New Stock News | Zhipu filed for IPO, "the world's first large model stock" is coming!

The largest independent large model manufacturer in China, Beijing Zhupu HUAZHANG TECH Co., Ltd. (hereinafter referred to as "Zhupu"), has become the first to pass the hearing of the Hong Kong Stock Exchange and formally submit its prospectus, with the potential to be listed on the Hong Kong Stock Exchange as the "world's largest model first stock". This marks the first time that the capital market will welcome a listed company with AGI (Artificial General Intelligence) base models as its core business. Established in 2019, Zhupu originated from technology transferred from Tsinghua University and is positioned as an independent manufacturer specializing in basic model development. With its original GLM (General Language Model) pre-training architecture, it has built a full-stack model matrix covering language, code, multimodal, and intelligent agents. The models are compatible with over 40 domestic chips, making the company rare in synchronizing its technological route with the global top level. Zhupu is the earliest enterprise to develop large models in China and is also a leading enterprise in domestic large models. As of June this year, the company's research and development personnel accounted for 74%. The core research team and academic advisory team have published over 500 top-tier and high-impact papers with a cumulative citation count of over 58,000 times. In addition to attracting top AI talent in the country, the company has a heavy focus on research and development. According to the prospectus, the research and development investment for the years 2022, 2023, and 2024 are 844 million, 5.289 billion, and 21.954 billion, respectively, with the research and development investment for the first half of 2025 amounting to 15.947 billion, totaling approximately 44 billion in accumulated research and development investment. The significant research and development investment support its rapid technological iteration, with the GLM series models completing a base iteration every 3-6 months. Its latest model ranks first alongside global top models in code capabilities in the Code Arena competition. Particularly, a breakthrough has been made in the model's coding abilities, as in the global large model competition Code Arena where GLM, Anthropic, and OpenAI models rank first in coding globally, surpassing overseas closed-source models Google Gemini and xai's Grok. In June this year, OpenAI listed them as major global competitors. Zhupu, having an early start in commercialization, is currently the largest independent large model manufacturer in China in terms of revenue, mainly derived from large model revenue. The company adopts a MaaS (Model as a Service) model, providing intelligent capabilities to developers and enterprises through API calls. Since the launch of GLM-4.5/4.6 on the global large model supermarket OpenRouter, the call volume has consistently ranked in the top 10 globally, with API revenue exceeding the sum of all domestic models. The prospectus shows that Zhupu's large models have empowered over 12,000 enterprise customers globally, more than 80 million terminal devices, and over 45 million developers, making it the independent universal large model manufacturer in China with the most empowered end-user devices. With leading technology and business models, Zhupu has achieved double revenue growth for three consecutive years. The prospectus shows that the revenue for 2022, 2023, and 2024 is 57.4 million, 124.5 million, and 312.4 million, with a compound annual growth rate of 130%. The revenue for the first half of 2025 is 190 million. In addition to the rapid revenue growth, the gross profit margin has been consistently maintained at over 50%. The prospectus shows that the gross profit margin for 2022, 2023, and 2024 is 54.6%, 64.6%, and 56.3%, respectively, with the gross profit margin for the first half of 2025 being 50%. With continuously leading original large model technology, Zhupu, with its advantages in revenue scale, high growth, and high gross profit margin, has been recognized by various well-known investment institutions such as state-owned enterprises, industrial capital, VC/PE through eight rounds of financing that amounted to over 8.3 billion yuan before its IPO. As the first enterprise among the "Big Model Six Dragons" to initiate an IPO, Zhupu's sprint to become the "world's largest model first stock" in Hong Kong is not only a milestone for the company itself but also reflects a turning point in the Chinese AI large model industry from "technological competition" to "capital validation". Industry experts point out that, on one hand, Zhupu provides global investors with a pure target to share the dividends of China's AI basic technology, potentially reshaping the valuation logic of Chinese technology stocks in the capital market. On the other hand, this also indicates that the Chinese large model industry is transitioning from early stage enthusiastic investment to a new development stage focusing on technological strength, revenue capability, and sustainable business models.