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].

Core Viewpoint - The article highlights the successful IPO of Beijing Zhiyu Huazhang Technology Co., Ltd. (Zhiyu), marking it as the world's first publicly listed company focused on General Artificial Intelligence (AGI) foundational models, with significant market interest and a strong investment backing [3][5][16]. IPO Details - Zhiyu officially listed on the Hong Kong Stock Exchange on January 8, 2026, under the stock code "2513" [3]. - The company issued 37,419,500 H-shares, with the Hong Kong public offering being oversubscribed by 1,159.46 times and the international offering by 15.28 times [3]. - The IPO raised over HKD 4.3 billion, with shares opening at HKD 120, giving the company a market capitalization exceeding HKD 52.8 billion [3]. Company Vision and Technology - The chairman of Zhiyu, Liu Debing, emphasized the company's commitment to AGI, stating that their goal is to enable machines to think like humans [5]. - Zhiyu has developed the GLM (General Language Model) framework, which has led to the creation of several pioneering models, including the first hundred-billion model and the first open-source trillion model [6][10]. - The GLM technology employs both bidirectional and unidirectional attention mechanisms, enhancing robustness and controllability while reducing hallucination [7]. Research and Development - Zhiyu's R&D investments from 2022 to 2025 are projected to be CNY 0.84 billion, CNY 5.29 billion, and CNY 21.95 billion, respectively, with a team of 657 researchers [7]. - The GLM series models undergo iterations every 2-3 months, maintaining a leading position in the global market [7]. Market Performance and Business Model - Zhiyu's revenue has shown significant growth, with projections indicating a compound annual growth rate of 130% from 2022 to 2024 [15]. - The company has established a robust business model centered around Model as a Service (MaaS), which has attracted over 2.7 million developers and enterprises [13][15]. - The annual recurring revenue (ARR) from the GLM Coding package surpassed CNY 100 million within two months of its launch [13]. Global Recognition and Competitive Position - Zhiyu has gained international attention, with its models being adopted by various global AI platforms and companies [10][12]. - The company is positioned to leverage its technological advancements and market presence to compete with international giants in the AI sector [16][19]. Investment and Support - Zhiyu has completed eight rounds of financing, raising over CNY 8.3 billion from various investors, including major tech firms and venture capital [18]. - The support from investors has been crucial in helping Zhiyu navigate the competitive landscape and achieve its milestones [19][22].

一批新晋氪金客户正在用最"传统"的营销，试图砸出一个国民级入口。 "健康是福，健康的事就找阿福。" 最近一段时间，因为一句洗脑的的广告词，主持人何炅意外享受到了"顶流"般的地广待遇。 阿福更多切入的是医疗体系之外、但又与普通人高度相关的日常健康决策场景。因此，在完成品牌升级后，阿福采用了一条偏消费品，却有保持克制 的"矛盾"路线。 地铁、机场、电梯、视频网站/社交媒体开屏与信息流，阿福的广告几乎无处不在。只要生活在数字化时代，相信很难错过它的身影。 这波投放很快在社交媒体上引发讨论。但大家讨论的焦点并非是广告内容本身，而是意外落到了其他方面，一是代言人选择了鲜少出现在商业代言的何 炅，二是惊讶支撑如此无死角、饱和式曝光策略背后的雄厚资金实力。有从业者半开玩笑地感慨，"也想体验一次没有被预算束缚的投放"。 蚂蚁阿福官宣何炅为全球品牌代言人 品牌客户"抠抠搜搜"又一年的时候，AI 行业正在不断刷新着预算的上限。从 Kimi、元宝单月投放过亿，到如今阿福铺天盖地，一批新晋氪金客户正在用 最传统的营销方式，试图砸出一个国民级入口。 为什么是阿福？ 阿福的前身，是蚂蚁集团旗下的 AI 健康管理应用 AQ。近期，通过品牌 ...

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 ...

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].

Core Viewpoint - The core viewpoint is that the Chinese capital market is expected to perform beyond expectations in 2025, with significant potential for the development of AI technology companies, leading to the emergence of trillion-dollar companies in China being only a matter of time [2][4]. Group 1: Chinese Capital Market Outlook - In 2025, the Hong Kong stock market is projected to have 119 new listings, raising approximately 285.8 billion HKD, regaining its position as the global leader in IPO fundraising [3]. - The MSCI China Index currently has a price-to-earnings ratio of about 13 times, slightly above the past ten-year average, indicating that Chinese assets are not in an overheated state [3]. - The investment participation rate remains significantly lower than historical peaks, suggesting room for growth in the market [3]. Group 2: International Investor Interest - There has been a notable shift in international investors' attitudes towards Chinese assets, moving from a wait-and-see approach to active participation, with some foreign institutions re-establishing teams to engage in the Chinese market [5]. - International long-term funds are increasingly participating as cornerstone or core institutional investors in Hong Kong IPOs and refinancing projects, indicating a clear trend of international capital returning to Chinese assets [5]. - The MiniMax IPO has attracted significant international investor interest, with a Middle Eastern sovereign fund being the largest cornerstone investor [5]. Group 3: AI Technology Companies in China - The total market capitalization of Chinese AI technology companies is approximately 5 trillion USD, compared to 30 trillion USD for U.S. AI technology companies, highlighting the growth potential in this sector [5]. - Currently, the market capitalization of Chinese AI companies accounts for only 25% of the total market value, while the U.S. proportion is between 40% and 45%, indicating significant room for growth in the Chinese AI sector [5].

SINGAPORE, Jan 8 (Reuters) - Three Chinese technology firms debuted higher on Thursday after raising a combined $1.19 billion, bolstering Beijing's quest to compete with the U.S. in high-tech and setting the tone for what could be yet ​another busy year for new listings in Hong Kong. All of the debutants traded above their offer prices. Artificial intelligence ‌company Zhipu AI, also known as Knowledge Atlas Technology, opened 3.3% higher than its offer price of HK$116.20 apiece and traded around HK$126.0 ...

By Yantoultra Ngui SINGAPORE, Jan 8 (Reuters) - Three Chinese technology firms debuted higher on Thursday after raising a combined HK$9.3 billion ($1.19 billion), setting the tone for what ​investors hope will be a busier year for new listings in Hong Kong. All ‌of the debutants traded above their offer prices. Artificial intelligence company Zhipu AI, also known as Knowledge Atlas Technology, ‌opened 3.3% higher than its offer price of HK$116.20 apiece and traded around HK$116.40. Shanghai Iluvatar Co ...

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 ...