"如何持续发掘出那百分之一的伟大公司"。 2026 年 1 月 8 日，北京智谱华章科技股份有限公司（ 下称 " 智谱 " ）正式登陆港交所主板，股票代码 2513 ，成为 " 全球 AI 大模型第一股 " ，是 全球首家以通用人工智能（ AGI ）基座模型为核心业务的上市公司。 上市当天收盘价131.5港元，公司市值近580亿港元。 智谱成立于 2019 年，是一家由清华大学技术成果转化而来的人工智能企业。公司依托自主研发的 GLM 预训练架构，构建了覆盖语言、代码、多模态 及智能体的全栈模型矩阵。根据弗若斯特沙利文的资料，按 2024 年的收入计，公司在中国独立通用大模型开发商中位列第一，在所有通用大模型开发 商中位列第二。 这些成绩的背后，离不开智谱坚持自研路线下对大模型技术的完全自主可控。这也是智谱的核心竞争力 —— 不 依赖 OpenAI 路线，坚持从底层搭建全 新的 GLM 系列 通用语言模型。 如今，自研模型的优势已经被市场验证。但在 3 年前，这一难而正确的路径却是少有人走的窄门，国内大多数团队选择延续 OpenAI 的技术路线。毕竟 作为将 Transformer 架构发扬光大的先行者， O ...

Core Viewpoint - The listing of Beijing Zhiyu Huazhang Technology Co., Ltd. on January 8, 2026, marks it as the "first stock of AI large models" globally, with a market capitalization exceeding 50 billion HKD, highlighting a significant milestone in the AGI industry [4][6]. Company Overview - Zhiyu, as the first company among China's "six small tigers" in AI large models to initiate an IPO, has attracted considerable attention. The company was founded in 2019 and is based in Zhongguancun, Beijing, emerging from Tsinghua University's technology transfer [8][9]. - The company has developed a full-stack model matrix covering language, code, multimodal, and intelligent agents, adapting to over 40 domestic chip types, maintaining technological parity with global leaders [8]. Financing and Investment - Prior to its IPO, Zhiyu completed eight rounds of financing, raising over 8.3 billion CNY, with a pre-IPO valuation of 24.38 billion CNY, supported by a range of prestigious institutional investors [9][11]. - The shareholder structure includes a mix of top VC/PE firms, industry giants, state-owned platforms, and international capital, showcasing a robust capital path typical for AI hard tech enterprises [11][14]. - Major investors include Sequoia China, Qiming Venture Partners, and Tencent Investment, with Meituan holding 4.27% of shares pre-IPO, indicating strong industry collaboration [16]. IPO Details - Zhiyu's global offering consisted of 37.42 million H-shares, with a public offering portion receiving approximately 1164 times oversubscription, reflecting high market interest [8]. - The IPO price was set at 116.20 HKD per share, leading to a market capitalization of over 51.1 billion HKD at listing [8]. Market Impact and Future Challenges - The successful listing of Zhiyu shifts the narrative in the AI large model sector from a focus on technology to the realization of commercial value, serving as a benchmark for the industry [19]. - Despite the successful financing, the company faces challenges in bridging the gap in R&D costs and accelerating the commercialization process post-IPO, which will be critical for its future growth [19].

来源：智通财经 "大模型六小龙"中的MiniMax、智谱港股IPO获得中国证监会备案。 12月22日，据中国证监会网站，证监会国际合作司发布关于MiniMax Group Inc.（下称"MiniMax"）境 外发行上市备案通知书，公司拟发行不超过33577240（约3357.72万）股境外上市普通股并在香港联合 交易所上市。根据通知书，MiniMax的境内运营实体为上海稀宇极智科技有限公司。 证监会表示，自本备案通知书出具之日起至本次境外发行上市结束前，MiniMax如发生重大事项，应根 据境内企业境外发行上市有关规定，通过中国证监会备案管理信息系统报告。公司完成境外发行上市后 15个工作日内，应通过中国证监会备案管理信息系统报告发行上市情况。公司在境外发行上市过程中应 严格遵守境内外有关法律、法规和规则。 此外，证监会要求，MiniMax自本备案通知书出具之日起12个月内未完成境外发行上市，拟继续推进 的，应当更新备案材料。 同日，证监会国际合作司发布关于北京智谱华章科技股份有限公司（下称"智谱"）境外发行上市及境内 未上市股份"全流通"备案通知书，公司拟发行不超过43032400（即4303.24万）股 ...

据12月17日晚间最新消息，大模型"独角兽"、清华大学科技成果转化企业——北京智谱华章科技股份有限公司（简称智谱AI）于当天通过港交所上市聆 讯，有望成为"全球大模型第一股"。 这家由清华大学计算机系技术成果转化而来的企业，凭借400亿元估值和"清华基因"成为资本市场焦点。据IT桔子显示，智谱AI在2025年7月估值已达到 400亿元，公司第一实控人唐杰为清华大学计算机系教授、博士生导师，现任清华大学人工智能研究院基础模型研究中心主任；清华大学科技成果转化持 股平台华控技术转移有限公司是智谱AI第8大股东，持有的股份价值超17亿元。 清华基因：从实验室到产业化的十年深耕 智谱AI的崛起始于清华大学计算机系知识工程实验室（KEG）的技术沉淀。其核心团队可追溯至2006年研发的科研情报挖掘系统AMiner，该系统通过AI 技术挖掘自然科学规律，为后续大模型研发奠定了数据与算法基础。2019年，KEG实验室技术成果正式转化，智谱AI成立并启动GLM预训练架构研发， 次年即推出百亿参数模型GLM-10B，成为国内首批大模型研发企业。 技术突破的背后是清华系的"全链条"人才支撑。创始人唐杰作为清华大学计算机系教授，主导 ...

Core Viewpoint - The company has decided to establish a joint venture, Beijing Zhiqi Wenhua Education Technology Co., Ltd., to capitalize on the opportunities presented by artificial intelligence in the education sector, focusing on AI-assisted educational products and solutions [5][23]. Group 1: Investment Overview - The company held its 18th meeting of the 6th Board of Directors on September 26, 2025, where the proposal for the joint venture was approved unanimously by all attending directors [1][5]. - The joint venture will be co-established with Beijing Zhipu Huazhang Technology Co., Ltd. and Beijing Hongzhi Ruishi Management Consulting Partnership (Limited Partnership), with a registered capital of 50 million yuan [5][6]. - The company will contribute 32.5 million yuan, representing 65% of the joint venture, while Zhipu Huazhang and Hongzhi Ruishi will contribute 10 million yuan (20%) and 7.5 million yuan (15%), respectively [6][23]. Group 2: Joint Venture Details - The joint venture's primary business will involve the development and operation of AI intelligent products aimed at modern educational learning [7][19]. - The joint venture will leverage the resources and data from the Haidian District of Beijing to create a multi-disciplinary application platform for the education industry [7][24]. - The governance structure will include a board of directors with five members, where the company will nominate three directors and Zhipu Huazhang will nominate two [18]. Group 3: Strategic Importance - The investment aligns with national policies promoting AI technology in education, positioning the company to enhance its market competitiveness and growth potential [23][24]. - The collaboration aims to integrate the strengths of all parties involved, particularly in AI product development and educational service delivery [24]. - The joint venture is expected to be included in the company's consolidated financial statements upon completion of relevant procedures [24].

Group 1 - The core theme of the initiative is to inspire youth through the experiences of frontline scientific talents in various fields, emphasizing the importance of practical efforts in achieving national technological independence and modernization [1][2]. - A total of 36 frontline scientific talents from 12 key sectors, including integrated circuits, artificial intelligence, and biomedicine, have been selected to form a speaking group to share their experiences and insights with students [2][3]. - The initiative aims to foster a sense of mission among youth by sharing real stories of overcoming challenges and promoting independent innovation in technology [2][3]. Group 2 - Hu Weiwu, chairman of Loongson Technology, highlighted the importance of mastering "root technologies" for building a self-sufficient information industry in China, emphasizing the need for persistent efforts in innovation [3][4]. - Sheng Jingwei, founder of Beijing Kunmai Medical Technology, shared his journey in developing quantum brain magnetometry technology, showcasing the importance of domestic production and innovation in medical devices [4][5]. - Wang Shaolan, president of Beijing Zhipu Huazhang Technology, discussed the development of a national-level AI model, stressing the necessity of mastering every aspect of technology to avoid dependency on foreign technologies [5][6].

作者｜ Stone Jin 微信公众号｜ipozaozhidao 第一家正式启动IPO流程的"大模型创业公司"。 本文为IPO早知道原创 据 IPO早知道消息， 北京智谱华章科技股份有限公司 （以下简称 " 智谱 "）于2025年3月31日同中 金公司签署辅导协议，正式启动 A 股 IPO进程。 这意味着，智谱成为 "大模型创业公司"中第一家正式启动上市流程的企业 。 成立于 2019年的智谱 致力于打造新一代认知智能大模型 。早在 2020年 年 底 ，智谱就研 发 了 GLM预训练架构， 并于 2021年训练完成百亿参数模型GLM-10B，同年利用MoE架构成功训练出收 敛的万亿稀疏模型，2022年研发了中英双语千亿级超大规模预训练模型GLM-130B并开源。2023 年，智谱推出千亿基座对话模型ChatGLM并两次升级，开源版本的ChatGLM-6B让大模型开发者的 本地微调和部署成为可能 。 2024年1月，智谱推出新一代基座大模型GLM-4，整体性能相比上一代大幅提升；6月开源GLM-4- 9B及视觉模型GLM-4V-9B，多模态能力媲美GPT-4V；7 月推出视频生成模型CogVideoX，推理速 ...