the competitive landscape for AI startups [5]. - Manus was reportedly attempting to secure a new round of financing with an annual recurring revenue (ARR) exceeding $100 million [5]. Group 3: Industry Trends - The AI model landscape is transitioning from "unlimited data" to a "limited data" phase, emphasizing the importance of architectural and data innovations [6]. - By acquiring Manus, Meta aims to address its shortcomings in productization and commercialization within the general intelligence domain, although it does not resolve ongoing issues related to model performance and infrastructure [6]. - The acquisition reflects a shift in industry competition from foundational models to application-level capabilities [6]. Group 4: Strategic Insights - The acquisition is seen as a strategic move for Meta to enhance its general agent platform capabilities, with potential positive effects on its platforms like Facebook [7]. - Manus's strategy involves collaborating with major tech companies to integrate the best models, which may change post-acquisition as it aligns more closely with Meta's objectives [7].

Core Insights - Meta's acquisition of Manus is a significant move amidst its ongoing anxiety regarding competition in the AI sector, but it is not a "magic bullet" solution to its challenges [4]. Group 1: Acquisition Details - Manus has been acquired by Meta for a price in the billions, marking Meta's third-largest acquisition, following the $19 billion purchase of WhatsApp in December 2014 and the $14 billion acquisition of Scale.ai in June 2025 [2]. - Manus has processed over 147 trillion tokens and created over 80 million virtual computers since its launch, indicating its substantial operational scale [2]. - The acquisition is expected to enhance Manus's strategic position in AI applications, allowing for scalable and reliable systems to execute user tasks [2]. Group 2: Market Context and Implications - The acquisition reflects the rising valuations of AI startups, driven by the growth of Chinese AI entrepreneurs and the anxiety of American tech giants like Meta [4]. - Meta's aggressive strategy in 2025 includes model iteration, computational infrastructure, organizational restructuring, and capital mergers, but results have been underwhelming, as evidenced by Morgan Stanley lowering Meta's target price from $820 to $750 [4]. - The AI landscape is shifting from a focus on foundational models to application-level capabilities, as indicated by industry experts [4]. Group 3: Strategic Significance - The acquisition is seen as a way for Meta to quickly address its shortcomings in productization and commercialization within the general intelligence domain, although it does not resolve ongoing issues related to model performance and computational infrastructure [4]. - Manus's CEO expressed optimism about the partnership, emphasizing that it allows Manus to grow on a stronger foundation without altering its operational mechanisms [3]. - The collaboration is expected to enhance Meta's capabilities in its general agent platform, potentially leading to significant effects across its platforms like Facebook [5].

北京时间12月30日，Manus官方宣布，"Manus 即将加入 Meta。" 于Manus而言，作为一家初创公司，Meta的收购是对Manus 在通用 AI Agent 领域里工作的认可。于 Meta而言，此次收购系Meta历史上第三大规模收购案，数十亿美元价格仅次于2014年12月190亿美元收 购 WhatsApp，2025年6月140亿美元收购 Scale.ai。 技术路线上，整个大模型赛道迈入基础大模型增长瓶颈，从"无限数据"进入"数据有限"阶段。Gemini 3 预训练负责人之一Sebastian Borgeaud此前表示，规模依然重要，但架构创新和数据创新的权重已显著提 升，甚至变得更为关键。这样的节点，拥有一定规模订阅用户群体以及工程化能力的Manus ，顺势进入 Meta视野。 据Manus官方12月初统计的数据，上线至今，Manus 已处理超过 147 万亿个 token，并创建了超过 8000 万台虚拟计算机。此次与Meta携手，Manus方面表示，将进一步巩固 Manus 在 AI 应用层的战略位置 ——将人工智能能力转化为可规模化、可靠的系统，在实际使用场景中端到端执行用户交给的任务 ...

Group 1 - The core point of the article is the acquisition of the startup Manus by Meta for several billion dollars, marking Meta's third-largest acquisition since its inception, following WhatsApp and Scale AI [1][8] - Manus, founded only three years ago, gained significant attention in the AI sector, particularly after the launch of its AI agent, which drew comparisons to DeepSeek [3][5] - Following a rapid rise in valuation from $85 million to $500 million after a new funding round, Manus faced challenges, including a significant reduction in its team and relocation of its headquarters out of China [5][8] Group 2 - Meta's acquisition of Manus was completed in a remarkably short time frame of about ten days, surprising many in the venture capital community [8] - The acquisition reflects Meta's strategy to bolster its AI capabilities amid intense competition from other tech giants like Microsoft, Amazon, and Google, who are heavily investing in AI [5][8] - Meta's AI strategy has shifted significantly, moving from open-source models to a focus on proprietary models, with plans for a new closed-source model expected to launch in 2026 [23][42] Group 3 - The article highlights the competitive landscape in the AI sector, with Meta's early investments in AI not yielding the expected leadership position, particularly after the rise of ChatGPT [9][18] - Meta's restructuring of its AI teams and the significant layoffs indicate a strategic pivot in response to competitive pressures and internal challenges [19][22] - The ongoing talent war in Silicon Valley has intensified, with Meta's aggressive hiring practices impacting the broader tech ecosystem [24][22] Group 4 - Meta's traditional business model is under threat from competitors like TikTok, which has surpassed Facebook and Instagram in user engagement [25][29] - The company's heavy investment in the metaverse has not yet proven to be commercially viable, leading to substantial financial losses in its Reality Labs division [34][32] - Despite challenges, Meta is attempting to integrate AI into its metaverse strategy, including updates to its smart glasses, but faces delays and technical hurdles [37][40]

招股书显示，公司2022年、2023年及2024年营业收入分别为5740万元、1.245亿元及3.124亿元人民币， 三年复合年增长率为130%；2025年上半年收入为1.9亿元。收入主要来源于大模型相关业务，包括模型 即服务（MaaS）平台与本地化部署，支撑其成为中国最大的独立通用大模型厂商。 北京智谱华章科技股份有限公司于2025年12月30日通过港交所公告，计划发行37,419,500股H股，发行 价格定为每股116.2港元。该H股预计将于2026年1月8日在香港联合交易所主板开始交易。 中国证监会国际合作司于12月22日发布备案通知书，核准公司发行不超过43,032,400股境外上市普通 股。此前，智谱于12月19日披露招股书，明确计划推进港股上市。 ...

智谱华章每股发行价为116.20港元，扣除相关费用后，本次募资规模预计将达43亿港元，本次IPO市值预计超511亿港 元。 本报记者 梁傲男 12月30日，北京智谱华章科技股份有限公司（以下简称"智谱华章"）正式开启港股招股，至2026年1月5日结束，并计 划于2026年1月8日正式以"2513"为股票代码在港交所主板挂牌上市。公司拟全球发售3741.95万股H股，其中香港公开 发售187.1万股H股，国际发售3554.85万股H股。 作为"全球大模型第一股"标的，智谱华章以稀缺性获得资本青睐，吸引了JSC International Investment Fund SPC、JinYi Capital Multi-Strategy Fund SPC、Perseveranc Asset Management、上海高毅等11家投资机构作为基石投资者，共拟认购 29.8亿港元。 作为国内商业化起步较早的大模型厂商，智谱华章以MaaS模式，即通过API调用向开发者和企业输出智能能力。招股 书显示，智谱云端MaaS和订阅业务呈现指数级增长趋势，MaaS平台的企业和开发者用户数超290万。 截至目前，智谱大模型已赋能了全 ...

格隆汇12月30日｜北京智谱华章科技股份有限公司(简称"智谱华章")今日正式开启港股招股，至2026年 1月5日结束，并计划于2026年1月8日正式以"2513"为股票代码在港交所主板挂牌上市。全球公开发售文 件显示，智谱计划在本次IPO中发行3741.95万股H股。其中，香港公开发售187.1万股H股，国际发售 3554.85万股H股。以每股116.20港元发行价计算，智谱本次IPO募资总额预计将至多达51亿港元(假设超 额配股权全部获行使)，IPO市值预计超518亿港元(假设超额配股权全部获行使)。 ...