New Stock News | Zhipu submitted documents: China's largest independent large model manufacturer, IPO coming soon.

China's largest independent large-model manufacturer, Zhipu, has passed the listing hearing on the Hong Kong Stock Exchange and officially disclosed its prospectus today. The prospectus shows that the revenue for 2022, 2023, and 2024 is 57.4 million, 1.245 billion, and 3.124 billion yuan, respectively. Revenue has doubled for three consecutive years. R&D personnel account for 74%, with R&D expenses for the company in 2022, 2023, and 2024 being 844 million, 5.289 billion, and 21.954 billion yuan, respectively. In the first half of 2025, R&D investment was 15.947 billion yuan, with total R&D of around 44 billion yuan. R&D investment supports its rapid technological iteration, with the GLM series models completing a base iteration every 3-6 months. Its latest model ranks first alongside top global models in Code Arena in terms of coding capabilities. As of September 30th this year, Zhipu's models have empowered more than 12,000 enterprise customers worldwide, over 80 million terminal devices, and more than 45 million developers, making it the largest independent universal large-model manufacturer in China in terms of empowering terminal devices. Founded in 2019, Zhipu originated from the technological achievements of Tsinghua University and is a pioneer in large-model research in China, as well as a leading domestic enterprise in large-model technology. It originally proposed the GLM universal pre-training paradigm based on self-regressive filling, and developed China's first pre-training large-model framework. It is rare in China to maintain synchronous with the top global level on the original technology route. The listing of Zhipu in Hong Kong marks the first time that the capital market will welcome a listed company with an independent R&D AGI base model as its core business, having the potential to win the title of "the world's first large-model stock."