Core Insights - Z.ai, a leader in artificial general intelligence in China, successfully listed on the Hong Kong Stock Exchange on January 8, 2026, becoming the world's first publicly listed large language model company [1][5] - The company issued shares at HK$116.20, opening at HK$120.00, with a market capitalization of HK$52.83 billion [1] Company Overview - Founded in 2019, Z.ai commercializes technological achievements from Tsinghua University, focusing on making machines think like humans [2] - The company has developed significant models, including China's first 10-billion-parameter model and the first open-source 100-billion-parameter model [2] Product Development and Achievements - Z.ai's GLM series, particularly the GLM-4.7 model, has achieved top-tier performance in various benchmarks, surpassing GPT-4 in coding evaluations [3] - The GLM series supports over 40 domestic chips and has established itself as a primary programming model solution for Chinese developers, with 150,000 global users [3] Market Impact and Client Base - Z.ai has become China's largest independent large language model developer, serving over 12,000 enterprise customers and enabling more than 80 million end-user devices [4] - The company operates across multiple sectors, including finance, education, and industrial manufacturing [4] Future Outlook - CEO Zhang Peng emphasized the company's commitment to advancing AGI capabilities and enhancing the GLM model series [5] - Qiming Venture Partners highlighted Z.ai's potential to lead in AI innovation and its importance in the broader technology investment landscape [5]