Beijing Zhipu Huazhang Technology Co., Ltd. has officially kicked off its share offering on the Hong Kong Stock Exchange, with the offering period stretching until January 5, 2026. The company is set to be officially listed on the main board of the Hong Kong Stock Exchange on January 8. The global offering aims to sell 37.4195 million H-shares, with an anticipated fundraising amount reaching HK$4.3 billion and an estimated IPO market value surpassing HK$51.1 billion.

Founded in 2019, Zhipu emerged from the technological achievements transformation of Tsinghua University. Over 74% of its workforce consists of research and development personnel. The company's self-developed GLM architecture is compatible with more than 40 domestic chips, and its GLM-4.6 model boasts globally leading code generation capabilities.

Zhipu's primary revenue stream comes from localized private deployments. It has a customer base exceeding 12,000 and has seen improved customer concentration. Over the past three years, the company has achieved a compound annual growth rate of 130% in revenue, with a gross profit margin exceeding 50%. However, it continues to report losses, mainly attributable to significant R&D investments. In 2024, the company's R&D expenditure was over seven times its revenue, and its cash flow can only support operations for roughly nine months. This is the primary reason behind its urgent need to go public.

As the first among the "Six Little Dragons of Large Models" to make a push for an IPO, Zhipu's listing signifies a new phase of "commercialization verification" for the industry. Nevertheless, the company also confronts challenges such as expanding its revenue scale and optimizing costs to achieve profitability. These relevant risks are highlighted in the prospectus.