Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd., known as "China's version of OpenAI," is set to launch its IPO on the Hong Kong Stock Exchange, aiming to raise approximately HKD 4.3 billion with an expected market capitalization exceeding HKD 51.1 billion upon listing [1][2]. Group 1: IPO Details - The company plans to issue 37.42 million H-shares, with 5% allocated for Hong Kong and 95% for international investors, plus an overallotment option of 15% [1]. - The expected share price is HKD 116.20 per share, with a minimum purchase of 100 shares [1]. - The IPO subscription period runs from December 30, 2023, to January 5, 2024, with the official listing scheduled for January 8, 2024 [1]. Group 2: Financial Backing and Investment - Zhiyu has completed eight rounds of financing prior to the IPO, raising over HKD 8.3 billion [2]. - The company has secured cornerstone investors, including JSC International Investment Fund SPC and JinYi Capital Multi-Strategy Fund SPC, with a total subscription amount of approximately HKD 2.98 billion [2]. Group 3: Business Overview - Founded in June 2019, Zhiyu focuses on developing general large models and has launched China's first proprietary pre-trained model framework, GLM [4]. - The company has supported over 8,000 institutional clients and approximately 800,000 devices as of June 30, 2025 [4]. - Revenue figures for 2022, 2023, and 2024 are projected at HKD 57 million, HKD 125 million, and HKD 312 million, respectively, reflecting a compound annual growth rate of over 130% [4]. - Despite significant revenue growth, the company remains unprofitable [4]. Group 4: Market Position - According to Frost & Sullivan, Zhiyu ranks first among independent general large model developers in China and second overall, holding a market share of 6.6% based on 2024 revenue [4]. - The competitive landscape includes other large model companies, such as MiniMax, which recently went public [4].

Core Viewpoint - The company, a leading AI firm in China, is set to launch an IPO for 37.42 million H-shares at a price of HKD 116.20 per share, aiming to raise approximately HKD 4.173 billion, with a significant portion allocated to enhancing its AI model development capabilities [1][4]. Group 1: Company Overview - The company was founded in 2019 with a focus on developing general artificial intelligence (AGI) and has made significant advancements in AI research and commercial applications [1]. - It operates in the large language model (LLM) market, providing services to both institutional clients and individual users [1]. Group 2: Financial Performance - The company has shown substantial revenue growth, with revenues of RMB 57.4 million, RMB 124.5 million, and RMB 312.4 million for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of over 130% [2]. - As of June 30, 2025, the company supported over 8,000 institutional clients and approximately 80 million devices, holding a market share of 6.6% among general model developers in China [2]. Group 3: Strategic Partnerships - The company has entered cornerstone investment agreements with several notable investors, including JSC International Investment Fund and JinYi Capital, who have committed to purchasing shares worth approximately HKD 2.984 billion [3]. - These partnerships are expected to enhance the company's visibility and demonstrate investor confidence in its business and future prospects [3]. Group 4: Use of Proceeds - The estimated net proceeds from the global offering will be allocated as follows: approximately 70% for enhancing AI model R&D capabilities, 10% for optimizing the MaaS platform, 10% for developing business partnerships and strategic investments, and 10% for working capital and general corporate purposes [4].

Core Viewpoint - The company, a leading AI firm in China, is set to launch an IPO for 37.42 million H-shares, aiming to raise approximately HKD 4.173 billion to enhance its capabilities in general AI model development and expand its business operations [1][4]. Group 1: Company Overview - The company was founded in 2019 with a focus on developing general artificial intelligence (AGI) and has made significant advancements in AI research and commercial applications [1]. - It operates in the large language model (LLM) market, providing services to both institutional clients and individual users [1]. Group 2: Financial Performance - The company has shown substantial revenue growth, with revenues of RMB 57.4 million, RMB 124.5 million, and RMB 312.4 million for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of over 130% [2]. - As of June 30, 2025, the company supported over 8,000 institutional clients and approximately 80 million devices, holding a market share of 6.6% among general model developers in China [2]. Group 3: IPO Details - The IPO will consist of 5% of shares being offered in Hong Kong and 95% internationally, with an over-allotment option of 15% [1]. - The estimated net proceeds from the global offering will be approximately HKD 4.173 billion, with 70% allocated to R&D in general AI models, 10% for optimizing the MaaS platform, 10% for developing business partnerships, and 10% for working capital [4]. Group 4: Cornerstone Investors - The company has entered into cornerstone investment agreements with several investors, including JSC International Investment Fund and JinYi Capital, who have committed to subscribe for shares worth approximately HKD 2.984 billion [3]. - The involvement of cornerstone investors is expected to enhance the company's visibility and demonstrate confidence in its business prospects [3].