Core Insights - Beijing Zhiyu AI Technology Co., Ltd. (referred to as "Zhiyu AI") officially listed on the Hong Kong Stock Exchange on January 8, 2026, marking it as the world's first IPO of a large model company [1] - The listing signifies a critical breakthrough for China's large model technology, transitioning from laboratory to capital market, and highlights Haidian's role as a global innovation hub [1][10] - Zhiyu AI's IPO raised approximately HKD 4.173 billion, with a share price set at HKD 116.20, and the company experienced a market capitalization of HKD 55 billion shortly after listing [2][1] Group 1: Haidian's Innovation Ecosystem - Zhiyu AI's journey began in Haidian's academic labs, showcasing the integration of research and industry within this innovation-rich area [5] - The company was founded in 2019, evolving from the AMiner project at Tsinghua University, and has established itself as a leader in the large model sector [6][9] - The success of Zhiyu AI is attributed to Haidian's supportive ecosystem, which includes policies that facilitate technology transfer from research to industry [9][17] Group 2: Financial Performance - Zhiyu AI's revenue growth from 2022 to 2025 shows a compound annual growth rate of 130%, with revenues of CNY 57.4 million, CNY 124.5 million, and CNY 312.4 million respectively [8] - In the first half of 2025, the company reported a revenue of CNY 190.9 million, reflecting a year-on-year increase of 325% [8] Group 3: Haidian's Competitive Advantage - Haidian is home to a significant concentration of AI talent, with 37 universities and a large number of AI experts, which fosters innovation and collaboration between academia and industry [12] - The region has developed a comprehensive industrial ecosystem that spans from chip production to application development, enabling a full-cycle support for hard technology companies [13][12] - Market-driven innovation is supported by diverse application scenarios in Haidian, allowing companies to test and iterate their technologies effectively [14]

开年火爆。 今日（1月8日），北京智谱华章科技股份有限公司（简称：智谱）正式登陆港交所，缔造"全球大模型第一股"。此次IPO，智谱发行价每股116.20港元， 开盘上涨，市值超550亿港元。 此次上市，智谱基石阵容豪华，11家基石投资机构共拟认购约30亿港元，同时收获1164倍超额认购。 回想2019年，一群科学家从实验室走出来，共同创立了智谱，彼时中科创星一笔投入4000万元，成为最早投资方。一年后，大模型赛道被彻底点燃，智谱 也掀起融资狂潮，集结了一个豪华的投资方阵营。 从左至右：智谱董事长刘德兵、中科创星创始合伙人米磊、智谱总裁王绍兰 随着今日IPO锣声敲响，智谱为身后投资机构创造了home-run级回报。身处AI爆发时代，更大想象空间正在打开。 清华大牛带队 今天智谱敲锣，市值550亿 这是一段始于清华实验室的技术理想故事。 时间回到2006年，清华大学计算机系知识工程实验室（KEG）发布了名为AMiner的产品，其核心是利用人工智能挖掘科研规律。当时，清华创新领军工 程博士张鹏就参与其中。此后的十余年，这支队伍在该系统上持续迭代。直到2018年底，他们萌生了创业的想法，决心将科研成果发挥出最大价值。 ...

大模型第一股 。 作者/周佳丽 报道/投资界PEdaily 开年火爆。 今日（1月8日），北京智谱华章科技股份有限公司（简称：智谱）正式登陆港交所，缔造"全球大模型第一股"。此次I PO，智谱发行 价每股11 6 . 2 0港元， 开盘上涨，市值超5 5 0亿港元。 此次上市，智谱基石阵容豪华，11家基石投资机构共拟认购约3 0亿港元，同时收获11 6 4倍超额认购。 回想2 0 1 9年，一群科学家从实验室走出来，共同创立了智谱，彼时中科创星一笔投入4 0 0 0万元，成为最早投资方。一年后，大模型 赛道被彻底点燃，智谱也掀起融资狂潮，集结了一个豪华的投资方阵营。 随着今日I PO锣声敲响，智谱为身后投资机构创造了h ome -r u n级回报。身处AI爆发时代，更大想象空间正在打开。 清华大牛带队 今天智谱敲锣，市值550亿 这是一段始于清华实验室的技术理想故事。 时间回到2 0 0 6年，清华大学计算机系知识工程实验室（KEG）发布了名为AMi n e r的产品，其核心是利用人工智能挖掘科研规律。当 时，清华创新领军工程博士张鹏就参与其中。此后的十余年，这支队伍在该系统上持续迭代。直到2 0 1 8年底 ...

Core Viewpoint - The company Zhiyu has successfully launched on the Hong Kong stock market, becoming the "first global AI large model stock," with an IPO price of HKD 116.2 per share, resulting in a market capitalization exceeding HKD 51.1 billion, leading to significant paper gains for state-owned investors [1] Group 1: Company Background and Investment History - Zhiyu AI was established in June 2019, originating from Tsinghua University's Knowledge Engineering Laboratory, and has raised over CNY 8.3 billion, with more than 90% of the funding occurring after the release of Chat GPT [1] - The founding team, led by Liu Debing, consists mainly of Tsinghua alumni or individuals associated with Tsinghua-related laboratories [1] - Initial funding came from Zhongke Chuangxing, which invested CNY 40 million in 2019, valuing the company at CNY 375 million post-investment [2] Group 2: Strategic Positioning and Product Development - In May 2020, following the release of GPT-3, Zhiyu decided to enter the large model sector, leveraging the founder's connections to top research resources [2] - The company participated in the development of China's first large model "Wudao," which positioned it favorably in the market [2] - By September 2021, Zhiyu launched the GLM-10B model, attracting significant attention and further investment [6] Group 3: Financing Rounds and Valuation Growth - The company has undergone multiple financing rounds, with significant investments from various institutions, including a total of CNY 1.21 billion from Dachen Capital across several rounds [6] - The valuation surged from CNY 2.11 billion in the B1 round to CNY 24.38 billion before the IPO, with a total of CNY 8.36 billion raised, primarily in 2023-2025 [8] - Major investments in recent rounds included CNY 30 million from Tianjin San Kuai and CNY 20 million from Tencent, among others [10] Group 4: Market Position and Future Challenges - Following the release of Chat GPT, Zhiyu launched several products, including Zhiyu Qingyan and the GLM-4 model, leading to a surge in financing and valuation [8] - The company faces challenges with rising computing service costs, projected to reach CNY 1.55 billion in 2024, while revenue is expected to be only CNY 312 million, raising concerns about cash flow sustainability [11] - Zhiyu's long-term strategy includes providing localized AI solutions to government and large enterprise clients, with over 80% of revenue expected to come from this sector by mid-2025 [12]

1月8日，智谱身披"全球AI大模型第一股"光环登陆港股市场，发行价达到116.2港元/股，对应市值超511亿港元。这意味着最后一轮入局的北京、珠海、成 都、杭州等地国资机构，已实现约89%的账面浮盈。 成立仅6年，智谱累计融资超83亿元，其中超九成融资发生在Chat GPT发布后。那么在风口之前，究竟谁在投资智谱？底层逻辑又是什么？ 此次决定让智谱在Chat GPT发布前完成3轮融资。前两轮均发生于2021年4月——天使轮中，智源研究院通过全资子公司北京创新智源科技有限公司，以 价值2037万元的知识产权完成注资，不难猜测，这个知识产权正是智谱大模型技术的核心底座。A轮的参与者则包括达晨财智、华控基金、将门创投等机 构，合计为智谱注入了1.52亿元的早期发展资金，投后估值8.5亿元。 | 轮次 | 协议日期 | 投资机构 | 投资金额(万元) | 投后估值(亿元) | | --- | --- | --- | --- | --- | | 天使轮 | 2021年4月 | 创新智源 | 2037 | 4.1 | | Ａ轮 | 2021年4月 | 通智投资 | 4700 | 8.5 | | | | 达晨创鸿 | 37 ...

1月8日，智谱身披"全球AI大模型第一股"光环登陆港股市场，发行价达到116.2港元/股，对应市值超511亿港元。这意味着最后一轮入 成立仅6年，智谱累计融资超83亿元，其中超九成融资发生在Chat GPT发布后。那么在风口之前，究竟谁在投资智谱？底层逻辑又是什么？ 智谱AI成立于2019年6月，脱胎于清华大学计算机系知识工程实验室（KEG），是典型的高校技术转化型企业。创始团队以刘德兵等为核 心，成员多为清华校友或在职/曾任职于清华相关实验室。 成立之初，智谱核心业务聚焦于学术科技情报挖掘系统"AMiner"的持续研发与商业化落地，并首先吸引到中科创星的注意。2018年，中科 创星内部行业研究判断，自然语言处理和知识图谱为AI下一代技术方向，而智谱团队恰是该领域的执牛耳者，于是在2019年注资4000万 元，以3.75亿元投后估值与创始团队以及清华大学全资子公司华控技术转移有限公司（简称"华控技术"）共同发起设立了智谱，如今持有智 谱591.2万股股份，对应股权价值6.9亿港元。 在接下来一段时间，让智谱脱颖而出的，是提前布局大模型赛道的战略远见。2020年5月，GPT-3问世，智谱内部在一番讨论后，决定切 ...

这意味着，智谱有望以"全球大模型第一股"的身份登陆港交所。 目前，智谱IPO前最后一次融资的投后估值为243.77亿元，其控股股东为北京链湃、刘德兵、唐杰、张 鹏等一致行动人。 最新估值为243.77亿元 智谱成立于2019年，由清华大学技术成果转化而来，目前是中国收入体量最大的独立大模型厂商。 招股书显示，2022年—2024年，智谱的营业收入分别为5740万元、1.25亿元、3.12亿元，连续三年营收 翻倍，年复合增长率达130%；2025年上半年营业收入为1.9亿元。其毛利率则保持在50%以上，2022年 —2024年分别是54.6%、64.6%、56.3%，2025年上半年为50%。 【导读】智谱通过港交所聆讯并正式递交招股书，有望成为"全球大模型第一股" 中国基金报记者 卢鸰 据港交所官网12月19日披露，中国最大的独立大模型厂商——北京智谱华章科技股份有限公司（以下简 称智谱）已通过港交所聆讯并正式递交招股书。 2024年5月，国际著名学术期刊《自然》将智谱的ChatGLM模型视为中国基座大模型的杰出代表。 2025年6月，智谱被美国OpenAI列为全球主要竞争对手。 刘德兵、唐杰、张鹏等为控股股 ...