The first global large model stock is here! Zhipu AI launches HK IPO!

According to the global offering documents released by Zhipu, the core issuance plan for this IPO has been clearly implemented. The company plans to issue approximately 37.4195 million H shares globally, of which 1.871 million shares will be publicly offered in Hong Kong and 35.5485 million shares will be offered internationally. The final issue price is set at HKD 116.20 per share. Based on this issuance price, after deducting related underwriting and issuance expenses, the expected fundraising amount for Zhipu's IPO is HKD 4.3 billion, and its post listing market value is expected to exceed HKD 51.1 billion, injecting key capital momentum into its technology research and commercialization expansion.

It is worth noting that this IPO has received strong endorsement from the capital market. According to the disclosure, 11 well-known institutions have been identified as cornerstone investors to participate in the subscription, including Shanghai Gaoyi WT Asset Management、 Taikang Life Insurance, Guangfa Fund, and others plan to subscribe for a total amount of HKD 2.98 billion, accounting for about 70% of the total fundraising amount, fully demonstrating the market's recognition of Zhipu's technological strength and development potential.

As a leading AI enterprise known as the "OpenAI of China" in the industry, Zhipu's core competitiveness lies in its self-developed full stack technology system. The company has developed China's first pre trained large model framework GLM, forming a full stack original technology architecture that benchmarks OpenAI. Its latest GLM-4.7 model has won the top spot in both open source and domestic models in global authoritative evaluations, and its coding ability even exceeds GPT-5.2. Behind the profound accumulation of technology, there is continuous high-intensity R&D investment - the cumulative R&D investment from 2022 to 2024 is about 4.4 billion yuan. As of June 2025, the proportion of R&D personnel is as high as 74%, providing solid support for the rapid iteration of the model.

At the level of commercialization, Zhipu has built a business model with MaaS (model invocation service) as the core, outputting general intelligence capabilities to developers and enterprises through API interfaces, and its customer base covers many fields such as technology Internet and enterprise services. Thanks to the continuous improvement of commercialization capabilities, the company's revenue has shown an exponential growth trend: from 2022 to 2024, the revenue was 57.4 million yuan, 124.5 million yuan, and 312.4 million yuan respectively, with a compound annual growth rate of 130%; In the first half of 2025, the revenue will further increase to 191 million yuan, a year-on-year growth of 325%. Among them, the subscription products targeting AI programming scenarios had over 150000 global paying users within two months of launch, and the annual recurring revenue (ARR) quickly exceeded 100 million yuan, becoming an important growth engine.