The world's first large model stock is born! Zhipu's market capitalization surpasses HKD 52.8 billion on its first day of listing!

It is reported that on the first day of listing, Zhipu opened at HKD 120 per share, an increase of 3.27% from the issue price. Its market value exceeded HKD 52.8 billion, with the highest reaching HKD 130 per share and a market value exceeding HKD 57 billion. The strong performance confirms the recognition of global investors for the value of China's large model technology. This listing is not only a key milestone in the development of Zhipu, but also marks the transition of China's large model industry from technological exploration to large-scale commercial applications, helping China's original AI power to enter the core camp of global competition.

As a technology achievement transformation enterprise of Tsinghua University, Zhipu has been anchored in the AGI track since its establishment in 2019, relying on the original GLM pre training architecture to build a full stack model matrix, and its technical route is synchronized with the world's top level. This advantage has made it an important competitor for OpenAI, and its latest model GLM-4.7 has won both global and domestic open source rankings in the Code Arena global blind test with millions of users. The AA Intelligence Index evaluation has topped both open source and domestic models, demonstrating the hard power of China's original large models.

Zhipu was successfully listed under Chapter 18C of the Hong Kong Stock Exchange, with an issue price of HKD 116.20. The Hong Kong public offering was oversubscribed by 1159.46 times, and the international offering was subscribed by 15.28 times. According to the prospectus, 11 cornerstone investors including Shanghai Gaoyi and Taikang Life Insurance subscribed for nearly 70% of the shares, with a total amount of HKD 2.984 billion. The IPO fundraising will assist in the research and development of AGI technology and ecological expansion. CEO Zhang Peng stated that this IPO is a "supplement" to the AGI marathon, injecting momentum into the technology race.

Behind the technological advantage lies mature commercialization capabilities. As the largest independent large model manufacturer in China in terms of revenue scale, Zhipu laid out the MaaS model and achieved scale revenue in 2021. At present, nine of the top ten Internet companies in China use their GLM model, and major technology companies in North America and Europe, such as Windsurf, have access to it. The revenue from their GLM-4.5/4.6 paid API on the OpenRouter platform exceeds the sum of all other domestic models. As of now, GLM has empowered 12000 enterprises, 80 million terminals, and 45 million developers worldwide. Its revenue has doubled for three consecutive years from 2022 to 2024, with a compound annual growth rate of 130% and a gross profit margin of over 50%, verifying the feasibility of commercializing large model enterprises in China.