Wisdom Education International Holdings Co Ltd (02513) will be issuing global offering of 37.4195 million H shares from December 30th to January 5th.

Wisdom Portfolio (02513) will be listed from December 30, 2025 to January 5, 2026. The company plans to globally sell 37.4195 million H shares, with 5% sold in Hong Kong and 95% internationally, with an over-allotment option of 15%. The offering price per share is HK$116.20. H shares will be traded in lots of 100 shares, with trading expected to start on January 8, 2026 at 9:00 am on the Hong Kong Stock Exchange. We are a leading artificial intelligence company in China, dedicated to developing general large-scale models. In 2019, we established with the bold idea of pursuing General Artificial Intelligence (AGI) innovation in China. We have solidly delivered advanced technology in various AI research areas and steadily expanded its commercial applications for rapid revenue growth. In 2021, we released China's first proprietary pre-trained large-scale model framework GLM framework and launched our Model as a Service (MaaS) platform for development and commercialization. In 2022, we open-sourced the first 100-billion-scale model (GLM-130B). We operate in the large language model (LLM) market as a submarket of the broader AI market, providing general large-scale model services to institutional clients (including private enterprises and public sector entities) and individual users (including individual end-users and independent developers). As of June 30, 2025, our models have supported over 8,000 institutional clients and approximately 80 million devices. According to Frost & Sullivan, based on 2024 income, we rank first among independent general large-scale model developers in China and second among all general large-scale model developers, with a market share of 6.6%. In the past performance period, we achieved significant revenue growth. In 2022, 2023 and 2024, our revenues were RMB 57.4 million, RMB 124.5 million and RMB 312.4 million respectively, with a compound annual growth rate of over 130%. As of 2024 and June 30, 2025, our revenues were RMB 44.9 million and RMB 190.9 million respectively. The company has entered into cornerstone investment agreements with JSC International Investment Fund SPC (acting on behalf of Qizhi SP), JinYi Capital Multi-Strategy Fund SPC Ltd. (acting on behalf of Structured Credit SP Fund), PerseverancAsset Management, Shanghai Gaoyi, CICC Financial Trading Limited (in relation to Gaoyi's OTC swap), WT Asset Management, Taikang Life, GF Fund, 3W Fund, Wusong, Optimas Capital Limited, and LUSTER LightTech International Technology Co., Ltd. These cornerstone investors have agreed to subscribe to a total of approximately HK$2.984 billion of the offering shares at the offer price. The company believes that the cornerstone investors' investment experience and market positioning will help enhance the company's visibility and demonstrate their confidence in the company's business and prospects. The company has met with various cornerstone investors through its business network or referrals from existing shareholders or the global coordinators involved in the offering. Assuming the over-allotment option is not exercised, the company estimates a net proceeds of approximately HK$4.173 billion from the global offering at the offered price of HK$116.20 per share. Approximately 70.0% will be used to enhance our research and development capabilities in general AI large-scale models; approximately 10.0% will be used to continuously optimize our MaaS platform by providing the latest base models and training/inference tools and infrastructure; approximately 10.0% will be used for developing business partner networks and strategic investments; and approximately 10.0% will be used for working capital and other general corporate purposes.