Core Viewpoint - The article provides an overview of recent IPO activities across Hong Kong, the US, and A-shares, highlighting several companies preparing for their public listings and their respective market positions. Group 1: Muxi Integrated Circuit - Muxi Integrated Circuit (Shanghai) Co., Ltd. officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, with the stock code "688802" [3] - Founded in 2020, Muxi is a leading domestic high-performance general-purpose GPU product company, focusing on the research, design, and sales of GPUs for AI training, inference, general computing, and graphics rendering [3] - Muxi's GPU products have achieved cumulative sales of over 25,000 units by the end of March 2025, with a revenue compound growth rate of 4074.52% over the past three years, and revenue of 915 million yuan in the first half of this year [5] Group 2: Woan Robotics - Woan Robotics (Shenzhen) Co., Ltd. plans to officially list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "6600" [7] - The company aims to become the "first stock of AI-embodied household robots," with an IPO market valuation between 14 billion and 18 billion HKD, raising up to 1.8 billion HKD [8] - Woan Robotics is recognized as the only company globally to comprehensively layout AI-embodied household robot systems, holding an 11.9% market share in the sector by 2024 [10] Group 3: Xunce Technology - Xunce Technology plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "3317," marking it as the first company in China's AI data sector to complete an IPO [12] - The company aims to raise up to 1.2375 billion HKD through its IPO, with a focus on real-time data infrastructure and analysis solutions [12] - Xunce Technology's real-time data solutions are noted for their speed and consistency, optimizing business efficiency and flexibility [14] Group 4: InSilico Medicine - InSilico Medicine plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "3696," aiming to raise up to 2.3 billion HKD [16] - The company is recognized as the largest biotech IPO in Hong Kong this year, with a focus on AI-driven drug development across various industries [17] - InSilico's core asset, Rentosertib, is a first-in-class candidate drug for idiopathic pulmonary fibrosis, showcasing the company's innovative capabilities [18] Group 5: Linqingxuan - Linqingxuan Cosmetics Group plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "2657," aiming to raise over 1 billion HKD [21] - The company is positioned as the leading high-end domestic skincare brand in China, with a complete product matrix in anti-wrinkle and firming skincare [22] - Linqingxuan ranks first among all domestic high-end skincare brands in China by retail revenue in 2024 [22] Group 6: 51WORLD - 51WORLD plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "6651," aiming to become the "first stock of Physical AI" [24] - The company has established a comprehensive technology capability in Physical AI, with products applied in various industries globally [24] - 51WORLD's revenue has shown significant growth, with a 63.6% increase in the first half of this year compared to the same period last year [26] Group 7: Qingsong Health Group - Qingsong Health Group plans to list on the Hong Kong Stock Exchange on December 23, 2025, with the stock code "2661," aiming to raise over 600 million HKD [28] - The company operates as a one-stop digital health and insurance service platform, covering various health-related services [28] - Qingsong Health Group's revenue has grown significantly, with an 84.7% increase in the first half of this year compared to the previous year [29] Group 8: Biran Technology - Biran Technology has passed the hearing for its listing on the Hong Kong Stock Exchange, focusing on general intelligent computing solutions [31] - The company has shown strong growth potential, with significant sales agreements in place and a focus on AI data centers and telecommunications [32] Group 9: Zhipu Technology - Zhipu Technology has passed the hearing for its listing on the Hong Kong Stock Exchange, aiming to become the "first stock of global large models" [35] - The company has achieved significant revenue growth, with a compound annual growth rate of 130% from 2022 to 2024 [36] Group 10: Tiandu Intelligent Chip - Tiandu Intelligent Chip has passed the hearing for its listing on the Hong Kong Stock Exchange, focusing on general-purpose GPU chips [38] - The company has seen a significant increase in customer numbers and product shipments, reflecting strong market recognition [39]

经过几年的发展和积累，智谱的商业化已经具备一定规模。招股书显示，2022年、2023年、2024年，智 谱的年收入分别为5740万元、1.245亿元、3.124亿元，年复合增长率达到130%，2025年上半年收入为 1.9亿元。 华夏时报记者 石飞月 北京报道 经过三年的爆发式增长，大模型领域的"淘金热"正步入关键阶段——"卖水人"的价值迎来真正考验。12 月19日晚间，港交所发布智谱聆讯后资料集，这家启动上市流程大半年的公司终于即将登陆港股，鉴于 OpenAI、Anthropic等国外的大模型公司以及国内其他大模型公司还未上市，智谱有望成为"全球大模型 第一股"。 作为国内最早实现规模化商业化的独立大模型创业公司，智谱近年来营收增长迅速。但高增长背后，是 与之相伴的持续亏损，这与其长期的高强度研发投入密切相关。业内人士指出，由于当前营收规模仍相 对有限，智谱距离盈亏平衡尚有一定距离，未来仍需通过持续技术创新来构建更坚实的技术壁垒。 高增长与高亏损并存 日前，据媒体报道，智谱与MiniMax都通过了港交所聆讯，但根据港交所的发布顺序，最终还是智谱更 早一步。所以，智谱方面给出的标签，是"全球大模型第一股"，以 ...

没有和手机厂商合作的智谱，走上了"民间华强北"版本的AI手机野路子。 开源不到一天，智谱现任高级副总裁吴玮杰发帖感概：智谱GLM大模型刚开源，就在闲鱼上变成别人的生意。 「市象」发现在闲鱼搜索"豆包手机""智谱豆包手机"等相关关键词，就会出现旧手机变豆包手机、普通手机变豆包手机的服务。这些商品从最低1元到最 高近500元的价格不等，相比二手市场溢价过万元的豆包手机，可谓性价比十足。 能够把豆包手机干到这么便宜的基础是近期智谱开源的Open-AutoGLM。 在豆包手机掀起AI手机的舆论热潮后，2025年12月9日，智谱宣布开源其核心AI Agent模型AutoGLM，任何厂商、任何设备、任何开发者，都可以基于它 复现一个能看懂屏幕、能点能滑、能输入的AI Agent。 最近智谱的广告出现在机场广告牌，打出了一整套AI叙事的新标签："有的AI，提供情绪价值""智谱AI，提供商业价值"。配合上醒目的LOGO，意在强化 其在AGI时代的价值感。 甚至，智谱高级副总裁吴玮杰也调侃发声：有感觉出来我们是在内涵谁吗？尽管语气轻松，但"最近我们是越来越好了，好几个机场的广告位都上了，你 们知道谁是'有的AI'吗？"依然难掩 ...