On the morning of December 30, Beijing Zhipu Huazhang Technology Co., Ltd. released its prospectus on the Hong Kong Stock Exchange, officially kicking off its share - offering process today. The offering is anticipated to wrap up on January 5, 2026, with the company set to list on the main board of the Hong Kong Stock Exchange on January 8 (next Thursday) under the stock code '2513'.

As the world's first listed company centered around general artificial intelligence (AGI) foundation models, Zhipu's dash (using "dash" instead of "sprint" here for a more vivid and commonly - used expression in this context) for 'the First Global Large Model IPO' indicates that China's AI large - model industry is simultaneously stepping into a new development phase propelled by both 'technology and capital'.

According to Zhipu's publicly released prospectus, the IPO intends to issue 37.4195 million H - shares. This includes 1.871 million shares for the public offering in Hong Kong and 35.5485 million shares for the international offering. The issue price is fixed at HK$116.2 per share. Based on this calculation, the total funds raised are projected to reach HK$4.3 billion, with an IPO market capitalization surpassing HK$51.1 billion.

The utilization of the raised funds is clearly centered on core businesses. It is estimated that 70% will be allocated to continuously improving general large models, 10% to optimizing the Model as a Service (MaaS) platform, and the remaining amount to expanding the ecosystem partner network and replenishing working capital.

For this listing, Zhipu has drawn the attention of 11 well - known institutions as cornerstone investors, including Gaoyi Asset Management, Taikang Life Insurance, and GF Fund Management. The total subscription amount from these investors is HK$2.984 billion, accounting for nearly 70% of the offered shares. This 'all - star' investor lineup, which includes Beijing's core state - owned assets, leading insurance funds, large public funds, and prominent private equity funds, highlights the market's confidence in the large - model sector.

Founded in 2019 and incubated from Tsinghua University's research achievements, Zhipu is the earliest independent vendor in China to embark on large - model R&D. The company's original GLM pre - training architecture has been adapted to over 40 domestically produced chips. The GLM - 4.6, released in September 2025, ranked first alongside Anthropic and OpenAI on the global code generation blind testing platform Code Arena. Currently, Zhipu's MaaS platform has an average daily token consumption of 4.2 trillion, serving a cumulative total of 12,000 institutional clients, 80 million terminal devices, and 45 million developers.

Prior to the IPO, Zhipu has completed eight rounds of financing, raising a cumulative total of over RMB 8.3 billion from numerous mainstream and prominent investment institutions.

In terms of financial data, Zhipu's operating revenues from 2022 to 2024 were RMB 57 million, RMB 125 million, and RMB 312 million, respectively, with a compound annual growth rate of 130%. In the first half of 2025, revenue reached RMB 190 million, with a gross profit margin maintained above 50%.

With the commencement of the share offering, Zhipu is set to take the lead in entering the capital market as the 'First Global Large Model IPO', providing a public valuation benchmark for 'large - model commercial validation'. The multiple synergies of capital, technology, and scenarios may thus enter a quantifiable phase.